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[Dec 2017] National Bank of Ethiopia (NBE) Latest Ethiopian News | Ethiopian Business Directory & Portal - Addis Biz

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 effective from tomorrow, October 11, 2017.

The Central Bank justifies the move as an effort to control the inflationary pressure and prop up export earnings. The export proceeds have been stagnant at around three billion dollars for the

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Commercial Bank Ready to Launch Agent Banking

Commercial Bank of Ethiopia CBE BuildingThe 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.  It enables users to

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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 for the 10-year-old company that declared 15 million Br of net profit during the 2015/16 fiscal year – 13pc lower than the previous year. Although the management of the Bank refrained from disclosing the amount of loss, this will

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NBE Bans Two Zemen Bank Vice Presidents

Zemen Bank Headquarters Kazanchis Office Zemen Bank has lost two of its top-executive mangers, Helaway Tadesse and Sebhat Belayneh, senior vice president and vice-president for international banking  respectively, based on the allegation that they have involved in loan approval process, in which they are believed to have a close relationship with the borrowing company.

The letter

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Ethiopia's Foreign Exchange Shortage Worsens

Foreign exchange ethiopian birr ETB US Dollar USD Problem BankEthiopia’s foreign currency supply available for importers and travellers alike is increasingly facing chronic shortages, claims an importer engaged in trading of household appliances from Asian countries, while opting to speak to Fortune on conditions of anonymity. As the country’s foreign

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Banks in Ethiopia to Issue Standardized Cheques

National Bank of Ethiopia NBE Logo

The National Bank of Ethiopia (NBE) is to pilot use of standardized cheques at all banks starting at the end of this month.

Standardized cheques, while identical in appearance, except for logos of individual banks, will have security features that are believed to make them extremely difficult to forge. The pilot programme

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Ethio-Life Insurance Nears NBE’s 75 million Br Requirement

Ethio-Life & General Insurance (ELIG) S.C. is edging closer to the 75 million Br capital requirement set by the National Bank of Ethiopia (NBE) with two months remaining for the deadline.

The firm which reported raising its paid up capital by 30.8pc to 37 million Br in the 2014/15 fiscal year, improved on that further, over the months since July, attaining 55 million Br, Shimeles Gebregiorgis, general manager of the firm told Fortune. This boost included the sale of shares and the recapitalization of the dividends

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Mass Suspension at Cooperative Bank of Oromia (CBO)

What might be an industry-wide forex and letters of credit malpractice in the country’s financial sector, as well as tardiness to respond to warning letters from the central bank has cost the Cooperative Bank of Oromia (CBO) S.C. its highest brass. Its chairman of the Board of Directors and top executives were suspended last week en masse, and are now under probe by auditors from the National Bank of Ethiopia (NBE).

Auditors are now investigating gaps in reporting the utilisation of foreign currencies, with a discrepancy showing

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Bunna International Bank Opens Bid for ATM and POS Purchase

Bunna International Bank S.C. (BIB) has for the first time opened a bid document for the purchase of Automated Teller Machines (ATMs) and ATM cards as well as Point of Sale (PoS) machines.

“We believe it is time for the Bank to integrate such technologies to its service,” said its President, Eshetu Fantaye.

Accordingly, it will have 15 ATMs, 6,000 ATM cards and 100 PoS machines at the end of the purchasing process.

The system will be integrated with ET-Switch system and piloted, Eshetu told Fortune.


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Nib Int’l Bank on Board to Offer Mobile Banking

Nib International Bank, which finalised pilot test programming last week, having obtained a licence from the National Bank of Ethiopia (NBE) on June 16, 2015, is to begin mobile banking in the coming few weeks.

The mobile banking services of Nib Bank came after it launched internet banking services on April 16, 2015, with clients currently reaching 200 people. The bank is also finalising preparation to announce a selected bidding for agent banking.

The mobile banking solution, T-24 brand, was purchased together with the

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