2merkato

The National Bank of Ethiopia has opened bids of five international companies for printing of standardized checkbooks.

The NBE floated a tender for the supply of MICR enabled cheques in May 2013 following a decision by the central bank and Ethiopian Bankers Association to standardize cheques with additional security features in order to speed up cheque clearing and settlement with security.

The National Bank of Ethiopia has issued a new directive raising the minimum paid up-capital of micro-finance institutions, Fortune reported.

The directive requires micro-finance institutions to raise their minimum paid-up capital of 2 million Ethiopian birr, effective October 1, 2013.

National Bank of Ethiopia received its first request for 250 grams of 18 carat of gold from Teklu Desta Jewellery.

The order for the minimum amount set by the central bank five months ago by the regulation compelling goldsmiths to purchase gold bars exclusively from it as of November of last year.

Teklu Desta has become the first Jeweler to purchase the gold from the central bank with other goldsmiths discouraged by the higher rates set by the bank.

The National Bank of Ethiopia rejected Birtukan G. Egzi, nominated as President of Enat Bank. Regulators at the central bank declined to approve the presidential nominee presented by the bank because she lacks experience in credit management.

Her previous experience in deposit mobilization is not enough for the central bank to approve her as president of the new bank because bank presidents need a broader understanding of the industry and experience in various services offered according to a senior official with the NBE.

In a move designed to bolster the security and stability of the Ethiopian financial sector, the National Bank of Ethiopia (NBE) announced a series of revisions to its regulatory framework. Accordingly, it revised five of its directives.