by Engidu Woldie ESAT News (December 5, 2018) The International Monetary Fund (IMF) says Ethiopia will grow by 8.5 percent as the political unpredictability subsides and foreign direct investment improves in 2019. “Growth is expected to step up in 2018/19 to 8.5 percent, supported by stronger confidence as the political uncertainty of previous years recedes, and external financial inflows, including ...

by Engidu Woldie ESAT News (June 19, 2018) Billions of dollars in debt, the Ethiopian government appointed a new governor and deputy governor for its National Bank. The decision by Abiy Ahmed, the Prime Minister, to fill the two positions with individuals with no direct experience with macroeconomic issues has already created mumbles in opposition among the banking and macroeconomic ...

By Engidu Woldie ESAT News (May 31, 2018) Ethiopia’s foreign reserve is at an all time low, only enough to cover imports for two weeks. Although not yet official, ESAT sources said the Prime Minister has made a decision to remove the Governor of the National Bank of Ethiopia, Teklewold Atnafu. According to reports reaching from Addis Ababa, the Deputy ...

by Engidu Woldie ESAT News (December 7, 2017) Shortage of foreign currency, dwindling export trade and foreign investment are having a crippling effect on the country’s economy at a time when IMF’s director is expected to pay a working visit to Ethiopia. According to a well-placed source, the foreign currency reserve in the coffers is only about 700 million dollars ...

ESAT News (October 10, 2017) Ethiopia has devalued its currency, the Birr (ETB), by 15%. The dollar will be exchanged against 26.9 Birr effective tomorrow October 11, 2017, compared to the current 23.4 Birr, according to the National Bank of Ethiopia. Speaking at a press conference in Addis Ababa, Vice Governor of NBE, Yohannes Ayalew said the move will help ...