Business

NBE Prepares to Announce Credit Cap Reform Amid Inflation Ease

In an effort to relieve inflation, the National Bank of Ethiopia (NBE) has introduced a 14 percent cap on credit growth for commercial banks. This policy is part of a broader strategy announced on August 11, 2023, which includes several measures to stabilize the economy. The goal is clear: to bring inflation down to below

December 3, 2024 • By Addis Insight

Business

28 Ethiopian Banks Reportedly Defrauded of 1.3 Billion Birr in One Year

It has been reported that 28 Ethiopian banks lost a total of 1.3 billion birr to fraudsters in the past year. This figure represents an increase of 300 million birr compared to the previous year. Only three banks are said to have been unaffected by the fraud. The National Bank of Ethiopia released its annual

December 3, 2024 • By Addis Insight

Uncategorized

Deloitte Reopens Office in Ethiopia After Six Years, Strengthening Commitment to Local Growth

Deloitte has officially reopened its office in Addis Ababa, Ethiopia, after a six-year absence, marking a significant step in the firm’s renewed focus on the Ethiopian market. The move underscores Deloitte’s commitment to supporting Ethiopia’s development agenda and capitalizing on the opportunities the country offers. Anne Muraya, CEO of Deloitte East Africa, expressed enthusiasm about

December 2, 2024 • By Addis Insight

Business

Ethiopia’s Financial Sector: A Deep Dive into Stability, Growth, and Emerging Opportunities

The National Bank of Ethiopia (NBE) has unveiled its second Financial Stability Report, offering a comprehensive analysis of the country’s financial system during the fiscal year ending June 2024. Amid significant economic reforms, the report underscores Ethiopia’s resilience in navigating global and domestic challenges while laying the groundwork for a modern, inclusive financial landscape. Economic

December 2, 2024 • By Addis Insight

Sport

Athletes Tamrat Tola and Simbo Alemayehu Named Athletes of the Year

Athletes Tamrat Tola and Simbo Alemayehu Named Athletes of the Year Athlete Tamrat Tola won the Road Race Athlete of the Year award for his exceptional performance outside the stadium. Tamrat Tola is celebrated for winning the only gold medal for his country and improving his record at the Paris Olympics. Another athlete, Simbo Alemayehu,

December 1, 2024 • By Addis Insight

Business

National Bank of Ethiopia Mandates National ID for Banking: A Major Step Towards Secure Financial Systems

The National Bank of Ethiopia (NBE) has announced a groundbreaking decision to make the National ID (commonly referred to as Fayda) mandatory for opening and maintaining bank accounts across the country. This initiative, communicated to financial institutions on November 26, 2024, marks a transformative move to enhance the security, transparency, and inclusiveness of Ethiopia’s financial

November 30, 2024 • By Addis Insight

Uncategorized

Federal Court Fees Surge by 500% in First Revision in 72 Years

The draft law to revise court fees for federal courts was approved today by the House of People’s Representatives. This legislation imposes a fee increase of up to 500 percent for court users. The amendment was deemed necessary as federal court fees had not been updated in 72 years. However, the sharp increase has surprised

November 29, 2024 • By Addis Insight

Business

Ethiopian Airlines Increases Weekly Flights to New York, Offering Daily Service Starting December 1

Ethiopian Airlines has announced an increase in its weekly flight schedule between Addis Ababa and New York, raising the frequency from four to seven flights per week. This change, effective December 1, 2024, marks a significant shift as the airline will begin operating daily flights on the route starting Sunday. The adjustment to a daily

November 29, 2024 • By Addis Insight

Business

From Hydroelectric Power to Bitcoin: Ethiopia’s Rise as a Mining Hub

Ethiopia is quickly emerging as a significant hub in the Bitcoin mining industry, having generated an impressive $55 million over the past ten months. This remarkable growth can be largely attributed to the country’s abundant and affordable energy resources, especially hydropower, which have attracted numerous companies, particularly those relocating from China since. The Ethiopian Electric

November 29, 2024 • By Addis Insight

Uncategorized

Ethiopia’s New Duty-Free Condom Policy Aims to Curb HIV Transmission

In a significant move to combat the spread of HIV/AIDS in Ethiopia, the Ministry of Finance has granted a duty-free import status to condoms, effective under Decree No. 1341/2024. This policy change is aimed at improving access to condoms and ultimately reducing the transmission of HIV, a growing concern in the country. According to the

November 29, 2024 • By Addis Insight