Business Round up

Insurers argue that despite NBE ordering insurers to buy 15 percent bond from the Development Bank of Ethiopia, the bank ought to replicate the same by working with private insurance firms.

The monetary policy action that was introduced by NBE mid 2021 surges banks’ reserve by a fifth as of the end of last year.

Experts in the financial sector claim the opening up of franco-valuta has reduce remittance whilst inflating the parallel market; while NBE dismisses the claim on grounds that it is baseless.

NBE has revised bank’s reserve requirements by introducing a new rate amidst the skyrocketing inflation.

On the aim to benefit from service goods in business activities under the CFTA, the trade negotiating committee requests the steering committee to consider a significant policy shift for the Ethiopian business community to have an overseas capital account.

The delegation of the International Monetary Fund during their latest visit have disclosed that Ethiopia’s exports and foreign direct investment (FDI) have held up well despite the turbulent economic environment.

New mobile money service provider, Kacha Digital Financial Services S.C has been licensed to be a private mobile money platform and now joins the financial industry despite it not being owned by a financial institution.

Ethio telecom had received a green light from the national bank to start international remittance through its mobile money platform Telebirr.

Safaricom Ethiopia, have signed an agreement with the global telecom giant Nokia for its infrastructure development for its operation in Ethiopia. The Chinese global telecom giants Huawei is also the other company working with the new telecom operator.

The third annual edition of the Digital Quality of Life Index ranks Ethiopia 110th among 110 countries. Joining the study for the first time, Ethiopia displays low results in internet affordability (104th), internet quality (110th), e-infrastructure (110th), e-security (107th), and e-government (107th).