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Ministry orders banks to freeze LC issuance for import of 38 products
Spread the NewsMinistry of Finance has informed banks to freeze issuance of Letters of Credit (LC) to import 38 types of products as of Monday 17 October, according to a report from FBC. The National Bank of Ethiopia (NBE) has also further emboldened the measure. Fikadu Digafe, NBE’s Deputy Governor and Chief Economist was quoted…
Ethiopia to import gas products from Sudan
Spread the NewsSudan said that it has allowed Ethiopia to import gas through the border Galabat town. The decision was made by Sudan’s army chief Abdel Fattah al-Burhan (Gen.). Following the decision, oil carrying-trucks can enter into Ethiopia. Nile Petroleum, which is owned by Sudan’s government, has been given a green light to transport gas…
Enat Bank financed Ride hailing vehicles start giving service
Spread the NewsEnat Bank Share Company financed Ride hailing vehicles started giving services on Thursday. The new 2022 Model Mitsubishi automobiles were purchased by a loan facilitated by Enat Bank, according to the statement from Hybrid Designs, Ride parent company. To secure this loan, drivers have deposited 30% of the loan at Enat Bank and…
Ethiopia expects IMF visit in September – Finance Minister Official
Spread the NewsEthiopia expects an International Monetary Fund (IMF) mission to visit in September, following a visit by the Fund three months ago, a finance ministry official said on Tuesday, noting that an IMF program was necessary to restructure its debt, according to a report from Reuters. Ethiopia’s bilateral creditors, co-chaired by France and China,…
Abay Insurance amasses gross profit of over 75.56 mln Birr
Spread the NewsAbay Insurance S.C has registered a gross profit of over 75, 564 million Birr from general insusrance business in the concluded fiscal year on June 2021. The profit shows a 10.8 percent increment from the previous year performance of over 68,175 million Birr, according to the statement issued by the Insurance company. Abay’s…
Dashen Bank, National ID program partner to equip customers with digital ID
Spread the NewsDashen Bank and National ID Program of Ethiopia signed an agreement on Friday to enable customers of the bank to get a digital ID. The agreement program on Friday was held at the headquarters of Dashen Bank. Asfaw Alemu, CEO of Dashen Bank said, “The absence of digital ID has retarded the growth…