Zamzam Bank of Ethiopia sold over $18 million shares
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…
Ethiopia limits cash withdrawal from banks
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.
Ethiopia tax revenue increases by $1 billion
Ethiopia’s tax revenue has increased by over one billion dollar this year compared to the previous year. The Ministry of Revenue of Ethiopia has collected close to 198.5 billion birr (about $5.9…
IMF approves $411 million assistance to Ethiopia
The International Monetary Fund (IMF) Executive Board approves US$411 million in emergency assistance to Ethiopia to address the COVID-19 pandemic.
Ethiopia collects $5.5 billion tax revenue
Over the past nine months (July 2019 to March 2020) the government of Ethiopia has collected 183.2 billion birr ($5.5 billion at the current exchange rate).
Ethiopia Diaspora Trust Fund responds to COVID-19
The Ethiopia Diaspora Trust Fund (EDTF) Advisory Council has established an “EDTF Emergency COVID-19 Mitigation” effort committing $1 million start-up fund to assist the national COVID-19 mitigation efforts in Ethiopia.
Word Bank provides $82 million to Ethiopia
The World Bank provides $82 million assistance to the Government of Ethiopia for the fight against the spread of coronavirus (COVID-19) pandemic.
Ethiopia to provides $460 million to private 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…
World Bank provides $500 million to Ethiopia
The Government of Ethiopia secured $500 million grant and loan from the World Bank. The World Bank’s Board of Executive Directors on Thursday approved the finance of which $250 million is grant,…
Commercial Bank of Ethiopia gets new boss
The Commercial Bank of Ethiopia (CBE), the state owned financial institution with over half market share in the country’s banking industry, gets a new president.
Ethiopian government finance institutions profit $332 million
The three state enterprises in Ethiopia engaged in providing financial services have made 10.7 billion birr (about $332.1 million at the current exchange rate) profit before tax during the first six months…
CBE brings $1.7 billion remittance to Ethiopia in six months
Commercial Bank of Ethiopia (CBE), the giant state owned financial institution, says in six months’ time it has received $1.7 billion remittance from Ethiopians living abroad who send money to their relatives.
Ethiopia collects $567 million tax in December
The Ministry of Revenue of Ethiopia announces collecting 18.1 billion birr (about $567 million at the current exchange rate) in December 2019.
Ethiopia – Addis International Bank profit grows 39 percent
Addis International Bank, one of the private financial institutions in Ethiopia, has made a gross profit (before tax) of 205.2 million birr (about $6.5 million at the current exchange rate) during the…