The state owned and the largest bank in Ethiopia, Commercial Bank of Ethiopia (CBE), disclosed its reserve capital has reached 320 billion Birr.

By the end of the last fiscal year, the bank’s reserve was 288.46 billion Birr, Acting Manager of Communication Department at the bank, Belihu Teklu explained. It was only in six months time the bank added 31.54 billion Birr, he furthered.

According to Belihu, deposit mobilization has played a major role in the achievements made. Deposit from the housing schemes is among the reasons for the increase in the reserve capital.

The increase in the capital reserve has enabled the bank to lend money for investors, Belihu noted. During the 6 months period the bank has extended more than 11 billion Birr for private investors.

Source: Walta Information Center