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The State owned Enterprises (SoEs) have generated some 300 billion birr in revenues, 38 billion birr short from the targeted revenues while securing 55.66 billion birr in profits which as well short of the 70 billion birr in profit before taxes, set for the concluded Fiscal Year.
A recent procurement bid for reinforcement bars, issued by the Ethiopian Construction Works Corporation (ECWC), has infuriated industry players as the state run corporation imports thousands of tons of metal products, while only intending to buy a few kilograms of rebar, locally.
The Ethiopian Economics Association (EEA) said on Thursday that the introduction of new banknotes and denomination into the monetary system might cause a shift in deposit preferences towards holding currency instead of depositing in the bank.
A survey commissioned by the Pan-African Private Sector Trade and Investment Committee (PAFRAC) and conducted by the African Business magazine in partnership with Afrexim Bank, has revealed that African CEOs are explicitly calling for a fairer system in the global trade.
Metal and engineering industries have expressed their concerns that many manufactures will likely be forced to close shops due to lack of access and shortage of foreign currency to import raw materials, while traders have the flexibility to import finished metal and engineering products.
A severe shortage of foreign exchange, that has plagued the economy so far, has further led to banks struggling to find international go-between/correspondent banks to process payments in Letter of Credits (L/C), The Reporter has learnt.