Officials from China Poly Group Corporation met with Ethiopia’s Prime Minister, Hailemariam Dessalegn on Thursday, December 15, 2016. The officials from the Corporation explained that natural gas and oil exploration work being undertaken in Ogaden, Somali State, is bearing fruit.
National Bank of Ethiopia (NBE) disclosed it has reserved over U.S. $ 600 Million loan for the purpose of preventing inflation on cereals and other consumable goods in the economy.
National Bank of Ethiopia (NBE) amended its directive that limited banks investment portfolio to 10 percent of their overall equity investment. The new investment gave central bank the discretion to waive the limit on case by case.
National Bank of Ethiopia (NBE) has slightly amended its forex directive, which it promulgated a year ago. When the directive came out a year ago it was aimed to allocate and manage foreign exchange (forex) in a transparent and sound manner. The directive came to effect on March 20, 2017.
The National Bank of Ethiopia (NBE) and the National ID Project have agreed to roll out a Digital ID for all financial institutions. The move is part of NBE’s plan which aims to modernize the financial industry while fostering financial inclusion and preserving market stability.
