2merkato

Ethiopia’s annual production of cement has reached 12.12 million tons, more than double the current domestic demand, Ministry of Industry disclosed. Ethiopia’s current domestic demand for cement is estimated to be around 5.4 million tons, according to data from the Ministry.

“Due to the construction boom and country’s rapid growth we expect the annual demand for cement to grow,” Melaku Taye, public relations and communications director at MoI, told Walta Information Center.

The National Bank of Ethiopia has been engaged in efforts to stabilize the market and foreign currency exchange rate in the past seven months said Teklewold Atnafu, Governor of the bank.

The bank has initiated a range of activities to maintain an effective financial system to contribute to the national economic growth said Teklewold in the performance report he presented to the House of People’s Representatives.

The central bank has put into effect various monetary policies to lower inflation and stabilize the market in the previous months he said.

Ethiopia’s efforts to restructure its sovereign debt have hit a roadblock after negotiations with private bondholders ended without agreement, deepening uncertainty over the country’s only international bond.

Ethiopia’s capital, Addis Ababa, collected 15.4 billion Birr in the previous months of the current fiscal year. According to Addis Ababa Finance and Economic Development Bureau, the city’s revenue has been increasing on yearly basis.

Intending to attract more investment towards the city's hotel industry, the City Council of Addis Ababa decides to open a convention bureau.