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Demonetization may spell macroeconomic danger, EEA

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.

Ethiopian banks struggle to process L/C contracts

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.

CBE performance irks president

The Commercial Bank of Ethiopia (CBE) registered a net profit of 14 billion birr, achieving only 64 percent of its plan for the fiscal year 2019/2020. In a lamentation letter addressed to the staff, the President of the Bank, Abie Sano, stated that he has never reported such a result in his career as a banker and he lacks words to describe it.

Local Oil Company hit by hard currency shortage

Yetebaberut Beherawi Petroleum S.C., a local oil company founded predominantly by oil transporter companies more than 15 years ago, expressed its frustrations over the lack of access to hard currency needed to import oil products in to the country, making it difficult to operate its main line of business in the past two years, and threatening its existence, The Reporter has learnt.

Dashen, United SC waive service fees

One of Ethiopia’s leading private banks, Dashen Bank, is set to waive fees on a number of services in-light of the global coronavirus outbreak that has impacted thousands of people across the globe.

NBE lifts bill purchase directive

The National Bank of Ethiopia (NBE) has lifted its yearlong mandatory requirement imposed on private banks to purchase bonds from the Development Bank of Ethiopia (DBE).

ZemZem raises 1.2 bln in subscribed capital

Months after it started selling its shares, ZemZem Bank – which is to be the first recognized full-fledged Islamic banking institution – has managed to raise more than 600 million birr in paid-up capital, and has registered a subscribed capital of 1.2 billion birr, The Reporter has learnt.

PM picks vice governors for NBE, draws mixed reviews

Prime Minister Abiy Ahmed (PhD) has approved the appointments of three new vice governors for the National Bank of Ethiopia (NBE), Ethiopia’s central banking institution. However, the top picks for the positions has been met with mixed reaction from finance and economic experts.