News Room

Fuel is one of the major products that Ethiopia imports and holds a significant portion of the entire import – It accounted for 13.58% of total imports in the 2020/21 budget year which is the largest share for a single product. The war in Ukraine has spiked fuel prices internationally. Currently prices are just over $100 a barrel. This increase is expected to push the import bill to unprecedented levels in the upcoming 2022/23 budget year. The Ethiopian Petroleum Supply Enterprise estimates the Read more […]

The Council of Ministers today approved 786.61 billion Birr draft budget for the 2015 Ethiopian Fiscal year. The budget aims to achieve national goals, protect national security, assist displaced people and rehabilitate damaged infrastructure and services. The draft budget, which has been prepared based on the 2015-2019 EC mid-term macroeconomic and fiscal framework, gives focus on achieving sustainable socio-economic transformations and goals. Out of the total budget for the Read more […]

The National Bank of Ethiopia is working to introduce a new policy that will allow foreign banks to operate in the country. The bill will open the sector on a JV basis initially. In this move, the government seems to be protecting local players who have raised concerns about the modalities and time of foreign bank entrance to the country. The central bank is revising the Banking Business Proclamation, as part of its legal framework amendment aimed at allowing foreign banks to operate in Ethiopia. Read more […]

Ethiopian Diaspora has sent USD3.3B in Remittance in the last nine months of 2021/22 EFY. The figure doesn’t include remittance coming through informal channels. In terms of growing trade, tourism, and investment activities of the diaspora members have invested a registered capital of ETB97B. In addition, the diaspora has purchased and donated ETB122B bond for the Great Ethiopian Renaissance Dam, as well as ETB109M to the Defense Force and ETB32M to charitable causes. Read more […]