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Commercial banks urged Officials of the National Bank of Ethiopia (NBE) to amend the mandatory rule, which demands financial institutions invest one percent of their outstanding credit on a bond issued to support the Development Bank of Ethiopia (DBE).
Merkato, the largest open market in Ethiopia and possibly Africa, has a special meaning in Tedros Fekiru’s life. It is a place where he was born, raised and learned everything in life. It is also where the 43 year-old trader started business and came to own a clothing retail store and furniture house.
The National Bank of Ethiopia (NBE) directed new entrants to the banking industry to increase their paid-up capital to five billion birr within seven years.
Ethiopia’s gross international reserve, deposited in gold and dollar, is expected to increase by at least 10 percent from a new issuance of International Monetary Fund’s Special Drawing Rights (SDR).
The foreclosure proceedings announced to sell 32,624 shares of the East African Bottling SC was suspended after the stockholder, Nigussie Hailu, obtained an injunction order subsequent to a deal to pay the money the government wants to recover from the sale within two weeks.
The National Bank of Ethiopia (NBE) affirmed its readiness to loan money to any of the 19 commercial banks if they experience liquidity shortages, even though they are in good condition at the moment.