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SoE revenue falls short of target 

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.

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.

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.

Massive state loans threaten CBE

The more than 400 billion birr loans the Commercial Bank of Ethiopia (CBE) extended to state enterprises and the government in the past years has posed a threat to the biggest bank in Ethiopia.

Government contemplates rescinding wheat contract awarded to Wifag

Despite the depleting national wheat stock, the Government of Ethiopia (GoE) is contemplating to cancel an earlier wheat supply contractof 400,000 metric tons at USD 108 million (3.04 billion birr), which was awarded to WifagMabrouk General Trading and its local partner Aplas Importer Plc, a little over a month ago, The Reporter has learnt.

Court suspends transfer of title deed of 40/60 condos

The 8th Civil Bench of the Federal High Court at Lideta has suspended the transfer of the title deeds of more than 18,000 40/60 condo houses which were slated for handover to homeowners who were picked from hundreds of thousands of registered home seekers by a lottery drawing a month ago, The Reporter has learnt.

Auditor General declines Board appointment

The Auditor General, Gemechu Dubisso, is reported to have declined his appointment as member of the board of directors of the state owned Commercial Bank of Ethiopia (CBE) this week, The Reporter has learnt.