2merkato

National Bank of Ethiopia has drafted a new directive which will allow banks to engage in non-banking business activities. now allows banks to directly engage in businesses not related to banking, provided that  they do so in a joint venture or partnership agreement with their customers,  through an interest free banking service.

The draft bill is designed to repeal the 1996 Limitation on Investment of Banks, National Bank of Ethiopia directive. Banks who will engage in non banking activites are required to do so in a joint venture or partnership agreement with their customers,  through an interest free banking service.

The National Bank of Ethiopia (NBE) has announced plans to hold regular foreign exchange auctions every two weeks, beginning with a USD 50 million auction scheduled for today. This initiative, which will continue for the next several months, aims to stabilize the foreign exchange market and ensure a steady supply of foreign currency to the private sector.

The National Bank of Ethiopia (NBE), the regulatory organ of financial institutions in Ethiopia, is set to introduce a standardized cheque with enhanced security using Magnetic Ink Character Recognition (MICR) starting from early January 2014.

The new cheque to be printed under the control of the NBE are expected to incorporate enhanced security features so as to make them more difficult to tamper with.

The National Bank of Ethiopia (NBE) has unveiled plans to modernize the government treasury bill (T-bill) system, aiming to make these financial instruments more accessible to citizens and investors. This initiative is part of the NBE’s ongoing efforts to enhance transparency, efficiency, and competitiveness within Ethiopia’s financial markets.

The Governor of the National Bank of Ethiopia (NBE), Mamo Mihretu, announced that the government would continue to take firm legal measures against illegal entities operating in the parallel foreign exchange market, particularly those whose activities distort normal market operations.