Business

NBE Governor Mamo Mehretu Announces $2.5 Billion Transfer from IMF and World Bank

The governor of the National Bank, Mamo Mehretu, said that so far, 2.5 billion dollars have been transferred to the National Bank from the International Monetary Fund (IMF) and the World Bank. On the other hand, he stated that only 18 percent of imported consumer goods are imported using foreign currency. He pointed out that

August 2, 2024 • By Addis Insight

Business

Birr Falls 58 % to 90.78 as Dashen Bank Takes the Lead in Currency Float

Ethiopia recently made a significant shift in its monetary policy by floating its currency, the birr. This move has led to a sharp devaluation, with the exchange rate plummeting from 57 birr per US dollar a week ago to the current rates as indicated by Dashen Bank. This represents an astonishing devaluation of approximately 58%.

August 2, 2024 • By Addis Insight

Business

Ethiopia’s Birr Plummets by 82% to 103.94: CBE Leads the Charge in Currency Float

Ethiopia recently made a significant shift in its monetary policy by floating its currency, the birr. This move has led to a sharp devaluation, with the exchange rate plummeting from 57 birr per US dollar a week ago to the current rates as indicated by the Commercial Bank of Ethiopia (CBE). This represents an astonishing

August 2, 2024 • By Addis Insight

Business

Prime Minister Calls Banks’ Efforts Inadequate in Closing the Exchange Rate Gap with the Black Market

In a recent address to various segments of the public, including regional leaders, ministers, and investors, Prime Minister Abiy Ahmed urged Ethiopian banks to take decisive action to reduce the significant gap between the official exchange rate and the black market rate. Highlighting the urgency of the issue, the Prime Minister emphasized that the current

August 2, 2024 • By Addis Insight

Business

Ethiopia Announces 300% Salary Increase for Low-Income Government Employees

Salary Increase for Government Employees: A Response to Economic Challenges In a recent address, Prime Minister Abiy Ahmed (Dr.) outlined significant salary revisions for government employees as part of the Ethiopian government’s broader macroeconomic reforms. This decision comes in response to the economic challenges posed by inflation, particularly affecting low-income workers. Prime Minister Abiy Ahmed

August 1, 2024 • By Addis Insight

Business

All Self-Proclaimed Pan-Africanists are Yielding to the Will of Western Financial Institutions

All Self-Proclaimed Pan-Africanists are Yielding to the Will of Western Financial Institutions: My Take on Ethiopia Changing Course to Float Its Currency Against the Dollar By- Gatkek Kuajien Chuol From Ghana to Kenya to Ethiopia, no African country seems spared from the influence of Western financial institutions, which pressure them to align with their interests.

August 1, 2024 • By Addis Insight

Uncategorized

Grand Ethiopian Renaissance Dam 7 Major Benefits for Sudan

By- Asrat Birhanu 1. Sediment Reduction The Grand Ethiopian Renaissance Dam will significantly reduce the sediment loads that the Blue Nile brings to Sudan every year. Usually, the river would carry about 270 million tons of sediment annually, but with the GERD in place, this is slashed to just 19 million tons yearly. That’s an

August 1, 2024 • By Addis Insight

Business

5 Things to Know About the National Bank of Ethiopia’s New Foreign Exchange Guidelines

The National Bank of Ethiopia (NBE) has released a comprehensive new guideline to regulate the country’s foreign exchange market, set to take effect on July 29, 2024. This directive aims to streamline and standardize forex transactions among authorized banks and foreign exchange bureaus, enhancing transparency and stability in the forex market. Key Highlights of the

July 31, 2024 • By Addis Insight

Entertainment & Arts

Rising Star Mena Worede: Redefining Ethiopian Music with Tradition and Innovation

Mena Worede: Making Waves with a Unique Fusion of Ethiopian Tradition and Modern Sound In the vibrant music scene of Ethiopia, where tradition meets modernity, rising artist Mena Worede is captivating audiences with her distinct musical style. Her journey from a passionate young girl, inspired by the diverse sounds around her, to a promising musician

July 31, 2024 • By Addis Insight

Business

Ethiopia’s National Bank Aligns Gold Prices with Global Market Rates in New Payment Policy

The National Bank of Ethiopia has implemented a new policy for purchasing gold, which links the payment to the daily international gold price and the foreign exchange rate set by the bank. This means that the amount paid to gold suppliers will be calculated by multiplying the current international price of gold with the exchange

July 31, 2024 • By Addis Insight