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The National Bank of Ethiopia (NBE) in 2008. On 29 July 2024, the National Bank of Ethiopia (NBE) relaxed restrictions on the value of the Ethiopian birr to secure a loan of $10.7 billion from the International Monetary Fund (IMF) and World Bank. [1]
It served both as Ethiopia's central bank, with the power to issue banknotes and coins as the agent of the Ministry of Finance, and as the principal commercial bank in the country. In 1945 the Ethiopian government granted the bank the sole right of issuing currency. The first governor of the bank was an American, George Blowers.
The government's introduction of a floating exchange rate led to a volatile period, with the Commercial Bank of Ethiopia and private banks rapidly adjusting their foreign exchange rates. The exchange rate as indicated by the Commercial Bank of Ethiopia (CBE) is plummeted from 57 birr per US dollar a week ago to the 106 birr per dollar.
Ethiopia joined the BRICS economic alliance in January 2024. [36] While Ethiopia does not currently have a stock exchange, it did have one in the past during the reign of Emperor Haile Selassie I, called an 'ākisīyoni gebeya.' It now has a commodity exchange in Addis Ababa called the Ethiopia Commodity Exchange, established in 2008. [37]
Location of Ethiopia. Ethiopia is a country located in the Horn of Africa. According to the IMF, Ethiopia was one of the fastest-growing economies in the world, registering over 10% economic growth from 2004 through 2009. [1] It was the fastest-growing non-oil-dependent African economy in the years 2007 and 2008. [2]
This page was last edited on 8 December 2024, at 02:42 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
[2] [3] In 1963, a new banking law allows split into the National and Commercial Bank of Ethiopia. The law included other commercial banks to operate, including foreign banks operated 51% owned by Ethiopians. The biggest of these was the Addis Ababa Bank, owned by 40% owned by British owned Grindlays Bank, and had 26 branches by 1975.
On 15 March 2024, the Commercial Bank of Ethiopia (CBE) encounter systemic glitch that occurred between 12 a.m. and 3 a.m in local time. CBE released five notes within less than 24 hours, describing the bank failure as a systemic problem in its branch level. [4] CBE President Abe Sano said that much of the money was withdrawn by students. [5]