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Having obtained capital injection from the Public Financial Institutions Supervising Agency (PFISA), the bank has decided to set aside budget for residential housing cooperatives to solve its capital shortage. The bank’s request for a 1.5 billion birr capital injection was submitted to the PFISA in 2008.

The latest report by the United States Department of Agriculture puts Ethiopia as the world’s 6th largest coffee producer for the 2010/2011 crop year.

According to the report, Ethiopia has produced about 4,400 bags of coffee (264,000 kg).

The top five coffee producing countries in the list are Brazil (54,500 bags), Vietnam (18,725 bags), Colombia (9,500 bags), Indonesia (9,325 bags) and India (5,100 bags).  

Ethiopia is followed by Honduras (4,000 bags), Peru (4,000 bags), Guatemala (3,910 bags) and Mexico (3,700bags).

Samples from the drill core are being processed for analysis.

Ethiopian Potash Corp announced yesterday that it had completed drilling five holes with total drilling through 1,000 metres to date of the planned 15,000 metre diamond drill programme on its 481km² Danakil Project, in Ethiopia.

The holes were drilled along the western edge of the Danakil and targeted the on strike continuation of the Musley potash deposit. All of the holes intersected the regional Danakil Potash Formation and potash mineralization.

Ethiopia earned over 104.1 million dollars from the export of leather, 73 percent less than its target of 180.4 million dollars for the last fiscal year, the Ethiopian Leather Industry Development Institute (LIDI) said.

The exports revenue came from 43 leather and leather products factories which include 22 tanneries, 15 leather footwear firms, and six leather enterprises, which exported their products to the United States and countries in Africa, Asia and Europe.

The government of Ethiopia lifted the price cap on cotton on 15 August 2011 following the decline of prices in the international market.

For three months from November 2010, the price of a kilogramme of cotton was fixed at 42.78 Br a kilo. At the same time, the government had also banned exporting cotton when demand by local textile factories increased and prices in the international market soared.

The National Bank of Ethiopia (NBE) has commissioned a study to introduce a 200 birr note as the highest legal tender instead of the hitherto 100 birr note.

Considering the inflation in the economy, which surged to 39 percent in July, a currency with 100 birr note as its highest denomination cannot sustain the volume of transaction in the economy, experts say.

The National Bank of Ethiopia (NBE) said that official receipt of remittance to Ethiopia grew to 1.5 billion dollars in the fiscal year to 8 July 2011, registering an 88 percent increase over its value in the previous year.

In spite of discrepancies for years between World Bank's estimates and that of NBE, the National Bank of Ethiopia for the first time confirmed the receipt of 1.5 billion dollars.

According the central bank's record, 789.5 million dollar was collected from Ethiopian citizens and foreigners based in Ethiopia over the last fiscal year in the form of private transfer.

Steel rolling mills in Ethiopia are going to be prohibited from importing billet (semi finished steel).
There are eight steel rolling mills in Ethiopia which import billet.

The Ministry of Finance and Economic Development decided two weeks ago to ban the billet imports and assign a state enterprise to import the billets and distribute them to the rolling mills.

SABMiller, the world’s second largest brewer, and SouthWest Development (SWD), an Ethiopian investment group, are going to build a 60-million-dollar brewery in Ethiopia. The brewery will be built near Holeta, 40km from Addis Ababa.

The brewery is expected to have an annual production capacity of 500,000 hectolitres of beer. Construction of the factory is scheduled to start when the rainy season is over and to be completed in 18 months time.

International business exhibition on the side.

The UN Economic Commission for Africa, the African Development Bank and the UN Development Programmeare organizing the sixth African Economic Conference on the theme “Green Economy and Structural Transformation in Africa” in Ethiopia from 25 to 28 October 2011.