Ethiopian public financial institutions’ asset has exceeded 523 billion Ethiopian birr (more than 22.5 billion U.S. dollars), the Ethiopian Public Financial Institutions Agency revealed on Tuesday. The reported asset is owned by the three Ethiopian public financial institutions that are the Commercial Bank of Ethiopia, Development Bank of Ethiopia and the Ethiopian Insurance Corporation. According to Sentayehu Woldemichael, Director General of the Ethiopian Public Financial Institutions Agency, the total asset of the three public financial institutions has reached 523 billion ETB during the just concluded 2016-2017 Ethiopian fiscal year. The asset is 82.64 billion ETB higher as compared with the previous 2015-2016 Ethiopian fiscal year. According to Woldemichael, the 332.12 billion Ethiopian birr out of the total 523 billion Ethiopian birr has been earned as a net capital.

Source: Ethiopian News August 09, 2017 01:52 UTC