2merkato

The National Bank of Ethiopia is to oversee all foreign currency requests. The bank will manage applications for foreign currency through Letter of Credit or other transfer requests to best allocate limited foreign exchange resources it was said.

The move to take over the management of all foreign exchange by commercial bank is said to follow a recent shortage of hard currency that is inhibiting the flow of import activities. Importers have been forced to wait for extended periods of time for approval of their foreign currency requests leading to allegations of abuse by bank officials according to sources.

The central bank took charge of giving final approval following these charges of mismanagement.

Roads Authority Requests 20 bln birr

Monday, 13 June 2011

The budget earmarked for the 2011/12 fiscal year is over 100 billion birr, sources at the Ministry of Finance and Economic Development (MoFED) said. The draft budget proposal was scheduled for submission to the council of ministers last week.

The 2011/2012 budget is 20 billion birr more than the current fiscal year's budget.

About 45 billion birr of the total is set aside for regional states as a budget subsidy which was allocated by Prime Minister Meles Zenawi. The regional states will use 70 percent of their share of the budget for road construction projects to connect 18,000 districts throughout the country except those in Dire Dawa and Addis Ababa.
The road construction in the districts is estimated to cover about 76,000 kilometres, the Ethiopian Roads Authority, which was entrusted to survey the projects, has in and of itself requested a budget of 20 billion birr from the federal government. If the request is granted, about 50 billion birr will be spent on road construction alone in the coming fiscal year.

About 35.9 billion out of the current fiscal year's budget of 77.2 billion birr went to capital projects while 24.2 billion was allotted as budget subsidy for regional states, and 17.6 billion was set aside for ordinary expenses. However, an additional seven billion birr was approved when finances ran short in the middle of the year.

Source: The Reporter

National Cement S.C (NCSC), located in Dire Dawa, Ethiopia, has started exporting cement to neighboring Djibouti and Somaliland.

National Cement, the previously state owned Dire Dawa Cement Factory, commenced export after it began production with its full capacity following completion of   expansion at a cost of 2 billion Ethiopian birr.

The National ID program has officially launched the “Fayda App,” offering a one-stop platform for all Fayda services. The app, available for both Android and iOS, enables users to retrieve their Fayda number, access digital ID services, and select between a physical or digital ID card. Additional features include card printing options, customer support access, and a feedback system.

The National Insurance Company of Ethiopia registered 25.2 million in profit before taxes for the previous financial year. The profits recorded by the insurer have increased four times over in the last twenty years according to sources.

The company’s before tax returns had been no more than 5 million birr in the past years according to Tewdros Bogale, Deputy General Manager of Corporate Affairs with the NICE.

The insurance company’s net profit after taxes was nearly 18 million birr enabling it distribute 1096 birr per share to its shareholders.