Commercial Bank of Ethiopia (CBE) Latest News

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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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State owned Enterprises (SoEs) revenue falls short of target

The State owned Enterprises (SoEs) have generated some 300 billion birr in revenues, 38 billion birr short from the targeted revenues while securing 55.66 billion birr in profits which as well short of the 70 billion birr in profit before taxes, set for the concluded Fiscal Year.

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Ethiopian Banks Half Year Performance Report

Some private banks have stated out that their half year performance has improved compared to last year’s half year performance. Out of the 16 private banks, Awash Bank leads the pack with 2 billion birr gross profit for the 2020 / 2019 half year. Dashen Banks follows with 1.16 billion birr. Other banks have had an improved gross profit compared to last year’s performance.

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Products and Services in Ethiopia

Date: May 12, 2022
Currency (Code)Buying RateSelling Rate
US DollarUS Dollar(USD)51.457152.4862
EuroEuro(EUR)54.318155.4045
Pound SterlingPound Sterling(GBP)60.709461.9236
UAE DirhamUAE Dirham(AED)12.676912.9304
Saudi RiyalSaudi Riyal(SAR)12.414312.6626
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