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.
In the midst of cascading events the novel coronavirus pandemic has unleashed, the hospitality and tourism sectors, one of the hardest hit sectors, has been granted a 3.3 billion birr short term financing bailout to aid in working capital shortages and salaries.
The National Bank of Ethiopia (NBE) has approved the appointment of Melaku Kebede, who was serving United Bank as a senior Deputy CEO –Strategy &Technology, as the new Acting Chief Executive Officer (CEO) replacing Taye Debekulu, who has led the bank for six years.
The account of expanding contraband activities in various boarder areas of the country, the amount of gold produced by artisanal miners in various regional states and being channeled to the National Bank of Ethiopia (NBE) keeps dwindling, 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.