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.
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.
Economists and financial experts have called on the government of Ethiopia to seriously look at the state of the National Bank of Ethiopia (NBE) and consider restructuring it in time, while some going to the extent of reducing the central bank to an institution primarily engaged in undertaking money printing, an expression connoting the power of central banks to create money.
A new draft bill, which was designed to amend the existing, restrictive banking and financial services proclamation, has been tabled before the House of People’s Representatives (HPR) offering a new regulation, which has given the green light to foreign nationals of Ethiopian origin to engage in the banking and financial services sector.