Wegagen Bank, one of the industry leaders for the last 25 years, faces the worst financial tragedy in the banking industry, after reporting a drastic fall in profit and a soar in Non-Performing Loans (NPL), an underperformance linked with the conflict in Tigray.
Commercial banks are instructed to lend 12 billion birr from their reserves put at the National Bank of Ethiopia (NBE) for players in the coffee industry across Ethiopia. A decision said to be the first of its kind, the move gives the green light to banks to use upto two percent of their reserve for this particular purpose.
The Commercial Bank of Ethiopia (CBE) lifted the suspension placed over some of its employees. The decision was made by the Board of the state giant, chaired by Tekelewold Atnafu, former governor of the National Bank of Ethiopia, after reaching consensus with the management under the leadership of Abie Sano, President of CBE.
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As Rastafari around the world join Ethiopia in commemorating the 1896 victory at the Battle of Adwa, the repatriated community in Shashemene received news that the government is now ready to begin the process of granting permanent residence to those with valid passports