cbe

USD
131.5086
134.1388
,
GBP
174.4955
177.9854
,
EUR
149.8277
152.8243
,
CHF
156.9823
160.122
,
SEK
13.4396
13.7084
,
NOK
12.8108
13.0671
,
DKK
19.7202
20.1146
,
DJF
,
JPY
0.8912
0.909
,
CAD
94.2697
96.1551
,
SAR
35.069
35.7703
,
AED
35.809
36.5252
,
INR
,
KES
,
AUD
83.7181
85.3925
,
ZAR
,
CNY
17.9542
18.3133
,
KWD
420.8198
429.2362

awash

USD
134.3284
137.015
,
GBP
182.8999
186.5579
,
EUR
156.3001
159.4261
,
JPY
0.7944
0.8103
,
SAR
32.3255
32.972
,
AED
33.0163
33.6766
,
CAD
87.636
89.3887
,
CHF
145.6863
148.6
,
NOK
10.8911
11.1089
,
DKK
17.624
17.9765
,
SEK
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY

abyssinia

USD
134.385
137.0727
,
GBP
181.9681
185.6075
,
EUR
155.8784
158.996
,
AED
36.5902
37.322
,
CHF
168.6982
172.0722
,
SEK
14.1354
14.4181
,
NOK
13.3103
13.5765
,
CAD
98.5733
100.5448
,
SAR
35.8331
36.5498
,
CNY
18.7312
19.1058

abay

USD
134.4067
137.0949
,
GBP
182.8066
186.4627
,
EUR
157.6457
160.7986
,
AED
36.5892
37.321
,
ZAR
7.5797
7.7313
,
SAR
35.837
36.5538
,
JPY
0.9238
0.9422
,
CHF
168.5351
171.9058
,
AUD
87.3106
89.0568
,
CNY
18.7366
19.1113

zemen

CAD
98.4091
100.3773
,
EUR
155.998
159.118
,
GBP
173.9501
177.4291
,
SEK
14.1391
14.4219
,
USD
134.4019
137.0899

buna

USD
134.3519
137.0389
,
EUR
154.9901
158.0899
,
GBP
178.2021
181.7661
,
AED
36.192
36.9158
,
SAR
35.7075
36.4217
,
CAD
94.006
95.8861
,
AUD
64.239
65.5238
,
JPY
0.94
0.9588

nib

USD
134.2429
136.9277
,
GBP
183.2684
186.9338
,
EUR
158.2321
161.3967
,
CHF
169.1782
172.5617
,
CAD
98.7734
100.7488
,
AED
36.5446
37.2755
,
SAR
35.7943
36.5102

berhan

wegagen

dgb

USD
132.0724
134.7138
,
EUR
148.5321
151.5027
,
GBP
167.2316
170.5762
,
CHF
130.8214
133.4378
,
SAR
29.9468
30.5457
,
AED
35.8921
36.6099
,
CAD
79.1617
80.7449

enat

USD
133.2192
135.8836
,
EUR
150.9515
153.9705
,
GBP
175.7216
179.236

ahadu

USD
134.2162
136.9005
,
GBP
180.1432
183.7461
,
EUR
154.5012
157.5912
,
CAD
94.4677
96.3514
,
SAR
35.0504
35.7514
,
AED
35.7909
36.5067

addis

USD
134.572
137.2634
,
EUR
158.0003
161.1603
,
GBP
184.1205
187.8029
,
SAR
35.8801
365977
,
CHF
168.4888
171.8586
,
AED
36.6402
37.373
,
KWD
0
0

dashen

USD
134.4989
137.1889
,
EUR
156.0187
159.1391
,
GBP
181.5735
185.205
,
CAD
87.962
89.7212
,
AED
33.1387
33.8014
,
SAR
32.4452
33.0941
,
CNY
16.8602
17.1974

oromia

USD
134.4133
137.1016
,
GBP
177.103
180.645
,
EUR
148.9165
151.8948
,
CHF
169.3929
172.7808
,
SAR
35.8397
36.5565
,
AED
36.591
37.3228

lion

USD
134.0414
136.7222
,
GBP
180.27
183.8754
,
EUR
154.9538
158.0529

developmentbank

USD
132.3534
135.0005
,
GBP
180.6227
184.2351
,
EUR
155.8991
159.0171
,
CHF
166.7339
170.0686
,
SEK
13.8554
14.1325
,
NOK
13.1465
13.4094
,
DKK
20.8944
21.3123
,
DJF
0.7413
0.7561
,
JPY
0.9168
0.9352
,
CAD
97.376
99.3235
,
SAR
35.2895
35.9953
,
AED
36.0302
36.7508
,
INR
1.5492
1.5802
,
KES
1.0228
1.0433
,
AUD
86.7841
88.5198
,
SDR
182.1845
185.8281
,
ZAR
7.5184
7.6687
,
CNY
18.4784
18.848
,
KWD
433.2324
441.897

coop

USD
134.2806
136.9662
,
GBP
181.331
184.9576
,
EUR
155.4649
158.5742
,
AED
34.994
35.6938
,
SAR
34.2674
34.9528

gadaa

USD
134.1095
136.7917
,
GBP
165.8019
169.1179
,
EUR
158.0191
161.1795
,
AED
33.7659
34.4412
,
SAR
33.0073
33.6674
,
CHF
134.1436
136.8265

hijra

USD
134.0024
136.6825
,
EUR
152.5299
155.5805
,
GBP
177.3056
180.8518
,
SAR
36.1163
36.8386
,
AED
36.8772
37.6148

amhara

USD
134.6599
137.3531
,
GBP
184.8746
188.5721
,
EUR
157.7541
160.9092
,
CAD
98.6086
100.5808
,
AED
36.6691
37.4025
,
SAR
35.9055
36.6236

tsehay

USD
132.9499
135.6089
,
GBP
169.2591
172.6443
,
EUR
148.935
151.9137
,
CAD
89.6864
91.4801
,
SAR
33.3311
33.9977
,
AED
34.0606
34.7419
,
AED

tsedey

USD
134.2875
136.9732
,
EUR
158.1772
161.3408
,
GBP
183.2621
186.9274
,
AED
36.5567
37.2879
,
CHF
169.1704
172.5538
,
SEK
14.0578
14.339
,
NOK
13.3386
13.6054
,
DKK
21.1997
21.6237
,
DJF
0.7521
0.7671
,
INR
1.5719
1.6033
,
JPY
0.9302
0.9488
,
CAD
98.7989
100.7749
,
SAR
35.8052
36.5213
,
ZAR
7.6282
7.7808
,
CNY
18.7484
19.1234
,
KWD
439.5632
448.3545
,
KES
1.0378
1.0585

siinqee

USD
134.08
136.7616
,
EUR
157.015
160.1553
,
GBP
181.7173
185.3516
,
SAR
23.1262
23.5887
,
CHF
123.4786
125.9482
,
AED
36.3332
37.0599

hibret

USD
134.0001
136.6801
,
GBP
176.1027
179.6248
,
EUR
156.2897
159.4155
,
AED
36.4785
37.2081
,
CAD
98.5875
100.5593
,
CNH
18.7083
19.0825
,
CHF
148.0209
150.9813

gohbetoch

zamzam

USD
132
134.64
,
GBP
177.072
180.6134
,
AED
36.2533
36.9784
,
EUR
149.748
152.743
,
SAR
35.3367
36.0434
,
CAD
95.625
94.5375
,
CHF
160.185
163.3887

nbe

JPY
0.9382
0.9476
,
KWD
443.3502
447.7837
,
CNY
18.9099
19.099
,
ZAR
7.694
7.7709
,
XDR
186.4392
188.3036
,
EUR
159.54
161.1354
,
AED
36.8717
37.2404
,
SAR
36.1137
36.4748
,
AUD
88.8109
89.699
,
CAD
99.6501
100.6466
,
USD
135.4444
136.1459
,
KES
1.0467
1.0781
,
INR
1.5854
1.6013
,
DJF
0.7586
0.7813
,
DKK
21.3824
21.5962
,
NOK
13.4535
13.588
,
SEK
14.1789
14.3207
,
CHF
170.6279
172.3341
,
GBP
184.841
186.6894

binance

USDT
160.89
160.25

finance minister to strengthen the required criteria to establish Banks  

 

 

finance minister

 

 

The Ethiopian finance minister has announced that the criteria which are required during the establishment and launching of new Banks in Ethiopia will face some changes and add more strengthening policies to grow the sector, the Minister Ato. Ahmed Shide Explained that the change is in consideration because Ethiopia is having a high numbered of upcoming new Banks The minister made it clear that most of the Banks are joining the market holding a very similar vision and work practice and within the upcoming change of regulation Banks which share a similar purpose shall consider to merge and work for there sustainable existence on the sector.

 

He also advised banks to think about mergers, since the requirements for establishing a bank in Ethiopia are getting wider and stronger, banks with the same purpose should prepare to merge and work, said Finance Minister Ahmed Shide.

 

The finance minister Mr. Ahmed, in his appearance and honor speech he gave at the inauguration program of Ramis Bank ( the fourth bank established to provide completely interest-free banking services in Ethiopia.) made a bold point and explained that the requirements for establishing banks are getting stronger and the government is opening up the financial sector to foreign companies, and the local Banks should be ready for the competition that awaits them.

The Minister stated that for banks to strengthen themselves, one option is for banks with similar objectives to work together and strengthen each other’s aim.

 

What is the current finance minister’s requirement on Bank establishment?

 

Currently, the main requirement for establishing a bank in Ethiopia is the amount of capital. According to the National Bank of Ethiopia law issued a year ago, the paid-up capital required to establish a bank was decided to be five billion Ethiopian birr.

 

The Deputy Governor of the National Bank of Ethiopia Mr. Solomon who was also present at the opening ceremony stated that even if progress is being made in Ethiopia’s interest-free banking service, only 40 percent of the total deposits collected are used for loans, which is a sign that more work needs to be done.

 

According to the Deputy Governor, in the eleventh month of the financial year, the total amount of deposits collected through a window and completely interest-free banks reached 171 billion birr. However, he mentioned that only 40 percent, or 68.8 billion birr was transferred to consumers in the form of loans. The number of interest-free depositors reached 15.60 million.

 

“Only 40 percent was used for loans. We see that 60 percent of this is not provided in the form of finance,” said Mr. Solomon, which still has a long way to go in terms of accessibility, so we need more work in terms of financial knowledge, customer protection, and legal framework.

He pointed out that the National Bank has started various activities, believing that it is necessary to study and implement financial options to fill this gap.

 

Mr. Solomon reminded me that the number of users who took loans from institutions that provide interest-free banking services is only 39.9 thousand. In general, this indicates that banks that offer interest-free services are not lending as many deposits as they have collected.

 

Apart from the banks that are currently providing the service at the window level, nine macro-finance and insurance companies are providing interest-free banking services at the window level, so the number of those providing services in this sector has reached 2, likewise, four insurance companies provide interest-free insurance services in Ethiopia. which has given 48.41 million birr worth of interest-free insurance services only in the previous week

 

Thus, it is said that interest-free banking services and interest-free insurance services have a long way to go in terms of accessibility.

 

According to Mr. Solomon, there is progress in Ethiopia’s interest-free banking service, but only 40 percent of the total deposits are used for loans, which shows that more work needs to be done. In this regard, there is still a lot to be done, but the National Bank of Ethiopia is working to fill this gap.

 

In particular, the deputy governor replayed the given comments regarding the frame work not being enough stating that the framework is under correction and that the national bank is working on the legal framework.

 

Regarding Ramis Bank, Mr.Ahmed, finance minister remained that Ramis Bank which is one of the banks established to provide completely interest-free banking services, shall not only stand its vision only on the country level but on being one of the best servers in East Africa.

 

The Minister of Finance Ato Ahmed stated that the country’s access to finance is growing from time to time and stated that various reforms have been implemented to increase financial inclusion.

 

Among them, he cited as an example the introduction of an independent Shariah-based interest-free banking service. He said that banks that were established to provide interest-free banking services have shown many benefits to the people who were unable to come to the bank because of their faith.

 

In addition to answering the question that has been asked for ages, the launch of this service was also a matter of rights, and the results obtained