2merkato

The National Bank of Ethiopia is to issue a new directive for mobile banking directives. The central bank regulation officials and presidents of banks had final discussions on the draft regulation last week.

The bank circulated the draft regulation to all banks for comments and expects it to come into effect in three weeks time according to sources.

The regulation will control the way in which mobile banking is implemented, identifying and protecting users and how much money can be transacted.

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 Ministry of Culture and Tourism (MoCT) unveiled preparation of the new Ethiopia’s tourism logo has been finalized.

Ministry of Finance and Economic Cooperation will conduct a study in collaboration with Ethiopian Revenue and Customs Authority (ERCA) to amend the Turn Over Tax (ToT), Value Added Tax (VAT) and Excise Tax.

Ministry of Trade (MoT) and Ministry of Mines, Petroleum and Natural Gas (MoMPNG) are undertaking a study together to adjust the profit margin for petroleum companies operating in Ethiopia. Currently the profit margin of a company engaged in fuel distribution is 8 cents per liter while fuel station owners make 7 cents.
The law makes Ethiopian Petroleum Supply Enterprise the sole importers and provider of benzene, diesel and kerosene in the Ethiopian market.