(1 dollar = 42.78 Birr). The National Bank of Ethiopia (NBE) now requires new banks to have capital of Birr 5 billion ($ 116 million) to be released after a transition period of five to seven years. One way to curb the rush to this relay country for the Asian textile industry? Currently, 20 banks are under training, four more await NBE approval. Previously, half a billion Birr was enough to set up a banking establishment in Ethiopia. Of the 19 banks operating in the country, Awash is the most capitalized with 5.8 billion Birr, followed by Dashen, Nib, United and Abyssinia with paid-up capital of 3.5 billion Birr, 3.4 billion Birr, 3.2 billion Birr and 3.1 billion Birr.
Trending
- UN warns of regional conflict spillover from DRC
- Adiwale Fund I invests in Jus Délice, the West African leader in organic pineapple juice
- Uganda’s maintains rate at 9.75 percent, cautions Trump policies pose inflation risk
- Kenya’s Central Bank lowers base rate further to 10.75 percent
- Pan African insurer ATIDI eyes North and South Africa in expansion plan
- AfDB proposes new mineral backed currency for energy projects
- Rising transport and food costs have pushed Kenya’s headline inflation for January to 3.3 per cent
- The ECOWAS Bank for Investment and Development extends a XOF 10 billion line of credit to strengthen the private sector in Côte d’Ivoire