The National Bank of Ethiopia presented its current fiscal year plan to the House of Representatives' Standing Committee on Planning, Budget, and Finance.

The plan, based on the bank's three-year strategic plan (2016 EC – 2018 EC), focuses on achieving price stability and stability in the foreign sector, establishing a stable financial system, promoting financial inclusion, deepening the financial sector, and digitizing financial services.

To achieve price stability, the bank plans to modernize its monetary policy framework, shifting towards a price-based approach. In addition, the bank will work to enable a stable foreign exchange administration, improve guidelines on the foreign exchange system, and strengthen currency reserves management. Moreover, the bank plans to enhance control and monitoring guidelines, foster investment in the financial sector, improve financial management, and expand the digital payments infrastructure with a view to establishing a stable financial system.

The bank also plans to promote the second national financial inclusion strategy, interest-free banking, financial education, and consumer protection and establish a new insurance regulatory agency, enhance digital financial services, and improve credit reference and mobile property registration infrastructure. 

National Bank Governor Mamo Mehretu highlighted the consideration of global changes, including economic shifts, technological advancements, geopolitical dynamics, and internal factors, in formulating the three-year strategic plan.

Source: Fana BC