Addis Business Review

29/07/2024

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30/05/2024

Welcome on board folks!

17/05/2024

NIB International Bank has welcomed its new CEO. Shisema Shewanneka Chairman of BOD made a welcome speech. Ato Melkamu Solomon A/CEO has handed the office to Emebet Melese(Ph.D.) Members of BODs, and senior managment staffs attended the event.

18/04/2024

Though it is faced by actors of the industry at large, those that joined the finance sector lately and with huge capital suffered the most. Loss that was made public by Amhara bank is typical in this aspect. Measures that meant to alleivate the soaring inflation while subdued the challenge immaterialy. We will see how fututre monetary and fiscal policies will dictate the overall operation of local banks and livelihood of citizens.

Third-generation banks like Hijra and Sidama are wrestling with a stringent loan cap the central bank imposed to curb inflation. Despite experiencing growth in deposits and operational expansion, these banks are stunted by a 14pc annual credit growth limit. The regulation has pressured their ability to invest, expand, and please their shareholders with rewarding dividends. With finance institutions like Tsehay and Geda banks posting losses due to restricted growth opportunities, the financial ecosystem is signalling a need for more tailored approaches considering the unique challenges of new market entrants.

Read more https://ow.ly/rXsp50RfXgE

24/03/2024

So as to overcome the liquidity challenge it has and to win back the erroded public trust and its good will this is by far a great tactical move. The newly elected board of directors is taking bold measures that are believed to bring the big leap in every major KPIs of yhe Bank.

21/03/2024

Though the lost amount was initially claimed to be 2.6 bln, it is now proven to surpass. The glitch has costed CBE an accounted figure of 6 bln. The bank has launched a campaign to reclaim its lost fund.

Commercial Bank of Ethiopia Mobilizes Task Force to Recoup 6 Billion Birr Lost through mysterious "system failure." Read more.

24/08/2023

We will see how this is going to affect the bilateral relationship Ethiopia has with the west corner and the benefit it wants to derive from the new camp.

South African President and BRICS Chair Cyril Ramaphosa announced that the group has adopted the Johannesburg Declaration 2, inviting Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE to become full members. They will become full members from Jan 1, 2024.

12/08/2023

Good leap..

የውጭ ምንዛሬ ክፍፍል ላይ ማሻሻያ እንዲደረግ የብሄራዊ ባንክ ቦርድ ወሰነ። በዚህም የውጭ ምንዛሬ ክፍፍሉ ቀደም ሲል ከነበረው 70/30 ወደ 50/50 እንዲስተካከል አድርጓል። በውሳኔው መሰረት ባንኮችለ ከውጭ ምንዛሬ ግኝታቸው 50 በመቶ ለብሄራዊ ባንክ 40 በመቶውን የውጭ ምነዛሬውን ላመነጨው አካል እንዲሁም ቀሪውን 10 በመቶ ለባንኮች እንዲከፋፈል ተወስኗል።
ቦርዱ የዋጋ ግሽበትን ለመግታት በርካታ የገንዘብ እና የፊሲካል ውሰኔዎችን ማሳለፉን ነው የብሄራዊ ባንክ ገዥ አቶ ማሞ ምህረቱ የገለፁት።

14/10/2022

Let's hope such measures will ease our suffocation that we are suffering economic wise!

25/06/2022

with the surging inflation and econimic baro meters still pointing a hazardous scenario for the economy at large, easing of reserve requirment just left me uprhended about what is going to happen.

The central bank's decision to halve reserve requirements for commercial banks raises concerns that an estimated 80 billion Br available for fresh loans could fuel inflation. The move is a reversal of a directive issued last August, which had doubled reserve requirements to 10pc of net deposits. The banking industry has been facing liquidity issues in recent months.

https://addisfortune.news/bank-reserve-cut-stokes-inflationary-fears/

19/06/2022

a good and timely article

How many of us really understand inflation, what causes it, and how it works? In this guide, we'll try to explain inflation in a simple and fun way.

06/06/2022

News_Alert: Central Bank outlaws bitcoin, virtual assets

The National Bank of Ethiopia calls growing use of bitcoin as a medium of exchange "illegal", threatening to hold accountable anyone involved in transactions of cryptocurrencies and virtual assets.

Underscoring that birr is the only currency that should be used for transactions locally, the central bank, in its statement released today, said "the growing use of cryptocurrencies paved a way for rising trends of money laundering and other illegal activities.

Anyone wishing to use new payment instruments other than birr need to get a permit from the central bank, said the regulatory body, citing the National Payment System proclamation legislated in 2003.

03/06/2022

News Alert: Council approves historic-high budget

The Council of Ministers approves 786.6 billion birr budget for the upcoming fiscal year.

It is 16.5 percent higher than the budget allocated by the federal government for the existing fiscal year.

Recurrent expenditure accounts for 44.1 percent of the budget, whereas the share of capital expenditure is 27.7 percent.

Out of the total budget, about 209.4 billion is allocated as a subsidy to regional governments.

30/05/2022

factors contributing to such financial chaos identified need to be communucated to stakeholders. Such news should not only serve as input for news media outlet. Those responsible must also need to be held accountable.

News_Alert: Commercial banks lose 1.8 billion birr due to fraud

Banks have lost 1.8 billion birr due to fraud over the last four years, according to a new study undertaken by the Ministry of Justice.

Commercial Bank of Ethiopia accounts for 51 percent of the money lost due to fraudulent activities. It is followed by Bank of Abyssinia (17 percent), Oromia (8.5 percent)and Wegagen (8.2 percent) banks.

"Such activities are causing a mess in the banking industry," said Fekadu Tsega, state minister of Justice.

The findings of the new study announced in an event that is currently being held at Sheraton Addis Hotel.

"I don't recall such a study conducted previously, at least never since I became a governor," said Yinager Dessie, governor of Central Bank as he opened up the event.

The Justice Ministry reviewed 155 cases as a sample while undertaking the study. Out of this, 78 were linked with the state giant, CBE.

27/05/2022

a good leap and we can't wait to see what it brings to the industry.

The National Bank of Ethiopia (NBE) is revising the Banking Business Proclamation, as part of its legal framework amendment aimed at allowing foreign banks to operate in Ethiopia. The revision includes setting a minimum capital for foreign banks to enter Ethiopia on a joint venture basis first.

Read More: https://bit.ly/3NI3fIS

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11/04/2022

The giants are believed to suffer the most and the impact it brings on MOUs signed that benefit employees of those government organisations will be seen soon.

የመንግሥት መሥሪያ ቤቶች በግል ባንኮች የከፈቷቸው የባንክ ሒሳቦች በሙሉ እንዲዘጉ ታዘዙ

- ትዕዛዙን ያልፈጸመ መሥሪያ ቤት በጀት አይለቀቅለትም

የመንግሥት ባለበጀት መሥሪያ ቤቶች በተለያዩ የግል ባንኮች የከፈቷቸውን ሒሳቦች በአስቸኳይ እንዲዘጉ፣ ይህንንም ማድረጋቸውን የሚያረጋግጥ ሪፖርት እንዲያቀርቡ ታዘዙ፡፡

የገንዘብ ሚኒስቴር በግል ባንኮች ውስጥ አካውንት ከፍተው ገንዘብ እያንቀሳቀሱ ነው ለተባሉ መሥሪያ ቤቶች በጻፈው ደብዳቤ፣ በግል ባንኮች ውስጥ ያላቸውን ሒሳብ ካልዘጉ ዕርምጃ እንደሚወሰድባቸው አስጠንቅቋል፡፡

በገንዘብ ሚኒስትር ዴኤታው ኢዮብ ተካልኝ (ዶ/ር) የተጻፈው ይኼው ደብዳቤ፣ በመንግሥት የፋይናንስ አስተዳደር አዋጅና የሚኒስትሮች ምክር ቤት ባወጣው የፋይናንስ አስተዳደር ደንብ መሠረት፣ የመንግሥት ገንዘብ ወይም ገቢ የሚደረገው በብሔራዊ ባንክ ወይም ብሔራዊ ባንክ በሚወክለው ባንክ እንደሆነ አስታውቋል፡፡

በዚህ ድንጋጌ መሠረት የኢትዮጵያ ብሔራዊ ባንክ ለጊዜው የሰየመው የኢትዮጵያ ንግድ ባንክን ብቻ መሆኑን የሚኒስትር ዴኤታው ደብዳቤ ያመለክታል፡፡

ሆኖም በአሁኑ ወቅት በርካታ የመንግሥት ባለበጀት መሥሪያ ቤቶች የመንግሥት ገንዘብ ለማንቀሳቀስ በግል ባንኮች ሒሳብ በመክፈት ላይ መሆናቸውንና ይህንን ማቋረጥ እንደሚኖርባቸው በመታመኑ ዕርምጃው እንደተወሰደ ታውቋል፡፡

በመሆኑም ይህንን ተግባር የፈጸሙ፣ እንዲሁም በዚህ በሒደት ላይ የሚገኙ መሥሪያ ቤቶች የከፈቱትን የባንክ ሒሳብ በመዝጋት ለገንዘብ ሚኒስቴር ሪፖርት እንዲያደርጉም አሳስቧቸዋል፡፡

መሥሪያ ቤቶቹ ይህንን ማድረግ ካልቻሉ ግን በሚደረገው ማጣራት፣ በግል ባንኮች ውስጥ የተከፈተ የባንክ የሒሳብ ቁጥር ከተገኘባቸው፣ ዕርምጃ እንደሚወስድባቸውም የሚኒስትር ዴኤታው ደብዳቤ አመልክቷል፡፡
ተጨማሪ ያንብቡ: https://bit.ly/3KpZxlI

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29/03/2022

Apprehension with this subject manifesting once again..

’s forex reserve plummets to USD 1.6 bln


Covers only 1.3 months of imports

Ethiopia’s foreign currency reserve fell to USD 1.6 billion, which only covers the import bill for 1.3 months, as of December 31, 2021, a new report shows.

The reserve dropped by half, compared to the 2.4 months of import bill coverage it had by September 2020, just before the war broke out in northern Ethiopia, according to the central bank’s six months report to the House of Peoples’ Representative (HPR),.
Read More: http://bit.ly/3JJHiaB

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