Tag Archives: National Bank of Ethiopia (NBE)

Thumbs up for Sophia Bekele! Court Rules Against Central Bank Over Diaspora Shares Auction

30 Nov

Posted by The Ethiopia Observatory (TEO)
by Addis Fortune

Sophia Bekele (Credit: Addis Fortune)

An Ethiopian native with foreign nationality has won a milestone legal battle against the central bank, whose decision led her to lose shares she inherited from her late father but for an undervalued rate.

Sophia Bekele, a businesswoman with American citizenship, lost shares auctioned by the United Insurance Company (UNIC), a company where her father was a founding shareholder.
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Ethiopia’s economic & financial crisis worsening, more gold is sought to rescue the TPLF regime: It’s time for the nation to say NO!

6 Nov

Posted by The Ethiopia Observatory (TEO)
by Addis Fortune
Officials at the central bank have moved today reducing the minimum volume of gold the National Bank of Ethiopia (NBE) receives from artisanal miners by three folds, to 50 grams.

Teklewold Atnafu, Governor of the central bank, told parliament’s standing committee on Budget & Financial Affairs, his desire to see a boost in gold production and wants to motivate over 1.5 million artisanal miners in the country. He appeared before members of the Standing Committee, reporting on the first quarter results of the Bank.
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Addis Fortune Editorial: Patronage Become Threat to Forex Allocation Whose interests decide on forex?

24 Apr

Posted by The Ethiopia Observatory (TEO)

    “Worse, patronage is becoming the trait of the foreign exchange regime. Banks, be it private or public, are allocating foreign currency based on personal connection than economic merit of engagements. While those with the right connection can access it, regardless of the economic worth of their importing engagement, those having no connection, but could have benefitted from transactions with the higher return to the economy, cannot have it. It seems that the whole forex regime of the nation is falling victim to patronage and opportunism.”

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Donor funds to Ethiopia’s financial inclusion projects hardly seem to bear desired fruits, Part II

21 Jan

By Keffyalew Gebremedhin – The Ethiopia Observatory (TEO)

    In rural areas [of Ethiopia], all measures of inequality suggest there has been little change in inequality over time although inequality fell marginally from 1996 to 2005 and increased from 2005 to 2011. Nationally, urban and rural trends offset each other and many measures suggest inequality has stayed quite stable from 2005 to 2011. However, measures of inequality that give more weight to poorer households show that national inequality has steadily increased from 2000 until 2011…This progress is not without its challenges, poverty remains widespread and the very poorest have not seen improvements — to the contrary, even a worsening — of consumption since 2005, which poses a challenge to achieving shared prosperity in Ethiopia.”

    “The most pronounced change in the relative income differences is for the relative income of the top 10 percent in comparison to the bottom 10 percent [in Ethiopia], which increased to above 360 percent given the contraction in consumption in the bottom decile.”

    – ETHIOPIA: Poverty Assessment. World Bank, January 2015.

    ‘Human lives are battered and diminished in all kinds of different ways, and the first task … is to acknowledge that deprivations of very different kinds have to be accommodated within a general overarching framework.’

    A Decade of Human Development. Amartya Sen, 2000.

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የዋጋ ንረት እንዳይከሰት ብሔራዊ ባንክ $600 ሚል (ብር 12 ቢል) ለእህልና $120 ሚል (ብር ሰድስት ቢል) ለስኳር ግዥ ብድር አዘጋጅቻለሁ አለ

27 Oct

Posted by The Ethiopia Observatory (TEO)

አዲስ አበባ ጥቅምት 16/2007 (ኢዜአ): በአገሪቱ በእህልና በሌሎች የፍጆታ ዕቃ ግብይት ላይ የዋጋ ንረት እንዳይከሰት ከ600 ሚሊዮን የአሜሪካን ዶላር በላይ ብድር ማመቻቸቱን የኢትዮጵያ ብሔራዊ ባንክ አስታወቀ።
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Conflicting reports on Ethiopia’s nine-month export earnings

24 May

Posted by The Ethiopia Observatory

– Coffee export nose-dives in volume, price

The nine-month export trade earnings, according to the Ministry of Trade (MoT), stood at USD 1.3 billion, which is way too meager compared to that of the last three years.
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