Safaricom's Profits Dip By 18% on Ethiopia’s Currency Depreciation
Safaricom Plc's half year profits declined 17.7% to KSh 28.1 billion from KSh 34.1 billion on account of the 106% depreciation of the Ethiopian Birr. “Despite the impact of foreign [...]
Ethiopia Launches Online Interbank Lending Platform
The National Bank of Ethiopia (NBE) has launched an electronic money market trading platform to allow for interbank lending, the apex bank said on Thursday. “This initiative enables banks to [...]
Fitch Upgrades Ethiopia’s Credit Rating as Addis Cuts Domestic Borrowing
Fitch Ratings has upgraded Ethiopia’s credit rating, citing easing financing pressures coupled with improved macroeconomic stability. The upgrade of Ethiopia's LTLC IDR to CCC+' from CCC- reflects easing financing pressures, [...]Ethiopia's Shipping Company Plans Rapid Maritime Fleet Expansion
The Ethiopian Shipping and Logistics Services Enterprise (ESL), known commercially as Ethiopian Shipping Lines, is mulling a rapid expansion of its maritime fleet with the addition of six new bulk [...]Ethiopia to Access US$ 340mn After IMF Review
Ethiopia is set to draw about US$ 340mn from the International Monetary Fund (IMF) after the Bretton Woods institution's board completed its first review. “Implementation of the early stages of [...]Ethiopia's Central Bank Imposes New Policy on FX Spreads, Commission Fees
The National Bank of Ethiopia (NBE) has mandated financial institutions in the country to separately include their forex trading spreads in their daily posted rates to enable transparency. “It is [...]Ethio Telecom to Kickstart Ethiopian Securities Exchange with 10% Listing
Ethio Telecom will be the first company to list on the Ethiopian Securities Exchange (ESX), the country's new bourse kicks off next week. Ethio Telecom enjoyed a virtual monopoly until [...]
Ethiopia Replaces President Sahle-Work Zewde with Foreign Minister Taye Astike
Ethiopia has replaced Africa's second most-populous first female President Sahle-Work Zewde with the country's foreign minister Taye Astike Selassie, 68. Ethiopia is in an economic crisis with multiple internal crisis, [...]Ethiopia's Debt Haircut Proposal Spooks Investors
Ethiopia's announcement of a plan that will see bondholders forced to take a 20% haircut during the ongoing debt restructuring process has spooked investors. The terms they offered last year [...]AfDB Approves $40million Risk Cover for Ethiopia's Dashen Bank
The African Development Bank Group (AfDB) has approved a $40mn risk cover to support Dashen Bank's trade finance activities. This much-needed guarantee facility will be instrumental in expanding our bank’s [...]
