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Banking industry suffered 1.8 bln Birr in fraud losses in four years
Spread the NewsBanks have lost 1.8 billion Birr due to fraud over the last four years, according to a new study undertaken by the Ministry of Justice. Commercial Bank of Ethiopia (CBE) accounts for 51 percent of the money lost due to fraudulent activities. It is followed by Bank of Abyssinia (17 percent), Oromia (8.5…

Oromia Bank reports annual gross profit of 1.13 bln Birr
Spread the NewsOromia Bank has reported an annual gross profit of 1.13 billion Birr in concluded fiscal year in June 30, 2021 showing a growth of 6% compared with that of previous year same period 1.07 billion Birr. Earnings Per Share (EPS) stood at 270 Birr. The total assets of Oromia Bank grew by 23%…

Pandemic-induced container shortage pressures freight rates in Ethiopia
Spread the NewsThe Ethiopian Shipping and Logistics Services Enterprise (ESLSE) has disclosed that the global shortage of shipping containers, primarily caused by the Covid-19 pandemic and that of the three million containers stranded in different destinations have led to 15% gap in global shipping lines business. Roba Megersa, CEO of ESLSE told Ethio Trade and…

Banks told not to allocate over 50% of foreign currency for non-priority items
Spread the NewsThe National Bank of Ethiopia (NBE) has unveiled a new directive, which demands for commercial banks to allocate not more than 50% of their foreign currency for items not included in the NBEs new priority list. In addition to this, a minimum of 50% of forex resources is also required to be distributed…

Waste water treatment brings relief for horticultural farms
Spread the NewsThe Ethiopian Horticulture Producer Exporters Association (EHPEA) has said that used water treatment in horticultural farms has brought a relief as farms are reducing their water consumption and environmental protection is guaranteed. Adding to environmental protection, recycling water by the farms is helping in improving public health. Thomas Teklesilassie, Waste Management Manager at…

Ethiopia could spend $6 bln annually if global oil price continue to hike
Spread the NewsEthiopian Petroleum Supply Enterprise (EPSE) announced that if the global oil and gas price continue to rise, the country needs to invest $6 billion in a year to purchase oil and gas for its consumption. Tadesse Hailemariam, CEO of EPSE told Ethio Trade and Investment Forum that “Ethiopia needs to invest $6 billion…