Ethiopia's National Bank Governor, Mamo Mehretu, highlighted the transformative potential of digital financial services during a recent panel discussion on the Digital Ethiopia 2025 strategy review. His focus was on the upcoming changes driven by new regulations and increased competition.
The National Bank of Ethiopia is revamping its gold buying scheme to combat a decline in official gold supplies. The bank announced significant price hikes for suppliers, hoping to stem the flow of gold into the black market.
The National Bank of Ethiopia (NBE) introduced reforms to its monetary policy in order to address the issue of inflation. The bank plans to reduce inflation to 20 percent by the end of the 2023/2024 fiscal year, and 10 percent by the end of the next fiscal year.
The National Bank of Ethiopia (NBE) has reported a decrease in the amount of gold it has received during the current fiscal year. The bank received 2,684 kilograms of gold during the past nine months of the fiscal year out of the planned 10,000 kilograms of gold representing a 62.5 percent decrease compared to the same period last year. The data of the Ministry of Mines shows that the country has produced 2.68 tons of gold in the current fiscal year.
Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA) held elections upon which new people were elected to join the leadership. It was Melaku Ezezew (Eng.), president of Amhara Chamber of Commerce and Sectoral Associations, that managed to secure 87 vote, enabling him to lead ECCSA for the coming 2 years.
