Addis Ababa, August 8, 202 (FBC) – The National Bank of Ethiopia (NBE) today announced that it has begun accepting applications for Independent Foreign Exchange Bureaus, in line with the newly approved Foreign Exchange Directive (FXD/01/2024) that became effective July 29, 2024. Independent FX Bureaus are authorized to engage in […]
Monthly Archives: August 2024
60 posts
Addis Ababa, August 8, 2024 (FBC) – Fiseha Yitagesu, the CEO of Industrial Parks Development Corporation (IPDC), has stated that his corporation will provide the necessary support to Soufflet Malt Ethiopia SC, a subsidiary of the French agricultural group InVivo, to expand its investment in Ethiopia. This assurance was given […]
Ethiopia’s agricultural sector is a vital component of its economy, presenting numerous opportunities for growth and development. With agriculture accounting for approximately 40-50% of the country’s GDP and employing over 80% of the population, it serves as the backbone of the Ethiopian economy. However, the sector faces significant challenges that […]
Addis Ababa, August 8, 2024 (FBC) – The Ethiopian Securities Exchange (ESX) will commence its operation in October 2024, ESX CEO Tilahun Esmael Kassahun stated. He said that preparations, including collecting finances, have been carried out to get license from the Capital Market Authority. The CEO disclosed the ESX, which […]
Addis Ababa, August 7, 2024 (FBC) – Guangzhou Automobile Corporation (GAC), Chinese state-controlled vehicle manufacturing company, together with Huajian Group, today declared that it is set to start assembling electric vehicles in Ethiopia soon. GAC’s decision was revealed during a discussion between Ethiopia’s Minister of Transport and Logistics Alemu Sime […]
Addis Ababa, August 7, 2024 (FBC) – The National Bank of Ethiopia (NBE) has announced the conclusion of the Special Foreign Exchange Auction with a weighted average rate of Birr 107.9 per a USD. The nation’s central bank held a Special Foreign Exchange Auction today August 7. 2024. In that […]
Addis Ababa, August 7, 2024 (FBC) – The Macroeconomic reform policy which Ethiopia has embarked on has created great opportunity for competitive investment in the country, Indian investor Mayur Kothari said. The Chairperson of Indian Mohan Group PLC in Ethiopia, Mayur Kothari said that the full implementation of macroeconomic reform […]
Addis Ababa, August 7, 2024 (FBC) – China’s foreign trade reached a new high of $3.5 trillion, up 6.2% year-on-year, in Jan. – July, Beijing-based news agency Xinhua reported on Wednesday, citing official data. China’s exports surged 6.7% year-on-year to $2.01 trillion and imports climbed 5.4% to $1.49 trillion in […]
Due to the suspension of Djibouti’s operating oil port, Ethiopia is requesting that the Djibouti administration promptly provide alternate tankers for the incoming petroleum cargo. The Ethiopian Petroleum Supply Enterprise (EPSE) delegation asked Djibouti authorities to provide alternative discharge ships for oil imports during its visit earlier this week. On […]
Addis Ababa, August 4, 2024 (FBC) – Feseha Yitagesu (PhD), CEO of the Industrial Parks Development Corporation (IPDC), has announced a series of initiatives aimed at attracting investments to the Jimma Industrial Park, capitalizing on the areas’s abundant natural resources. During a recent visit to the park, Feseha reviewed ongoing […]
The Birr has crossed a historic threshold, hitting an exchange rate of over 100 Br to the dollar last week — a wake-up call for the country’s economy. Examining historical trends in official and parallel exchange rates since 1995, alongside the real effective exchange rate (REER) from 1987 to 2021, […]
Addis Ababa, August 3, 2024 (FBC) – National Bank Governor Mamo Mehretu remarked that the decision made on foreign exchange (FX) management system is historical aimed at fostering sustained economic growth. He emphasized that the government was not compelled by lending institutions to implement indigenous macroeconomic reforms, but rather saw […]