With objective of decreasing nonperforming loans of banks, the National Bank of Ethiopia is set to introduce a centralized database with credit information of all bank borrowers in the country.
The National Bank of Ethiopia said it has distributed over 96 billion Birr (about $2.6 billion) valued new currencies notes since the country began replacing the old currency with the new ones.
The National Bank of Ethiopia (NBE), financial sector regulatory body of the country, today passed a directive that allows local banks to borrow from foreign banks.
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.
