National Bank of Ethiopia vows to take action on crypto-traders

National Bank of Ethiopia vows to take action on crypto-traders The Bank urges the public to beware of such illegal activities as the use of digital currencies such as cryptocurrencies, bitcoin and other currencies in Ethiopia is not recognized by the National Bank of Ethiopia. The National Bank of Ethiopia (NBE) has issued a proclamation stating that the currency of Ethiopia is Birr and all financial transactions in the country will be paid in Birr unless otherwise authorized by the National Bank of Ethiopia. According to Payment System Proclamation No. 718/2003, no money transfer or financial services may be provided without the approval of the National Bank of Ethiopia. However, research shows that cryptocurrencies such as Bitcoin, Bitcoin, etc., are now being widely used in Ethiopia. It is also understood that this practice is creating a favorable environment for large-scale money laundering without the approval of the National Bank, and in particular for money laundering. The public said the public should be protected from such illegal activities as the use of virtual currency for trading or payment is not recognized by the National Bank of Ethiopia. He said the National Bank of Ethiopia (NBE) would take legal action against the perpetrators and called on the public to report any wrongdoing to the NBE and other relevant law enforcement agencies. 6 COMMENTS Comments are closed.

Ethiopian Airlines signed partnership with Israel Aerospace Industries (IAI)

Ethiopian Airlines signed partnership with Israel Aerospace Industries (IAI) Ethiopian Airlines signed an agreement with Israel Aerospace Industries (IAI) to set up a conversion center in Addis Ababa. The new IAI facility will serve as an extension of Ethiopian’s MRO center, allowing it to convert Boeing 767-300 airliners into cargo aircraft. According to IAI’s press release, the new site is going to become the largest conversion facility in Africa. It is the company’s third such center, the other two being located in Tel Aviv and Mexico. Ethiopian Airlines has a long history of operating and maintaining the Boeing 767, and although only three such jets remain in the carrier’s fleet, the company has flown the model continuously since 1996. According to Ethiopian Airlines Group CEO Tewolde GebreMariam, the new facility’s first job is going to be converting the carrier’s three remaining 767s into freighters, before expanding the services to other airlines in the region. The onset of the COVID-19 pandemic has reduced the scope of passenger operations for most of the world’s airlines, while increasing the demand for cargo. As a result, many airlines chose to convert their existing passenger aircraft into freighters, greatly increasing the demand for conversion services. Tags ethiopian airlines

Ministry of Mines Inaugurated State of The Art Gallery

Ministry of Mines Inaugurated State of The Art Gallery Ethiopian Mining Gallery inaugurated by the Ministry of Mines.Members of the diplomatic community, industry and investors, as well as senior government officials, including German Ambassador Stephen Urn, attended the graduation ceremony. State Minister of Mines Million Matthews said mining is a major growth option. He said the gallery, which will be open to the public from today onwards, will play a significant role in boosting the sector. The Ethiopian Minerals Gallery is a state-of-the-art data warehouse that allows visitors to easily understand Ethiopia’s mineral resources by type and location. It is also designed in such a way that the higher education institutions of the research institutes visit the gallery to gain knowledge about minerals. It will also be used as an input for investors in the mining sector. The mining gallery is one of the products of the institute’s renovation work and it is known that it took half a year to organize the gallery. According to the State Minister, the support of mining companies to organize the gallery is huge. According to ENA, the Minister of Mines, Takele Uma, has given recognition and awards to companies engaged in the mining sector and contributing to the establishment of the gallery. Tags ministry of mine takele uma

Bethlehem Tilahun Inducted into the Global Business Hall of Fame

Bethlehem Tilahun Inducted into the Global Business Hall of Fame Bethlehem founded soleRebels when she saw skilled artisans in her community in Zenebework living with chronic unemployment. soleRebels allows them to showcase their skills and provides sustainable jobs. Since it opened in 2005, soleRebels has flourished. The company has grown to 300 employees in Ethiopia, and products are distributed to 30 countries worldwide, including through Whole Foods, Urban Outfitters, and Amazon. The company plans to open franchise and company-owned stores in Austria, Switzerland, Taiwan, and the UK. Creating well-paying jobs to help her community and her country prosper has always been at the heart of Bethlehem’s entrepreneurial ventures. Through soleRebels, she’s able to employ artisans and natural resources to do just that, as well as promote Ethiopia by creating and selling the traditional recycled tire-sole shoe style, known locally as the seleate or barabasso. By 2016, soleRebels had sold 125,000 pairs of shoes and created 1,200 jobs. 1980 Born (Ethiopia) Born (Ethiopia) 2005 Founds soleRebels Founds soleRebels 2011 Chosen as a Young Global Leader by the World Economic Forum Chosen as a Young Global Leader by the World Economic Forum 2012 Named to Forbes 100 Most Powerful list and designated a “Woman to Watch” Named to Forbes 100 Most Powerful list and designated a “Woman to Watch” 2017 Founds Garden of Coffee Founds Garden of Coffee 2022 Inducted into the Global Business Hall of Fame Inducted into the Global Business Hall of Fame Bethlehem launched The Republic of Leather in 2014 because she believed the luxury leather goods industry needed to be reimagined. Besides espousing the same ideals of ecological and economic sustainability as soleRebels, The Republic of Leather is centered on principles of customer choice and maker support, with 5% of the purchase price going back to both the producer and charity. In 2017, Bethlehem founded artisan coffee roaster Garden of Coffee to celebrate Ethiopian coffee heritage and culture by providing the highest-quality hand-roasted coffee in the world. CNN Money called it “Africa’s answer to Starbucks” and said Bethlehem built “Ethiopia’s first global coffee brand by applying her ethical ethos.” In 2022, Garden of Coffee is poised to open over 100 interactive roastery cafes in China. She is also the founder of perimeter consulting, which provides strategic consulting services, and Made by Ethiopia, a groundbreaking public-private partnership transforming Ethiopia’s footwear and leather export sector. Through Made by Ethiopia, Bethlehem has helped create over 100,000 new job opportunities and more than US$1 billion in export revenue. Her other business ventures include payment and ecommerce platform Giza digital, snack startup NoodFoods, and food brand TeffTastic. In May 2021, Bethlehem launched Selam Bank. With US$116.3 million in capital, Selam Bank aims to create the largest generation of homeowners in Ethiopian history. In 2011, the World Economic Forum named Bethlehem a Young Global Leader. In 2012, Forbes included her on its 100 Most Powerful list and lauded her as a Woman to Watch, Business Insider listed her among Africa’s Top 5 Female Entrepreneurs, and Arise Magazine named her among 100 Dynamic Women who are shaping modern Africa. Fast Company ranked her on its 100 Most Creative People in Business in 2013, she served as a counsellor at the One Young World Summit, and readers of The Guardian named her one of Africa’s Top Women Achievers. In 2014, Bethlehem was named as one of CNN’s 12 Female Entrepreneurs Who Changed the Way We Do Business. Bethlehem’s businesses have provided employment and economic prosperity to her community. Through principled entrepreneurship, she works to dispel myths and stereotypes surrounding economics, entrepreneurship, and culture in Ethiopia.

Private commercial banks are charging up to 30 Birr per US dollar to allow foreign exchange

Private commercial banks are charging up to 30 Birr per US dollar to allow foreign exchange Private commercial banks are charging up to 30 Birr per US dollar to allow foreign exchange for their importing customers, according to Wazema Radio. According to the importers , the official sale price of one US dollar is 52 birr to 64 cents to be approved by foreign commercial banks. The sale of foreign exchange is also taking place by linking foreign exchange brokers with other foreign bank customers. The commission for each foreign exchange will also be divided between the banks and foreign exchange holders. The fact that the commission pays more than 50 percent of the official exchange rate is a sign of the country’s severe foreign exchange deficit. The National Bank of Ethiopia (NBE) has also ordered the commercial banks to deposit 70 percent of their foreign exchange earnings. The balance of payments made by Ethiopia during the current fiscal year shows that Ethiopia owes a lot to foreign countries, and a report released by the United Nations Development Program (UNDP) in March shows that Ethiopia has a deficit of $ 5.2 billion in the first five months of the fiscal year. Sources close to the case say that the global dollar supply crisis and the effects of the war in the North have combined to weaken the dollar. A few months ago, foreign exchange seekers were charged about 16 birr per US dollar. Experts say that the increase in commissions at this level in the near future will likely lead to further inflation in favor of imported goods. The government’s previous devaluation of the Birr, coupled with the political crisis and the global financial crisis, has pushed Ethiopia’s inflation out of control. With the exception of the Letter of Credit, foreign exchange traders were allowed to import basic commodities at Franco Valta, there was no change in the price of basic commodities. According to the Central Statistics Office in April, inflation was 34 percent and food prices were 42 percent. Tags abyssinia bank Dashen Bank ethiopian news wazema radio

NBE unsuspended Cashgo & Mama’s Pay Remittance Apps

NBE unsuspended Cashgo & Mama’s Pay Remittance Apps Digital remittance applications that have been suspended for almost 3 months by order of the National Bank are about to be launched. Apps Cashgo and Mama Pay, which are operated by the Bank of Abyssinia, have been suspended due to non-compliance. “Cashgo” is produced by Solgett, and Mama Pays is produced by Bell Cash. Sources close to the matter told ENA that the bank’s Directorate of Foreign Exchange Monitoring and Reserve Management has expressed interest in issuing remittance licenses to the bank or its technology suppliers. One of the reasons for the controversy is the lack of home-made digital relay services. According to the rules of the National Bank of Ethiopia, companies can provide technology to banks, but no further authorization is required. According to sources, the matter could not be resolved through discussions with National Bank officials and the matter was referred to the Prime Minister’s Office for a decision. Finally, the National Bank of Ethiopia (NBE) board decided last weekend to allow the applications to be launched, and on Monday, it learned that a letter had been written to the Bank of Abyssinia. The decision will allow not only Abyssinia Bank, but also the Commercial Bank of Ethiopia and other banks to provide similar services. Both apps want to expand their services in collaboration with other banks. According to the information she received on the eve, Kashgo will make various improvements to the app in the coming days. Cashgo has been in service for 6 months and can be delivered up to $ 50,000 a day without charge. At the same time, Tower Pay was charged up to $ 200,000 a month and charged $ 1 for any remittances. Ethiopia alone earns more than $ 4 billion annually. Tags abyssinia bank national bank of ethiopia

Ethiopian Airlines Increases Presence in India, Expands Cargo Fleet

Ethiopian Airlines Increases Presence in India, Expands Cargo Fleet On July 2, Ethiopian Airlines will commence twice-weekly flight operations to Chennai, India — which will join the vast Ethiopian network as the fourth destination in India after New Delhi, Mumbai, and Bengaluru, India. Ethiopian started its service to India with a debut flight to New Delhi in 1966 — just 20 years after the airline was founded. Ethiopian pioneered the air transport linkage between Africa and India. Recently, Ethiopia marked its 50th anniversary of uninterrupted service to Mumbai — the commercial capital of India. Flights to Chennai will fly a Boeing 737-800 aircraft on the Addis Ababa-Chennai, India route. Ethiopian Airlines Group CEO Mesfin Tasew said, “I am excited that we are getting closer to our customers with our signature service and global connectivity options. We have been connecting Asia and Africa for 55 years now facilitating trade between the two continents. The addition of Chennai as a fourth passenger destination in India is a testimony of our resilience and unwavering commitment to serving our customers in India and the continent at large. We will continue to serve India with enhanced frequency and more destinations in the future. “ Chennai, India is a modern cosmopolitan city and the most prominent cultural, economic and educational center of South India. Ethiopia has been serving India without any interruption even during the pandemic, cementing the longstanding bilateral relationship between the two countries. In addition to the opening of a new route, Ethiopian Airlines’ flight frequency to the cities of Mumbai and New Delhi will increase to double daily and ten weekly flights, respectively,  from July 2022. India is one of Ethiopian Airlines’ key destinations in the Asian continent and Ethiopian currently flies to three passenger and five cargo destinations with its enhanced services and modern fleet. The Airline’s Cargo Market Boeing and Ethiopian Airlines last week announced that the East African carrier is expanding its all-Boeing freighter fleet with an order for five 777 Freighters as the airline eyes opportunities in a buoyant cargo market. The order was previously an unidentified order on Boeing’s orders and deliveries sheet. Disclosing the order on Wednesday, Group CEO Mesfin Tasew said that “The addition of these five B777 Freighters into our cargo fleet will enable us to meet the growing demand in our cargo operation. While cementing our partnership with the Boeing Company with new orders, the growth of our freighter fleet takes the capacity and efficiency of our shipping service to the next level. We always strive to serve our customers with the latest technology aircraft the aviation industry could offer. Our Africa’s largest cargo terminal coupled with fuel-efficient freighters and well-trained cargo handling professionals will enable our customers to get the best quality shipment service. Customers can rely on Ethiopian for wide-ranging cargo services across five continents.” The airline operates a fleet of nine 777 Freighters, utilizing the model’s range of 4,970 nautical miles or 9,200 km and a maximum structural payload of 107 tonnes or 235,900 lbs to connect Africa with 66 dedicated cargo centers throughout Asia, Europe, the Middle East and the Americas. “We value the trust that Ethiopian Airlines places in the 777 Freighter to support their cargo ambitions which will provide them with increased capability and flexibility to their operations,” Ihssane Mounir, Boeing’s senior vice president of Commercial Sales and Marketing, said. “Additional 777 Freighters will enable Ethiopian to capitalize on near-term cargo demand while positioning the airline for further expansion in the future.” In early March 2022, Boeing and Ethiopian Airlines announced a Memorandum of Understanding (MOU) for the carrier’s intent to purchase five 777-8 Freighters. The carrier also operates three 737-800 converted freighters, as well as a combined passenger fleet of more than 80 jets, including Boeing 737s, Boeing 767s, Boeing 777s and Boeing 787 Dreamliners. Tags ethiopian airlines ethiopian airlines china

Ethiopia to receive $200 million financial assistance from World Bank: official

Ethiopia to receive $200 million financial assistance from World Bank: official Ethiopia is set to receive 200 million U.S. dollars in financial assistance from the World Bank, an Ethiopian official said Wednesday. “The funds will be used to build skilled manpower and boost the capacity of state-owned technical and vocational training institutes,” Ethiopian Minister of Labor and Skills Development Muferiat Kamil said in a Facebook post. Kamil said she held discussions with World Bank officials on ways to create high-quality job opportunities for Ethiopians. Both sides also held discussions relating to broad strategic ideas. The Ethiopian government and the World Bank in May signed a financing agreement amounting to 300 million U.S. dollars in support of the reconstruction and recovery of conflict-affected areas of Ethiopia. The 300 million U.S. dollars financing accord, which was made in the form of a grant, will be used to finance activities designed to support communities in conflict-affected areas to reaccess basic services of education, health and water supply. The projects will be implemented in selected districts of Ethiopia’s conflict-affected Amhara, Afar, Tigray, Oromia and Benishangul-Gumuz regional states. Tags ethiopian news World Bank

Ethiopian to connect Washington with Lomé, Togo

Ethiopian to connect Washington with Lomé, Togo Ethiopian Airlines has announced it will commence thrice-weekly passenger service to Washington Dulles via Lomé, Togo as of today, June 1, 2022. The new flight increases the frequency of Ethiopian Airlines’ flights to Washington DC to 10 from the existing seven weekly flights it operates via Dublin. The new flight is operated with Boeing 787-8 Dreamliner aircraft as per the below schedule. Currently, Ethiopian is operating flights to Chicago and two airports in New York in addition to its services to Washington DC. Tags ethiopia airlines ethiopia daily news ethiopia today news ethiopian news lome togo washington dc