ADDIS ABABA — Ethiopia's central bank devalued the Ethiopian birr <ETB=> by 15 percent on Tuesday, its first such move in seven years to boost lagging exports. The birr was quoted by the National Bank of Ethiopia at a weighted average of 23.4177 against the dollar on Monday, compared to what will be 26.9215. The International Monetary Fund (IMF) and the World Bank, have both repeatedly urged Ethiopia to consider devaluing its currency to boost exports as they are mostly unprocessed products and need to stay competitive on price. Advertisement Continue reading the main storyEthiopia has operated a managed floating exchange rate regime since 1992. The Horn of Africa country is the continent's biggest coffee exporter but its total export revenue has been falling short of targets for the last few years owing to weaker commodity prices.
October 10, 2017 13:41 UTC
(Adds quotes, details)By Aaron MaashoADDIS ABABA, Oct 10 (Reuters) - Ethiopia’s central bank devalued the Ethiopian birr by 15 percent on Tuesday, its first such move in seven years to boost lagging exports. The birr was quoted by the National Bank of Ethiopia at a weighted average of 23.4177 against the dollar on Monday, compared to what will be 26.9215. The International Monetary Fund (IMF) and the World Bank, have both repeatedly urged Ethiopia to consider devaluing its currency to boost exports as they are mostly unprocessed products and need to stay competitive on price. Ethiopia’s economy is one of the fastest growing in Africa, with the IMF expecting a growth rate of 9 percent for the 2016/17 fiscal year. But Addis Ababa has in the past tended to brush off such advice and said it would keep charge of key sectors.
October 10, 2017 13:41 UTC
The National Bank of Ethiopia (NBE) has announced a devaluation of the country’s currency, the birr by 15% effective Wednesday, October 11, 2017. He said it was to control inflationary pressure and to boost export earnings which had hitherto stagnated. #Ethiopia has announced a long awaited currency devaluation of 15% and interest rate increase to 7% from 5%, effective tomorrow. The central bank said the it raised the main interest rate to 7 percent from 5 percent to stimulate savings as well as to counter inflation. “The rate was pushed to mitigate the inflationary pressure that could arise from the devaluation,” Yohannes said.
October 10, 2017 13:07 UTC
ADDIS ABABA, Oct 10 (Reuters) - Ethiopia’s central bank has devalued the Ethiopian birr by 15 percent to boost lagging exports, its deputy governor announced on Tuesday. The bank also raised its main interest rate to 7 percent from 5 percent, he said.
October 10, 2017 12:45 UTC
In the midst of a Forex currency crisis, the National Bank of Ethiopia (NBE) has devalued Birr by 15pc and raised the interest rate by two percentage points to seven percent. The devaluation pegs the Ethiopian Birr at 26.91 to the dollar, up from 23.40 Br on the official market. The Central Bank justifies the move as an effort to control the inflationary pressure and prop up export earnings. Seven years ago, the government had made a 17pc devaluation resulting in inflation that had reached as high as 40pc. "Since investment return is high in Ethiopia, the devaluation won't cause an inflationary pressure and adversely affect import," said Yohannes.
October 10, 2017 12:11 UTC
Investing in climate-resilient agriculture not only improves food security but contributes to eradicating malnutrition, according to the findings of a new report from the International Fund for Agricultural Development (IFAD). The research also points to the urgent need to sensitize farmers to spending their hard-earned income on more nutritious food choices which lead to better health outcomes for the whole family. Paired with nutrition education, the report shows the positive economic and nutritional benefits of a diversified approach. The report points to examples of where IFAD is working on exactly this kind of multiple benefit investment. In Sudan, an IFAD-supported project on irrigation and land and water governance offered training on nutrition and food processing.
Source:News Business Ethiopia
October 10, 2017 12:11 UTC
Ethiopia’s parliament in August 2017 voted to lift a state of emergency imposed since October 2016. The European Union Parliament, a group of U.S. senators, members of the European Parliament (MEPs) have all waded into his particular case and that of Ethiopia’s democratic space and clampdown on dissent. Gudina was picked up at the airport whiles returning from a European trip that saw him address the EU parliament in Brussels. He met with other activists during the EU parliament address – one being famed Olympic protest athlete, Feyisa Lilesa. That was followed by two calls from Members of the European Parliament (MEPs).
October 10, 2017 09:11 UTC
Khartoum — President Omar Bashir on Monday bestowed the Nilain Order, First Class, on the Ethiopian ambassador to the Sudan, Abadi Zemu, for the role he played and in appreciation for his efforts in promotion of the Sudanese Ethiopian relations. He said the coming period will focus on implementation of the agreements signed between the two countries since 2013 within the context of the Higher economic committee between the two sides, as headed by vice president Hassabou on the Sudanese side and the Ethiopian Prime Minister Haile Mariam Desalegn on the Ethiopian side. He said the two sides will start reaping the fruits of these agreement by the year 2018. He said Port Sudan sea port would be used to reactivate trade and boost economic cooperation between the two sides. He said the Ethiopian Bank of Commerce will open a branch in Sudan while the railway will be extended between the two countries, referring as well to supplying Sudan with electricity from the Ethiopian GRED dam in implementation of the directives given by the higher po0litical leaderships in Sudan and in Ethiopia.
October 10, 2017 08:15 UTC
ADDIS ABABA – Somaliland’s representative office in Ethiopia sustained minor fire and smoke damage after an arsonist struck it, an official confirmed last Saturday evening (Oct 7). Somaliland’s representative to Ethiopia, Ali Hussein Ismail Jirdeh provided a short briefing on the incident on his Facebook account hours after it took place. “Somaliland’s representative office in Addis sustained minor damage this evening after it was set on fire. According to sources within the representative office, the individual who was arrested is said to be a man of ‘Ethiopian’ origin. So far, it is not clear why the man set the office on fire, and how he was able to get past security.
October 10, 2017 08:06 UTC
Ethiopian Parliament Speaker Requested to Vacate State-Owned HousingOctober 9, 2017 - In unprecedented move, the Speaker of Ethiopian Parliament tendered his resignation last week. Abadula will become the first speaker of Parliament to formally resign from office during the 22-year history of the legislative house under EPRDF. It is also reported that authorities at the Ethiopian Housing Corporation told Abadula Gemeda, speaker of Parliament, to vacate a state-owned house located near Olympia where he has lived in for many years. Formerly known as the Housing Agency, Abadula had served as its board chairman in the late 2000s. “I can’t confirm whether he tendered his resignation or not, though he has the right to do so,” Negeri told Fortune.
October 10, 2017 07:18 UTC
TEHRAN, Oct. 10 (MNA) – African Union (AU) officials, at a meeting with Iranian Foreign Ministry’s Director General for African Affairs Mehdi Aghajafari, welcomed development of cooperation with the Islamic Republic of Iran. On Monday, Aghajafari met and talked with authorities of the African Union at its headquarters situated in Addis Ababa, Ethiopia. The African Union officials at the meeting, while welcoming continuous development of cooperation with the Islamic Republic of Iran, emphasized AU’s readiness to strengthen bilateral relations. In a meeting with Ethiopian Foreign Ministry Director General for Foreign Affairs Suleiman Dedefo, Iran’s Aghajafari discussed ways to develop and consolidate relations between the two sides in a wide range of sectors. Iranian Foreign Ministry’s Director General for African Affairs Mehdi Aghajafari, who had previously visited Uganda and Burundi, arrived in Ethiopia at the last leg of his visit to East Africa.
October 10, 2017 06:00 UTC
Ethiopian Airlines Group, the largest airline group in Africa, is pleased to announce that it has been recognized as Middle East and Africa Airline of the Year 2017 by Airline Economics, the largest aviation finance and leasing print publication in the world, at a Gala Dinner held in Dubai on October 3, 2017. Winners in the Middle East & Africa Aviation 100 Awards Category have been chosen among the airlines in the Middle East and Africa through customer survey conducted by Airline Economics Magazine. Ethiopian outperformed major airlines in the Middle East and Africa to win this prestigious award. I thank the leaders and the team at Airline Economics for the recognition. The airline is the clear winner of the industry votefor the best performing airline in the MEA region over the past 12 months.I wish to congratulate Ethiopian Airlines on this remarkable success.”Ethiopian is multi award winning airline: SKYTRAX World Airline Award for Best Airline in Africa, Best Airline Staff in Africa; AFRAA- Best Airline in Africa – 5 years in a row, Best Airline to Africa”, for a second year in a row, “Best Airline in Africa” by US Premier Traveler magazine; Bombardier’s Airline Reliability Performance Award for the 6th Year in a Row; Passenger Choice Awards for "Best Airline in Africa for the third time in a row; Outstanding Food Service by a Carrier in Africa by Pax International Magazine.
October 10, 2017 05:26 UTC
In Spring 2017, Nebyu also released “Violin Gems from Black Composers,” an album celebrating African classical composers. Nebyu comes from a Jewish-Hungarian and Ethiopian background and became interested in African classical composers after learning how underrepresented they are in the industry. He hopes that through this album, people will become more interested in classical music and specifically composers of color. “I found very interesting composers of color who composed very good compositions for violin,” Schmieder said. “I like to see places, I like to meet people, and that is what I like to do with music,” Nebyu said.
October 10, 2017 05:21 UTC
Ethiopian Aviation Academy has announced the graduation of 262 aviation professionals comprising 50 pilots, 66 technicians, 120 cabin crew and 26 Equipment and Facility Maintenance technicians. A statement by Ethiopian Airlines on Monday in Abuja said 10 of the professionals majored in Industrial Mechanics while 16 specialised in Industrial Electricity. “In line with this belief we have invested adequately in capacity building in the Ethiopian Aviation Academy, which is the largest and most modern in the continent of Africa. “The Academy has been training and graduating the required Aviation Professionals both for Ethiopian Airlines Group and other partner airline around the region. Gabremariam disclosed that the academy was currently training 2,000 aviation professionals per annum and promised to enhance its intake capacity to 4,000 by 2025.
October 10, 2017 04:52 UTC
Khartoum — President of the Republic, Field Marshal Omer Al-Bashir, has awarded the Nelein Order, First Class, to the Ethiopian Ambassador to Khartoum, Abadi Zimo, on the occasion of the expiry of his term of office in the country and in recognition of the efforts he exerted to strengthen the Sudanese - Ethiopian relations. This came when the President received Monday at the Republican Palace the Ethiopian diplomat, who stated in a press statement that he spent six years as an ambassador of his country to Sudan during which he cooperated and coordinated with all the government the concerned institutions. He underlined that he has focused during his assignment to Sudan on the implementation of the agreements signed by Sudan and Ethiopia since 2013 in the context of the Joint Sudanese - Ethiopian High Economic Committee.
October 10, 2017 03:11 UTC