NBE – Ethio Negari

22 Jun

Ethiopia to grant licenses to five foreign banks

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, Banking, BankinginEthiopia, EthioNegari, Ethiopia, Nationalbankofethiopia, NBE

The National Bank of Ethiopia has announced that five foreign banks will be granted licenses to enter and provide services in Ethiopia. The bank also stressed that indigenous banks should make extensive preparations and review their previous strategies. The Deputy Governor of the Financial Institutions Sector of the National Bank of Ethiopia, Mr. Solomon Desita, said that in addition to strengthening local financial institutions, efforts are being made to bring foreign banks into the country. "We are completing the work now. We are also completing the work of revising the decree. We are asking for some input from donors, and…

07 Sep

NBE Revises Directive that Limits Birr & Foreign Currency Holding

ethionegari@gmail.com0 CommentsNewsAddisAbaba, EthioNegari, Ethiopia, NBE

National Bank of Ethiopia (NBE) has issued a new directive that limits Birr and foreign currency holding in the territory of Ethiopia. The legislation, signed by central bank governor Yinager Dessie (Ph.D.), came into force as of Monday, September 05, 2022, repealing and replacing the previous FXD/49/2017 Directive. The newly issued Directive says it has become necessary to set the conditions, limitations, and circumstances under which an Ethiopian, resident of Ethiopia, and a non-resident or any other person who may process and utilize foreign currency in the country. According to the Directive, a person entering into and departing from Ethiopia…

26 Aug

Preparations to Open Up Banking Sector for Foreign Competition underway: NBE

ethionegari@gmail.com0 CommentsNewsAddisAbaba, EthioNegari, Ethiopia, NBE

The National Bank of Ethiopia (NBE) said that preparations to open up the banking industry for foreign financial institutions is in progress. The latest push is a part of government’s reform that is opening previously state-controlled sectors to overseas investors to boost the inflow of foreign capital. The plan to allow foreign financial institutions work in Ethiopia was first announced by Prime Minister Abiy Ahmed last February, telling local banks to get ready for foreign competition. On Wednesday, NBE Supervision Director Frazer Ayalew told local broadcaster FBC that preparations are being made for foreign financial institutions to enter the sector…

06 Jun

Ethiopia banned Crypto Currency, Bitcoin and other digital currencies

ethionegari@gmail.com0 CommentsNewsADDIS ABABA, EthioNegari, Ethiopia, NBE

Crypto Currency, Bitcoin and other similar transactions are not allowed in Ethiopia The National Bank of Ethiopia (NBE) has stated that the only currency in Ethiopia is Birr The National Bank of Ethiopia (NBE) said in a statement that "the use of virtual currency or digital currency for trading or payment is not recognized by the National Bank of Ethiopia (NBE) and the public should beware of such illegal activities." The National Bank of Ethiopia Establishment Proclamation No. 591/2000 clearly states that the Ethiopian currency is Birr and that all transactions in the country will be paid in Birr unless…