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.
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.
The National Bank of Ethiopia (NBE) has licensed the first foreign capital lease finance company called Ethio Lease.
Ethio Lease was established by African Asset Finance Company, a New York City-based finance company, with a registered capital of 400 million birr.
Following the removal of the National Bank of Ethiopia’s directive that compels oil and gas companies to open a foreign bank account in Ethiopia international oil companies have shown interest to take new concessions.
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.
Cognizant of the need to promote private investment in Ethiopia and to assist in the government’s effort in job creation, the Government of Ethiopia (GoE) is preparing a policy that enables the setting up of a local venture capital fund in the country.