Fixed Income Market
Alongside equities, ESX operates a fixed income market covering government and corporate debt instruments.
Treasury Bills and Bonds
Short- and long-term debt issued by the Ethiopian government. Treasury bills are short-term instruments typically sold at a discount; treasury bonds carry longer maturities and pay periodic interest. Government securities began trading on ESX on July 11, 2025, as part of a coordinated effort between the Ministry of Finance and the National Bank of Ethiopia.
Corporate Bonds
Debt instruments issued by companies rather than the government, allowing businesses to raise capital from investors in exchange for periodic interest payments and repayment at maturity.
No corporate bonds are currently listed on ESX. This segment is expected to develop as more Ethiopian companies use the exchange to raise debt capital, following the pattern set by the equity market’s rollout.
Repurchase Agreements (Repos)
A repo is a short-term borrowing arrangement where one party sells a security with an agreement to repurchase it at a slightly higher price on a set future date, effectively using the security as collateral for a short-term loan. Repos are a core tool for managing short-term liquidity in the money market.
Commercial Papers
Short-term, unsecured debt instruments issued by companies to meet near-term funding needs, typically maturing in under a year.
Interbank Money Market Weekly Trading Statistics
| Week | Maturity | Volume | Total trade | WA Interest rate % | Change % |
|---|---|---|---|---|---|
| Jun 30 – Jul 4, 2025 | Overnight | ETB 3,200,000,000 | 11 | 12 | -0.07 |
| Jun 30 – Jul 4, 2025 | 7 days | ETB 6,480,000,000 | 24 | 14.29 | -0.88 |
| Jul 07 - Jul 11, 2025 | Overnight | ETB 6,050,000,000 | 16 | 12 | 0 |
| Jul 07 - Jul 11, 2025 | 7 days | ETB 6,880,000,000 | 22 | 12.69 | -1.6 |
| Jul 14 - Jul 18, 2025 | Overnight | ETB 5,500,000,000 | 11 | 12 | 0 |
| Jul 14 - Jul 18, 2025 | 7 days | ETB 6,150,000,000 | 24 | 12 | -0.69 |
| Jul 21 - Jul 25, 2025 | Overnight | ETB 3,200,000,000 | 7 | 12 | 0 |
| Jul 21 - Jul 25, 2025 | 7 days | ETB 4,400,000,000 | 14 | 12 | 0 |
| Jul 28 - Aug 1, 2025 | Overnight | ETB 1,700,000,000 | 6 | 12 | 0 |
| Jul 28 - Aug 1, 2025 | 7 days | ETB 5,125,000,000 | 16 | 12 | 0 |
| Aug 4 - Aug 8, 2025 | Overnight | ETB 6,625,000,000 | 18 | 13.96 | 1.96 |
| Aug 4 - Aug 8, 2025 | 7 days | ETB 9,010,000,000 | 23 | 14.8 | 2.8 |
| Aug 11 - Aug 15, 2025 | Overnight | ETB 7,130,000,000 | 24 | 12.07 | -1.89 |
| Aug 11 - Aug 15, 2025 | 7 days | ETB 8,000,000,000 | 23 | 13.93 | -0.87 |
| Aug 18 - Aug 22, 2025 | Overnight | ETB 5,700,000,000 | 14 | 12 | -0.07 |
| Aug 18 - Aug 22, 2025 | 7 days | ETB 7,675,000,000 | 22 | 12.9 | -1.03 |
| Aug 25 - Aug 29,2025 | Overnight | ETB 18,450,000,000 | 34 | 12.24 | 0.24 |
| Aug 25 - Aug 29,2025 | 7 days | ETB 9,480,000,000 | 28 | 13.07 | 0.17 |
| Sep 01 - Sep 05,2025 | Overnight | ETB 2,500,000,000 | 6 | 12.3 | 0.06 |
| Sep 01 - Sep 05,2025 | 7 days | ETB 7,605,000,000 | 22 | 13.55 | 0.48 |
| Sep 08 - Sep 12,2025 | Overnight | ETB 3,830,000,000 | 10 | 12.9 | 0.6 |
| Sep 08 - Sep 12,2025 | 7 days | ETB 12,185,000,000 | 37 | 14.49 | 0.94 |
| Sep 15 - Sep 19,2025 | Overnight | ETB 4,850,000,000 | 14 | 13.87 | 1 |
| Sep 15 - Sep 19,2025 | 7 days | ETB 14,225,000,000 | 38 | 15.3 | 0.8 |
| Sep 22 - Sep 26,2025 | Overnight | ETB 15,100,000,000 | 30 | 13.01 | -1 |
| Sep 22 - Sep 26,2025 | 7 days | ETB 11,020,000,000 | 28 | 14.22 | -1.1 |
| Sep 29 - Oct 03,2025 | Overnight | ETB 3,750,000,000 | 13 | 12 | -1.01 |
| Sep 29 - Oct 03,2025 | 7 days | ETB 10,385,000,000 | 33 | 12.61 | -1.61 |
| Oct 06 - Oct 10, 2025 | Overnight | ETB 15,125,000,000 | 34 | 12 | 0 |
| Oct 06 - Oct 10, 2025 | 7 days | ETB 14,800,000,000 | 40 | 12.37 | -0.24 |
| Oct 13 - Oct 17, 2025 | Overnight | ETB 6,850,000,000 | 18 | 14.53 | 2.23 |
| Oct 13 - Oct 17, 2025 | 7 days | ETB 17,675,000,000 | 41 | 14.27 | 1.9 |
| Oct 20 - Oct 24,2025 | Overnight | ETB 900,000,000 | 3 | 12 | -2.53 |
| Oct 20 - Oct 24,2025 | 7 days | ETB 13,000,000,000 | 31 | 13.04 | -1.23 |
| Oct 27 - Oct 31,2025 | Overnight | ETB 3,350,000,000 | 8 | 12.15 | 0.15 |
| Oct 27 - Oct 31,2025 | 7 days | ETB 10,450,000,000 | 29 | 16.23 | 3.19 |
| Nov 03 - Nov 07,2025 | Overnight | ETB 16,950,000,000 | 25 | 14.02 | 1.87 |
| Nov 03 - Nov 07,2025 | 7 days | ETB 13,590,000,000 | 35 | 17.26 | 1.03 |
| Nov 10 - Nov 14,2025 | Overnight | ETB 20,725,000,000 | 38 | 16.72 | 2.7 |
| Nov 10 - Nov 14,2025 | 7 days | ETB 24,075,000,000 | 57 | 17.95 | 0.69 |
| Nov 17 - Nov 21, 2025 | Overnight | ETB 13,250,000,000 | 18 | 13.45 | -3.27 |
| Nov 17 - Nov 21, 2025 | 7 Days | ETB 24,870,000,000 | 54 | 16.9 | -1.05 |
| Nov 24 - Nov 28, 2025 | Overnight | ETB 20,650,000,000 | 36 | 12.9 | -0.55 |
| Nov 24 - Nov 28, 2025 | 7 Days | ETB 22,130,000,000 | 46 | 17.45 | 0.55 |
| Dec 01 - Dec 05, 2025 | Overnight | ETB 5,700,000,000 | 16 | 12.54 | -0.36 |
| Dec 01 - Dec 05, 2025 | 7 Days | ETB 25,340,000,000 | 54 | 16.55 | -0.9 |
| Dec 08 - Dec 12, 2025 | Overnight | ETB 6,850,000,000 | 14 | 12 | -0.54 |
| Dec 08 - Dec 12, 2025 | 7 Days | ETB 21,200,000,000 | 45 | 15.12 | -1.43 |
| Dec 15 - Dec 19, 2025 | Overnight | ETB 6,600,000,000 | 11 | 12.09 | 0.09 |
| Dec 15 - Dec 19, 2025 | 7 Days | ETB 22,500,000,000 | 51 | 14.51 | -0.61 |
| Dec 22 - Dec 26, 2025 | Overnight | ETB 20,350,000,000 | 33 | 12 | -0.09 |
| Dec 22 - Dec 26, 2025 | 7 Days | ETB 19,820,000,000 | 45 | 14.37 | -0.14 |
| Dec 28 - Jan 2, 2026 | Overnight | ETB 19,050,000,000 | 44 | 15.3 | 3.3 |
| Dec 28 - Jan 2, 2026 | 7 Days | ETB 25,400,000,000 | 52 | 17.66 | 3.29 |
| Jan 05 - Jan 09, 2026 | Overnight | ETB 13,700,000,000 | 27 | 14.08 | -1.22 |
| Jan 05 - Jan 09, 2026 | 7 Days | ETB 25,000,000,000 | 45 | 17.68 | 0.02 |
| Jan 12 - Jan 16, 2026 | Overnight | ETB 21,370,000,000 | 28 | 12 | -2.08 |
| Jan 12 - Jan 16, 2026 | 7 Days | ETB 34,570,000,000 | 59 | 14.16 | -3.52 |
| Jan 20 - Jan 23, 2026 | Overnight | ETB 21,685,000,000 | 34 | 12.82 | 0.81 |
| Jan 20 - Jan 23, 2026 | 7 Days | ETB 26,250,000,000 | 51 | 15.92 | 1.76 |
| Jan 26 - Jan 30, 2026 | Overnight | ETB 52,970,000,000 | 94 | 17.09 | 4.26 |
| Jan 26 - Jan 30, 2026 | 7 Days | ETB 16,950,000,000 | 34 | 17.55 | 1.63 |
| Feb 02 - Feb 06, 2026 | Overnight | ETB 44,700,000,000 | 72 | 17.49 | 0.4 |
| Feb 02 - Feb 06, 2026 | 7 Days | ETB 36,075,000,000 | 63 | 18 | 0.45 |
| Feb 09 - Feb 13, 2026 | Overnight | ETB 23,615,000,000 | 45 | 17.72 | 0.23 |
| Feb 09 - Feb 13, 2026 | 7 Days | ETB 32,650,000,000 | 60 | 18 | 0 |
| Feb 16 - Feb 20, 2026 | Overnight | ETB 33,300,000,000 | 49 | 14.11 | -3.6 |
| Feb 16 - Feb 20, 2026 | 7 Days | ETB 38,700,000,000 | 66 | 17.99 | -0.01 |
| Feb 23 - Feb 27, 2026 | Overnight | ETB 87,440,000,000 | 125 | 18 | 3.89 |
| Feb 23 - Feb 27, 2026 | 7 Days | ETB 12,250,000,000 | 21 | 18 | 0.01 |
| Mar 02 - Mar 06, 2026 | Overnight | ETB 76,730,000,000 | 99 | 18 | 0 |
| Mar 02 - Mar 06, 2026 | 7 Days | ETB 10,300,000,000 | 20 | 18 | 0 |
| Mar 09 - Mar 13, 2026 | Overnight | ETB 88,340,000,000 | 105 | 18 | 0 |
| Mar 09 - Mar 13, 2026 | 7 Days | ETB 19,700,000,000 | 37 | 18 | 0 |
| Mar 16 - Mar 19, 2026 | Overnight | ETB 61,950,000,000 | 81 | 18 | 0 |
| Mar 16 - Mar 19, 2026 | 7 Days | ETB 17,550,000,000 | 36 | 18 | 0 |
| Mar 23 - Mar 27, 2026 | Overnight | ETB 118,800,000,000 | 139 | 18 | 0 |
| Mar 23 - Mar 27, 2026 | 7 Days | ETB 26,450,000,000 | 49 | 18 | 0 |
| Mar 30 - Apr 03,2026 | Overnight | ETB 38,200,000,000 | 52 | 14.02 | -3.98 |
| Mar 30 - Apr 03,2026 | 7 Days | ETB 27,700,000,000 | 45 | 17.82 | -0.18 |
| Apr 06 - Apr 09.,2026 | Overnight | ETB 37,750,000,000 | 55 | 16.183 | 2.16 |
| Apr 06 - Apr 09.,2026 | 7 Days | ETB 29,300,000,000 | 44 | 17.997 | 0.17 |
| Apr 03 - Apr 17.,2026 | Overnight | ETB 64,250,000,000 | 79 | 12.62 | -3.56 |
| Apr 03 - Apr 17.,2026 | 7 Days | ETB 35,800,000,000 | 44 | 17.18 | -0.8 |
| 04 May - 08 May, 2026 | Overnight | ETB 10,500,000,000 | 12 | 12 | 0 |
| 04 May - 08 May, 2026 | 7 Days | ETB 42,090,000,000 | 36 | 12.268 | -0.98 |
| 11 May - 15 May, 2026 | Overnight | ETB 36,950,000,000 | 42 | 12 | 0 |
| 11 May - 15 May, 2026 | 7 Days | ETB 24,500,000,000 | 30 | 12 | -0.268 |
| 18 May - 22 May, 2026 | Overnight | ETB 36,950,000,000 | 47 | 14.8 | 2.82 |
| 18 May - 22 May, 2026 | 7 Days | ETB 53,500,000,000 | 54 | 16.91 | 4.91 |
| 25 May - 29 May, 2026 | Overnight | ETB 55,330,000,000 | 55 | 12.313 | -2.5073 |
| 25 May - 29 May, 2026 | 7 Days | ETB 20,150,000,000 | 30 | 15.019 | -1.8914 |
| 1 June - 05 June, 2026 | Overnight | ETB 76,250,000,000 | 54 | 12.157 | -0.1556 |
| 1 June - 05 June, 2026 | 7 Days | ETB 34,750,000,000 | 38 | 17.669 | 2.6501 |
| 08 June - 12 June, 2026 | Overnight | ETB 58,725,000,000 | 57 | 12.525 | 0.3683 |
| 08 June - 12 June, 2026 | 7 Days | ETB 39,600,000,000 | 43 | 16.528 | -1.1412 |
| 15 June - 19 June, 2026 | Overnight | ETB 66,300,000,000 | 59 | 12.416 | -0.1087 |
| 15 June - 19 June, 2026 | 7 Days | ETB 49,800,000,000 | 46 | 15.634 | -0.8945 |
| 22 June - 26 June, 2026 | Overnight | ETB 50,800,000,000 | 45 | 12.411 | -0.0046 |
| 22 June - 26 June, 2026 | 7 Days | ETB 16,800,000,000 | 22 | 14.387 | -1.2471 |
| 29 June - 03 July, 2026 | Overnight | ETB 27,880,000,000 | 30 | 12 | -0.411 |
| 29 June - 03 July, 2026 | 7 Days | ETB 36,050,000,000 | 37 | 12.266 | -2.1207 |
| 06 July - 10 July, 2026 | Overnight | ETB 24,600,000,000 | 23 | 12 | 0 |
| 06 July - 10 July, 2026 | 7 Days | ETB 33,900,000,000 | 39 | 12 | -0.266 |
| 13 July - 17 July, 2026 | Overnight | ETB 2,000,000,000 | 2 | 12 | 0 |
| 13 July - 17 July, 2026 | 7 Days | ETB 29,600,000,000 | 37 | 12.392 | 0.3919 |
| 20 July - 24 July, 2026 | Overnight | ETB 1,000,000,000 | 1 | 13 | 1 |
| 20 July - 24 July, 2026 | 7 Days | ETB 23,900,000,000 | 27 | 13 | 0.608 |
| 27 July - 31 July, 2026 | Overnight | ETB 14,000,000,000 | 6 | 13 | 0 |
| 27 July - 31 July, 2026 | 7 Days | ETB 9,680,000,000 | 17 | 13 | 0 |
| 03 August - 07 August, 2026 | Overnight | ETB 6,350,000,000 | 6 | 13 | 0 |
| 03 August - 07 August, 2026 | 7 Days | ETB 40,950,000,000 | 31 | 13 | 0 |
Total Volume Traded From 31/10/2024 to Date: ETB 3,640,387,000,000.00
A recurring snapshot of activity in Ethiopia’s interbank money market and fixed income segment: volumes, rates, and participation trends over the prior week.
Week of July 13–17, 2026 (latest available)
Equity market:
- 13,743 shares traded across 311 trades, totaling ETB 25.69 million
- Standard 9:00 AM–3:00 PM EAT session
- 3 of 5 listed securities closed lower, none higher
- Wegagen Bank’s 14% decline on thin volume was the standout move
- Gadaa and Abay Bank were flat, continuing a stagnant trading streak
Interbank money market:
- Weighted average rate: 12.000% overnight, 12.392% for 7-day paper
- 7-day rate up 0.39 percentage points over the week, a tightening signal
- ETB 29.6 billion changed hands across 37 trades
Analyst framing from the report: rising short-term funding costs are being watched as a potential headwind for equity valuations, particularly bank stocks like Wegagen and Awash, as the correlation between interbank tightening and share price pressure becomes more visible in a maturing market.