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Ethiopia Devalues Its Birr Currency 17% Against Dollar, Central Bank

published 1 day, 20 hours, 56 minutes ago posted by

admin 1 day, 20 hours, 57 minutes ago

Wed Sep 01 2010 Ethiopia devalued its currency, the birr, by 17 percent against the dollar, the third such move in the past 14 months, according to the National Bank of Ethiopia. The exchange rate was quoted at 16.351 per dollar today compared with 13.628 yesterday, according to the website of the Addis Ababa-based central bank. It was trading at 11.381 on July 10 last year. The devaluat... (more)

Digg It category: Economy | comment | | source: www.bloomberg.com tags: Bank, economy, ethiopia, Ethiopia economy

Nile International Loses 12.5 Million Br Case in Absentia

published 19 days, 4 hours, 11 minutes ago posted by

admin 19 days, 4 hours, 40 minutes ago

The Federal High Court's Eighth Civil Bench found Nile International Plc liable in absentia for 12.5 million Br with interest to be paid to Nile Business Group Plc on July 20, 2010, for failing to pay a promissory note of the same value to the latter. Nile International handed a promissory note of 12.5 million Br to Nile Business Group on May 8, 2009. The note, which was prepared in order to settle a previous loan received in kind from Nile Business Group, was due to be paid on June 7, 2010. (more)

Digg It category: Business | comment | | source: allafrica.com tags: Bank, business, ethiopia

The Ethiopian Economy: Proud Of High Deficit?

published 65 days, 15 hours, 53 minutes ago posted by

admin 65 days, 15 hours, 55 minutes ago

Had Friedman been the adviser to Meles Zenawi, he likely would have argued the importance of a balanced budget for Ethiopia, one of the poorest nations in the world. Such an ‘outdated’ hypothesis simply does not hold true for this nation. For the last forty years, the economy has experienced huge budget deficits accompanied by sluggish economic growth. Under the two most recent regimes-the Derg and now the EPRDF-expenditures have reached their maximum, to little public benefit. (more)

Digg It category: Economy | comment | | source: addisnegeronline.com tags: Bank, economy, ethiopia

Lion International Bank Appoints New President

published 163 days, 18 hours, 15 minutes ago posted by

admin 163 days, 18 hours, 23 minutes ago

Lion International Bank (LIB) appointed Daniel G. Egziabher, marketing, planning and research department director, to be the acting president on Monday, March 15, 2010, the same day it accepted the resignation of its president Meressa G. Mariam. Daniel has also become the bank's vice-president for finance, human r... (more)

Digg It category: Business | comment | | source: allafrica.com tags: Addis Ababa, Bank, business

Meles Keen to See Emerging Bond Market

published 163 days, 18 hours, 15 minutes ago posted by

admin 163 days, 18 hours, 24 minutes ago

Dissatisfied with an apparent absence of competition in the banking industry to the disadvantage of depositors, the Federal Government is planning to introduce what experts say could become a nascent bond market. With inflation driven to record high double digit figures last year and borrowers accessing money fr... (more)

Digg It category: Business | comment | | source: allafrica.com tags: Bank, economy, Meles Zenawi

Ethiopia’s February inflation rises to 8.1 pct

published 167 days, 19 hours, 31 minutes ago posted by

admin 167 days, 19 hours, 45 minutes ago

ADDIS ABABA – Ethiopia’s year-on-year inflation rate rose to 8.1 percent in February from 7.6 percent in January due to higher food, fuel and construction material prices, its statistics office said on Wednesday. Inflation in the Horn of Africa nation surged to 64.2 percent in July 2008, driven by record high food and fuel prices, before [...] (more)

Digg It category: Economy | comment | | source: ecadforum.com tags: Bank, business, CBE, economy, Ethiopia news, Ethiopian news

የኢትዮጵያ ንግድ ባንክ ግማሽ ዓመት ትርፍ 1.5 ቢሊዮን ብር ደረሰ

published 220 days, 18 hours, 13 minutes ago posted by

admin 220 days, 18 hours, 37 minutes ago

የኢትዮጵያ ንግድ ባንክ በ68 ዓመት ታሪኩ ከፍተኛ የሆነ 1.5 ቢሊዮን ብር የግማሽ ዓመት ትርፍ ማስመዝገቡን ምንጮች ለሪፖርተር ገለፁ፡፡ (more)

Digg It category: Business | comment | | source: www.ethiopianreporter.com tags: Bank, business, Ethiopia news, Ethiopian news

German firm to design CBE headquarters in Addis Ababa

published 239 days, 15 hours, 28 minutes ago posted by

admin 239 days, 15 hours, 50 minutes ago

Henn Architekten has won first prize in an architectural competition for the construction of the Commercial Bank of Ethiopia (CBE) headquarters in Addis Ababa. Once completed, the 42-storey tower will be the tallest building ever built in Ethiopia. The firm’s proposal includes, on the longer sides of the slender office tower, a gap in the facade [...] (more)

Digg It category: Business | comment | | source: abbaymedia.com tags: Bank, CBE, Ethiopia news, Ethiopian news

Abay Bank Awaits Nod from NBE over Directors, President Appts

published 251 days, 17 hours, 58 minutes ago posted by

admin 251 days, 18 hours, 12 minutes ago

The newly established private commercial bank, Abay Bank, is awaiting a nod from regulators at the central bank for endorsement of its board of directors and president. (more)

Digg It category: Business | comment | | source: www.addisfortune.com tags: Bank, business, eprdf, Ethiopia news, Ethiopian news

Awash International Bank secures $472 million from intl’l banking operation

published 271 days, 23 hours, 6 minutes ago posted by

admin 271 days, 23 hours, 16 minutes ago

By Hayal Alemayehu Addis Ababa (December 5, 2009) – Awash International Bank (AIB), the first private bank to open in the country fifteen years ago, secured a record high USD 472 million foreign currency from its international banking operations during the last eighteen months ending June 30, Mitiku Abeshu, AIB Vice President, International Banking, told The [...] (more)

Digg It category: Business | comment | | source: www.goodnewsethiopia.com tags: Bank, Ethiopia news, Ethiopian news

Ethiopia’s junta not ready to liberalize economy – Trade Minister

published 277 days, 22 hours, 29 minutes ago posted by

admin 277 days, 22 hours, 58 minutes ago

ADDIS ABABA (Reuters) – Ethiopia’s regime is not ready to bow to pressure to liberalize its telecoms and banking sectors while negotiating terms to join the World Trade Organisation (WTO), its trade minister said on Wednesday. Analysts say the giant Horn of Africa country’s hopes for WTO membership hinge on calls for the authorities in [...] Related posts:Finland Foreign Trade Minister visits Ethiopia, KenyaEthiopia under Woyanne the poorest economy in the World – UNCTADRussian companies to showca... (more)

Digg It category: Economy | comment | | source: www.ethiopianreview.com tags: Bank, Electric Power, Ethiopia news, Ethiopian news, WTO

Former Commercial Bank of Ethiopia manager gets 9 years

published 289 days, 21 hours, 10 minutes ago posted by

admin 284 days, 21 hours, 21 minutes ago

ADDIS ABABA, ETHIOPIA — The state-controlled news service, WIC, reports that a former general manager of the Commercial Bank of Ethiopia and two other individuals received stiff prison sentence for corruption. (WIC) – The Federal High Court sentenced three corrupt offenders on November 16 and 17 to rigorous imprisonment ranging from 5-9 years and ordered them [...] (more)

Digg It category: Business | comment | | source: www.ethioplanet.com tags: Addis Ababa, Bank, ethiopia, Ethiopia news, Ethiopian news

Central Bank to Phase Out A Birr Note with Coin

published 318 days, 19 hours, 52 minutes ago posted by

admin 318 days, 19 hours, 58 minutes ago

The National Bank of Ethiopia (NBE) is to relinquish the place of one Birr note replacing it with a coin of the same value, reliable sources disclosed to Fortune. (more)

Digg It category: Economy | comment | | source: www.addisfortune.com tags: Bank, Ethiopia news, Ethiopian news

Zemen Bank appoints Brutawit D. Abdi as new CEO

published 330 days, 22 hours, 6 minutes ago posted by

admin 330 days, 22 hours, 28 minutes ago

By Mamo Gebrehiwot (mamo@goodnewsethiopia.com) – Addis Ababa (October 5, 2009) – Zemen Bank has announced that Brutawit Dawit Abdi, a founding member of Bank of Abyssinia (BoA) and former President of Wegagen Bank, has been appointed as CEO/ President. Her presidency, which was approved by the National Bank of Ethiopia (NBE) on September 24, 2009, will [...] (more)