Business

National Bank of Ethiopia Holds Policy Rate at 15% to Curb Inflation and Boost Stability

Addis Ababa, December 31, 2024The Monetary Policy Committee (MPC) of the National Bank of Ethiopia (NBE) held its inaugural meeting to evaluate the nation’s macroeconomic landscape and chart an effective monetary policy course. In a period marked by fiscal and global economic challenges, the MPC’s deliberations and subsequent decisions aim to balance price stability and

December 31, 2024 • By Addis Insight

Business

Tax and Tensions: Ethiopia’s Car Market Faces Unprecedented Challenges

After the shift to a market-based foreign exchange system, importers have become one of the hardest-hit groups in Ethiopia’s economy. The floating exchange rate has triggered sharp and unpredictable currency fluctuations, driving up the cost of acquiring foreign currency and creating immense financial pressure.  Car importers, added to this tension, are facing excessive taxation, further

December 31, 2024 • By Addis Insight

Business

ZamZam Bank, an Emerging Bank, Weighs In on What Foreign Bank Entry Means for Ethiopia

This year, Ethiopia’s economy will invite optimistic phenomena as the nation takes bold steps to reshape its financial landscape. The shift to a floating exchange rate marks a pivotal moment, fostering transparency and encouraging investor confidence. Alongside this, the establishment of the Ethiopian Securities Exchange is set to open new doors for businesses and investors,

December 30, 2024 • By Addis Insight

Uncategorized

The Grand Palace Museum Officially Opens for Public Visits

Addis Ababa, December 29, 2024 – The Prime Minister’s Office has officially announced the opening of the Palace Museum for public visits, marking a significant milestone in the preservation of Ethiopia’s historical and cultural heritage. The Grand Palace,has undergone extensive renovations initiated under the leadership of Prime Minister Abiy Ahmed. The restoration project aimed to

December 29, 2024 • By Addis Insight

Business

Ethiopian Airlines Among Five Sanctioned for Passenger Rights Violations by NCAA

The Nigerian Civil Aviation Authority (NCAA) has sanctioned Ethiopian Airlines alongside four other carriers for breaching passenger rights, marking a significant regulatory intervention aimed at safeguarding air travelers during the peak holiday season. Ethiopian Airlines, Africa’s largest and most prestigious carrier, was implicated in violations of NCAA regulations under Part 19, which govern passenger rights.

December 27, 2024 • By Addis Insight

News

The Ethiopian Human Rights Council, a 33-Year-Old Human Rights Organization, Suspended

The Ethiopian Human Rights Council (EHRCO), a key player in Ethiopia’s human rights advocacy for over three decades, has been ordered to suspend its operations. The suspension follows a directive issued by the Civil Society Organizations Agency on December 14, 2024, citing alleged administrative and compliance shortcomings. The directive, which was delivered to EHRCO on

December 26, 2024 • By Addis Insight

Business

Chinese EV Giant BYD Enters Ethiopian Market with Electric Vehicles

BYD, a leading Chinese electric vehicle (EV) manufacturer, has officially announced its entry into the Ethiopian market. The company unveiled its brand at a launch event in Addis Ababa, organized in partnership with Moenco, a subsidiary of Inchcape PLC, a London-based distributor specializing in premium automotive services. In a statement shared via social media, BYD

December 26, 2024 • By Addis Insight

Business

Amhara Bank Sets Sights on Investment Banking, Poised to Transform Ethiopia’s Financial Landscape

Amhara Bank is taking a bold step forward by venturing into investment banking services, signaling its ambition to play a pivotal role in Ethiopia’s emerging capital markets. This strategic move positions the bank as a key player in the nation’s financial evolution, aiming to provide tailored solutions for both businesses and individual investors. The announcement

December 25, 2024 • By Addis Insight

Business

Ethiopia Excluded from AGOA for Third Consecutive Year

The United States has announced that Ethiopia will remain ineligible for the African Growth and Opportunity Act (AGOA) benefits in 2025, marking the third consecutive year the country has been excluded from the program. The decision was confirmed in a statement released on December 21, 2024, by USTR Spokesperson Sam Michel, following the annual AGOA

December 25, 2024 • By Addis Insight

Uncategorized

Macron’s €25M National Palace Renovation: Ethiopia’s New ‘Let Them Eat Cake’ Debate

French President Emmanuel Macron’s recent visit to Addis Ababa to inaugurate the €25 million renovation of a national palace has sparked widespread controversy. Framed as an effort to preserve Ethiopia’s rich cultural heritage, the project has come under fire for its timing and priorities. In a country struggling with the devastating effects of war, famine,

December 24, 2024 • By Addis Insight