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Stock Market / Finance in Ethiopia

  • Bitcoin just started trading on the world’s biggest exchange

    AFGHANISTAN, 2017/12/19 Bitcoin futures started trading Sunday night at CME Group Inc.’s venue, a week next Chicago rival Cboe World Markets Inc. introduced similar derivatives on the volatile cryptocurrency. CME is a much bigger player in futures, so a lot of traders expected it to make a bigger splash in the nascent space. CME got off to a faster start with additional efficient pricing. Its most-active arrangement changed hands 221 times in the initial hour versus 570 during Cboe’s debut. But that’s a win because CME’s contracts are five times additional precious — they’re tied to five bitcoins compared with only one with Cboe’s futures.
  • Envoy cautions Nigerians on currency declaration in Ethiopia

    ETHIOPIA, 2017/07/29 Nigeria’s Ambassador to Ethiopia, Bankole Adeoye, has advised Nigerians travelling to that country to adhere to its currency declaration law in order to avoid sanctions. Adeoye, who is as well Nigeria’s Permanent Representative to the African Union (AU), gave the advice in an interview with the News Agency of Nigeria (NAN) on Sunday in Addis Ababa. “Since my arrival as Nigerian envoy here barely a month ago, the issue of confiscation of valuables, inclunding foreign exchange of Nigerians in transit on Ethiopian Airline, has been of great concern to us.
  • Fitch affirms Ethiopia at ‘B’ with Stable Outlook

    ETHIOPIA, 2017/06/15 The rating agency, Fitch has affirmed Ethiopia’s Long-Term Foreign- and Local Currency Issuer Default Ratings (IDRs) at ‘B’ with a Stable Outlook.   Fitch as well announced June 8, 2017 that the issue rating on Ethiopia’s senior unsecured foreign-currency bonds have been affirmed ‘B’, the country ceiling has been affirmed ‘B’ and the Short-Term Foreign- and Local Currency IDRs as well at ‘B’.
  • Ethiopia: Independent Monetary Policy Curbs Inflationary Momentum

    ETHIOPIA, 2016/04/20 Rosy reports are typical under the policy of the Revolutionary Democrats. Institutions do their best to highlight their positive performances and get praised for them. This trend is so pervasive within the national structure that government reports are received with grains of suspicion in academic and international financial sectors. It is therefore not surprising to see that the initial six-month statement of the National Bank of Ethiopia (NBE), the ultimate monetary authority, paints a blissful image of the economy. Led by Teklewold Atnafu, a governor treated additional as a politician than technocratic policymaker, the central bank departed from popular perception in its statement which declares that the economy is stable. This stability, according to the statement, comes as a result of the tight monetary policy stance being followed in the fiscal year.
  • The trading floor of the Ethiopia Commodity Exchange

    ETHIOPIA, 2015/11/19 The Ethiopia Commodity Exchange (ECX) began operations in 2008 bringing together buyers and sellers to trade produce such as coffee and sesame seeds, while assuring both parties timely delivery of payments and produce. The ECX was established with support from the Ethiopian government and donor organisations, including USAID. It has been hailed as a success, helping fix challenges such as unreliable market information, contract defaults, lack of quality standardisation, limited access to markets, and other inefficiencies along the value chain. Engineer Solomon Edossa is one of six professionals who founded the ECX. As chief information officer of the exchange his responsibility was to build the electronic trading platform and oversee all things technology. He held that position until about 18 months ago. Edossa now offers technical advisory services to the ECX through his consultancy company DESS Inc.
  • Ethiopia: FfD3 - Ends Adopting the "Addis Ababa Action Agenda

    ETHIOPIA, 2015/07/29 United Nations member states from 193 who attended the third Finance for Development Conference(FFD3) held from 13 to 16 July 2015 in Addis Abeba have concluded their conference by adopting the :Addis Abeba Action Schedule" that will provide a foundation for implementing the post 2015 world sustainable development schedule. The schedule is set to renovate world finance practices and generate investments for tackling a range of economic, social and environmental challenges and is expected to be adopted by close to 150 world leaders in September this year during the UN annual conference in New York and the climate agreement to be adopted in December in Paris.
  • Addis Tax Initiative Launch

    ETHIOPIA, 2015/07/16 The 3rd International Financing for Development Conference yesterday launched Addis Tax Initiative with a view to helping nations across the world particularly developing nations raise tax substantially. The Initiative is a technical cooperation that aims to help developing nations increase their tax revenues so that they can implement their development schedule and achieve sustainable development goals. At the launching event, Minister of Finance and Economic Development of Ethiopia Sufian Ahmed said that this initiative aimed at assisting developing nations in upgrading their tax collection, strengthening the capacity of their tax collecting institutions and providing data to prevent appropriate issues like tax avoidance through a world partnership. "This initiative helps developing nations like Ethiopia, in the shape of getting technical support needed to bolster capacity, and data exchange needed to prevent tax avoidance and levy knowledge based taxation."
  • Committee of experts meeting gets underway at the UNECA 8th annual conference.

    ETHIOPIA, 2015/03/28 Addis Ababa — Africa has been urged at high-level talks in Addis Ababa to mobilize its own resources to achieve its development goals. “There’s a recognition that the continent needs to tap within its own wealth to finance its own development”, said Ethiopia’s National Minister of Finance and Economic Development, Abraham Tekeste. Although finding finance for development is a challenge, he added, “domestic resource mobilization is the viable option we have at our disposal”. He was speaking during the annual joint gathering of the African Union (AU) and the United Nations Economic Commission for Africa (Uneca) taking place in the Ethiopian capital.
  • The CBE reported gaining 4.6 billion Br

    ETHIOPIA, 2014/02/19 The four national-owned financial giants - the Commercial Bank of Ethiopia (CBE), Development Bank of Ethiopia (DBE), Construction & Business Bank (CBB), and the Ethiopian Insurance Corporation (EIC) - together amassed a profit of 5.6 billion Br during the initial six months of the 2013/14 fiscal year. The all, which is 98.4pc of the planned profit, has surpassed last year's figure for the same period by 29.4pc, according to a statement released by the Public Financial Institutions Supervising Agency. The CBE reported gaining 4.6 billion Br out of its plan for a profit of five billion Birr. It accounted for 85pc of the total profit by the three national banks.
  • Ethiopia Imports $U.S.1 Billion in Fuel From Sudan Via Djibouti

    DJIBOUTI CITY, 2013/04/02 The Ethiopian Petroleum Supplier Enterprise (EPSE) said on Saturday that the nation has imported over 1 million metric tonnes of petroleum from neighbouring Sudan via the port of Djibouti. Officials said the stated fuel amount was imported at a cost $1.12 billion over the past six months.