Amhara Bank S.C Latest Ethiopian News

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Paid-up capital Requirement for banks in Ethiopia raised from 500mln birr to 5bln birr

The National Bank of Ethiopia (NBE) has directed new entrants to the banking industry to increase their paid-up capital to 5 billion birr 7 seven years.

Currently, 20 banks are under-formation, another four are waiting for an approval from the NBE.

Except for Amhara Bank, which has collected six billion birr paid-up capital prior to its general assembly, almost all new entrants have sold shares worth below one billion Birr

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Amhara Bank in dispute with others banks over unpaid interest

Amhara Bank is at loggerheads with 10 banks over repayment of interest on the paid-up capital it has collected.

The dispute arose one and a half years after the Bank officially started selling its shares to the public after coming to terms with 10 commercial banks to create accounts in which investors would deposit the money they would like to invest.

These accounts opened by the bank that has collected over six billion Birr in paid-up capital so far are closed accounts.

Executives argue that they are not obliged to pay interest on closed accounts, while Amhara Bank argues that the interest should be paid.

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Amhara Bank S.C – Phone Numbers, Address and How to buy Shares

Amhara Bank S.C is a new bank under formation which has managed to collect more than 3.9 billion birr & 5 billion birr in paid-up and subscribed capital respectively as of Mar 2020. The minimum number of shares that can be purchased is 10 (10,000 birr minimum price) while the service charge is 5%. Amhara bank project office can be reached at +251 984 716 3..

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Date: Nov 29, 2021
Currency (Code)Buying RateSelling Rate
US DollarUS Dollar(USD)47.847648.8046
EuroEuro(EUR)53.996055.0759
Pound SterlingPound Sterling(GBP)60.938262.1570
UAE DirhamUAE Dirham(AED)11.787712.0235
Saudi RiyalSaudi Riyal(SAR)11.542611.7735
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