Ethiopia's National Bank has announced that it is implementing a new monetary policy that will double the statutory reserve requirement, from 5 to 10 percent, effective September 11, 2021, the first day of the Ethiopian new year.
The National Bank of Ethiopia (NBE) issued a directive limiting the amount of cash individuals are allowed to keep at home or elsewhere, putting the cap at 1.5 million birr.
The National Bank of Ethiopia (NBE) has ordered all commercial banks in Ethiopia to temporarily suspend lending via a directive issued. The temporary suspension has been made to prevent what NBE officials described as "economic sabotage".
A National Entrepreneurship Strategy discussion is underway in Addis Ababa, Ethiopia, with the intent to help the youth and bring about development in doing so. The strategy discussion is organized by the Ministry of Trade and Industry, with the support of the United Nations Industrial Development Organization (UNIDO).
Ethiopia’s Ministry of Agriculture announced that the Dire Dawa fertilizer plant in Eastern Ethiopia, which will soon go operational, will be instrumental in fulfilling Ethiopia’s increasing demand for fertilizers upon its completion in two years. The construction of the fertilizer plant went into full action in the year 2017 with a total expected cost of $3.7 billion.
