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Ethiopia Devalues Currency, Raises Interest Rates

In the midst of a Forex currency crisis, the National Bank of Ethiopia (NBE) has devalued Birr by 15pc and raised the interest rate by two percentage points to seven percent. The devaluation pegs the Ethiopian Birr at 26.91 to the dollar, up from 23.40 Br on the official market. It will be effe...

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PPPDS awards seven furniture suppliers a 138.8 million Br deal

The Public Procurement & Property Disposal Service (PPPDS) has awarded seven furniture manufacturers to supply furniture products worth 138.8 million Br. The companies were officially awarded on August 29, 2017. The procurement was conducted on behalf of the 11 newly established Universities fo...

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Long Awaited Road in Bulbula Gets Guardian

The Addis Abeba City Road Authority (AACRA) awarded the road project of the long serving eight kilometre long road at Bole Bulbula after 14 years of repeated requests from residents of the area. AACRA awarded two companies to construct the road with 750 million Br dividing it into two lots. The ag...

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Sekota Mining Flourishes with Iron Ore Extraction License

Sekota Mining Plc, a company formed by Luciano Frattolin and Beijing CBRF Technology Group Co. Ltd, secured a 20-year concession period to extract iron ore with an estimated total cost of half a billion dollars. The agreement was signed by Motuma Mekassa, minister of Mines, Petroleum & Natural ...

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Ethiopian Insurance Company (EIC) earns 700 million birr gross profit for the 20…

The largest insurance firm, Ethiopian Insurance Company (EIC), grossed a record-high profit in the past fiscal year, despite all the noise surrounding the infant insurance industry of the country. The profits of the firm have surged more than 25.2pc on the back of last year’s hike and a bette...

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Addis Gets First Revolving Restaurant

Center Point Addis Restaurant, the first revolving restaurant in Addis Abeba, has opened today, August 24, 2017. The restaurant shows a panorama of the capital, revolving 360 degrees in 55 minutes. This restaurant is part of a 400 million Br expansion project by Intercontinental Addis Hotel. The f...

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Commercial Bank Ready to Launch Agent Banking

The State owned giant, Commercial Bank of Ethiopia (CBE), is set to launch agent banking, CBE Birr, next month. It has already gotten approval from the National Bank of Ethiopia (NBE) to pilot the system. The move comes four years after the Bank started a feasibility study to provide the service.&n...

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Ethiopian Airports Enterprise Finalizes Two Airports’ Runway

The Ethiopian Airports Enterprise (EAE), which recently merged with Ethiopian Airlines, has completed the construction of Shire and Jinka airport runways with a cost of 971 million Br, raising the number of operational airports to 20 in the country. The completion is announced in the midst of the i...

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Prev Next

Ethiopia Devalues Currency, Raises Interest Rates

In the midst of a Forex currency crisis, the National Bank of Ethiopia (NBE) has devalued Birr by 15pc and raised the interest rate by two percentage points to seven percent. The devaluation pegs the Ethiopian Birr at 26.91 to the dollar, up from 23.40 Br on the official market. It will be effe...

Read more

PPPDS awards seven furniture suppliers a 138.8 million Br de…

The Public Procurement & Property Disposal Service (PPPDS) has awarded seven furniture manufacturers to supply furniture products worth 138.8 million Br. The companies were officially awarded on August 29, 2017. The procurement was conducted on behalf of the 11 newly established Universities fo...

Read more

Long Awaited Road in Bulbula Gets Guardian

The Addis Abeba City Road Authority (AACRA) awarded the road project of the long serving eight kilometre long road at Bole Bulbula after 14 years of repeated requests from residents of the area. AACRA awarded two companies to construct the road with 750 million Br dividing it into two lots. The ag...

Read more

Sekota Mining Flourishes with Iron Ore Extraction License

Sekota Mining Plc, a company formed by Luciano Frattolin and Beijing CBRF Technology Group Co. Ltd, secured a 20-year concession period to extract iron ore with an estimated total cost of half a billion dollars. The agreement was signed by Motuma Mekassa, minister of Mines, Petroleum & Natural ...

Read more

Ethiopian Insurance Company (EIC) earns 700 million birr gro…

The largest insurance firm, Ethiopian Insurance Company (EIC), grossed a record-high profit in the past fiscal year, despite all the noise surrounding the infant insurance industry of the country. The profits of the firm have surged more than 25.2pc on the back of last year’s hike and a bette...

Read more

Addis Gets First Revolving Restaurant

Center Point Addis Restaurant, the first revolving restaurant in Addis Abeba, has opened today, August 24, 2017. The restaurant shows a panorama of the capital, revolving 360 degrees in 55 minutes. This restaurant is part of a 400 million Br expansion project by Intercontinental Addis Hotel. The f...

Read more

Commercial Bank Ready to Launch Agent Banking

The State owned giant, Commercial Bank of Ethiopia (CBE), is set to launch agent banking, CBE Birr, next month. It has already gotten approval from the National Bank of Ethiopia (NBE) to pilot the system. The move comes four years after the Bank started a feasibility study to provide the service.&n...

Read more

Ethiopian Airports Enterprise Finalizes Two Airports’ Runway

The Ethiopian Airports Enterprise (EAE), which recently merged with Ethiopian Airlines, has completed the construction of Shire and Jinka airport runways with a cost of 971 million Br, raising the number of operational airports to 20 in the country. The completion is announced in the midst of the i...

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Inflated Profit Puts Lion Insurance in Loss Trap, Again

The National Bank of Ethiopia (NBE) has discovered that the account of Lion Insurance Company was overstated by 13 million Br in 2015/16 owing to the understatement of the Firm’s legal provision during the same period, resulting in a loss in the just-ended budget year. This is a major setback...

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Insurance Premium production hits Three-Year High

Premium production across the insurance industry has risen at its strongest rate in three years to 7.4 billion Br during the just-ended fiscal year amid price war among insurers. The latest reports of the insurance industry reveal that all insurers have seen good improvements in collecting gross wr...

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