Zamzam Bank S.C., one of the Islamic banks under formation in Ethiopia has sold shares with a total value of 623,694,000 birr (about $18.34 million at current exchange rate). It will be the first Islamic bank in Ethiopia to start operation.
With the aim of fighting tax avoidance and illegal circulation of money, the National Bank of Ethiopia (NBE) today introduced a directive that limits cash withdrawal from banks.
In an effort to rescue the economy from collapsing due to COVID-19 pandemic, the Government of Ethiopia orders the central bank to disburse 15 billion birr (close to $460 million dollar) to private banks.
BY ABEBE WOLDE GIORGIS – Currently, the banking industry in Ethiopia is growing rapidly in terms of accessibility, asset development, capital accumulation, profitability, provision of loan and saving.
Debub Global Bank of Ethiopia has made gross profit (before tax) of 284 million birr (close to $8 million at the current exchange rate), which is double compared to the previous year (2017/18) gross profit.
Ethio Lease, a subsidiary of Africa Asset Finance Company Inc. (AAFC), a US-headquartered equipment finance firm, enters Ethiopian market.
The total deposit of Commercial Bank of Ethiopia (CBE) exceeds half a trillion birr (over $17 billion), said the recently appointed president of EBE.
The Government of Ethiopia is set to introduce bank directive that will allow smallholder farmers to use their cattle as collateral to access loan from banks.
The total capital of bank in Ethiopia has increased by around 8% to 85.7 billion birr (around $3.1 billion at the prevailing exchange rate) at the end of last Ethiopian fiscal year ended June 2018.
The macroeconomic committee recently set up the new reformist Prime Minister Abiy Ahmed of Ethiopia on Wednesday has passed a directive that allows payments in foreign currently for selected business areas.
The highly indebted government of Ethiopia announces the appointment of a new governor for the National Bank of Ethiopia (NBE), financial sector regulatory body of the country.