News Alert:  Central Bank Lifts Restrictions Placed on Bank Transfers

News Alert:  Central Bank Lifts Restrictions Placed on Bank Transfers The National Bank of Ethiopia lifts the limit placed on bank transfers. It was a rule introduced to discourage players in the informal exchange market. Customers of banks were not allowed to make more than five bank transfers a week since the beginning of last year. Frezer Ayalew, Director of Banking Supervision at the National Bank of Ethiopia, confirmed to the Reporter that the limit has been lifted now, effective as of January 05, 2022. “The transfer limit is now fully lifted with a directive,” Frezer told the Reporter. However, he affirmed that other restrictions, including the withdrawal limit introduced last year, are still applicable. Tags central bank of ethiopia

National Bank of Ethiopia Lifts Restrictions Weekly Bank Transfer Limit

National Bank of Ethiopia Lifts Restrictions Weekly Bank Transfer Limit The National Bank of Ethiopia lifts the weekly transfer limit placed on bank transfers. The restriction was imposed restrain & discourage agents who are engaged in the black market. Bank customers were not allowed to make more than five bank transfers a week since the beginning of last year. Frezer Ayalew, Director of Banking Supervision at the National Bank of Ethiopia, confirmed that the limit has been lifted now, effective as of January 05, 2022. However, he affirmed that other restrictions, including the withdrawal limit introduced last year, are still applicable. Tags CBE national bank of ethiopia telebirr

Ethiopian Airlines to Return to Argentina

Ethiopian Airlines to Return to Argentina On January 8, Ethiopian Airlines is said to return to Buenos Aires/Ezeiza (EZE), Argentina. Seven months have passed since Argentina restricted airline operations due to the rise of COVID-19 cases in Africa. Although other South American countries have suspended the return of any African airlines (due to the Omicron variant), Ethiopian Airlines’ return was originally planned for December 13. Ethiopian Airlines is scheduled to have three weekly flights from Addis Ababa (ADD), Ethiopia, with a stopover in Sao Paulo/Guarulhos (GRU), Brazil, in Boeing 787-8 aircraft (which has a capacity for 270 passengers). Following Qatar Airways and Emirates ceased operations in Argentina, Ethiopian Airlines is one of the most widely used airlines connecting to Southeast Asia, Africa, and Europe. Between January and July last year, it gave service to 3,545 passengers; in addition to its landing in 2018, it has carried 174,52 travelers. The value of Ethiopian Airlines can’t be understated to reach Argentina for numerous countries. Tags ethiopian airlines

Ethiopia’s birr black-market booms as diaspora influx

Ethiopia’s birr black-market booms as diaspora influx The conflict in Northern Ethiopia that took place in November 2020 has an indefinite economic crisis. with instability in most parts of the country, and it’s said to be one of the factors contributing to the skyrocketing exchange rate of the dollar in the past year. Presumably, the PM’s call for Diaspora is expected to inflow forex into the country. Most hotels, service givers, and different business sectors are opening a wide door for diaspora investment to encourage the dollar flow at a high rate. Since PM Abiy Ahmed came into power three years ago, the shortage of hard currency has been overlooked to the extent it was triggered due to the war. It is still not resolved, and the black market is anticipated to worsen the situation. the countries economy received a brutal hit with free trade cut-offs, import and export rates, and foreign direct investment traction. In 2020, Ethiopia imported goods worth around $13.11B and exported $3.5B, making it the number 127 exporter globally. Remittance from Diaspora has become the primary source of foreign currency in Ethiopia, securing $3.6B in remittance during the past fiscal year, which is equated with the amount of foreign exchange it garnered from international trade, according to the Ethiopian Diaspora Agency (EDA) disclosed Following the influx of the Diaspora in Addis Ababa, the black market has become increasingly volatile. The government, for its part, has shut down traditional and well-known black market shops but has failed to control individuals and institutions operating illegally through banks and other channels. Despite the Ethiopian government’s efforts to control black-market currency exchange, the attempt could not restrict the market’s propensity. Experts say that money laundering is not uncommon in other commercial banks. In Addis Ababa, it is known that banks are more involved in the illegal transfer of dollars than the shops that run the black market. Bank employees, notably Commercial Bank and Oromia Banks, have stepped up their efforts to increase the dollar’s value. In particular, Oromia’s banks are known to operate around the airport, forcing the Diaspora to accept the dollar. The government has not been able to repress the illegality of the black market, despite the recent looting of shops. In particular, the National Theater and its environs, the stadium and its surroundings, in front of the Gandhi Memorial Hospital, the Ethiopian Hotel, and various small shops in the Merkato area were the specific areas packed with black markets. Despite government crackdowns, money launderers have been active in and around banks. The black market people behind them are not affected by anyone. Addis Ababa, Adama, and Hawassa are among cities where exchange rates for hard currencies, including Euro, increased. Internationally, the war has had a significant impact on Ethiopia’s reputation as a place to invest; official statistics show the cost of essential consumer goods has indeed gone up in Ethiopia – they were around a quarter more expensive in July than a year earlier. Tags Ethiopian diaspora 1 COMMENT abebaw January 5, 2022 At 3:12 am so sad so sad Comments are closed.

The 4th annual Real Estate and Homes Expo kicks off in Addis Ababa.

The 4th annual Real Estate and Homes Expo kicks off in Addis Ababa.

Ethiopia Airlines to start flying to Lalibela on Monday

Ethiopia Airlines to start flying to Lalibela on Monday The Airlines announces daily flights to Lalibela starting next Monday. According to him, passengers wishing to travel to the city can make an appointment using the airline app. It is a recent memory that the TPLF  group looted and destroyed the Lalibela airport.

Four Ethiopian women among 100 most influential Africans in 2021

Four Ethiopian women among 100 most influential Africans in 2021 Mimi Alemayehou Timnit Gebru Letesenbet Gidey Sifan Hassan

Marathon Motors Engineering PLC inaugurates the first electric charging station in Ethiopia

Marathon Motors Engineering PLC inaugurates the first electric charging station in Ethiopia Marathon Motors Engineering PLC inaugurates Hyundai Electric Vehicle Factory Coupling Station. Speaking at the graduation ceremony, Athlete Major Haile Gebreselassie said Ethiopia is on the rise. This height also comes with technology. “We are still in the news of the war, but from now on we will hear the breaking news of technology every week,” he said. We do not have oil production, but we do have electric vehicles. He said, “If we cannot cooperate, we can sit still.” Speaking on the occasion, Melkamu Assefa, Founder and CEO of the company, said the power stations can charge in 15 minutes. The vehicles can travel up to 200 miles [300 km] in a single charge. The inauguration was attended by the Minister of Transport, Dagmawit Moges, the Governor of the National Bank, Dr. Yinager Dessie and other government officials. # Epd

Ethiopian Airlines in the Final Stage to Return the B737 MAX Fleet to Service

Ethiopian Airlines in the Final Stage to Return the B737 MAX Fleet to Service