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

abyssinia

USD
132.2414
134.8862
,
GBP
174.5586
178.0498
,
EUR
149.7776
152.7732
,
AED
36.0105
36.7307
,
CHF
161.9216
165.16
,
SEK
13.8845
14.1622
,
NOK
13.175
13.4385
,
CAD
96.8518
98.7888
,
SAR
35.2597
35.9649
,
CNY
18.416
18.7843

abay

USD
132.2453
134.8902
,
GBP
179.7874
183.3832
,
EUR
153.4442
156.5131
,
AED
36.0067
36.7268
,
ZAR
7.4337
7.5824
,
SAR
35.2504
35.9554
,
JPY
0.922
0.9404
,
CHF
162.8636
166.1209
,
AUD
86.1842
87.9079
,
CNY
18.4275
18.7961

zemen

buna

USD
132.2524
134.8974
,
EUR
148.7074
151.6815
,
GBP
173.5644
177.0357
,
AED
35.7075
36.4217
,
SAR
34.1012
34.7832
,
CAD
89.1012
90.8832
,
AUD
64.239
65.5238
,
JPY
0.8603
0.8775

nib

USD
131.9869
134.6267
,
GBP
178.084
181.6457
,
EUR
149.696
152.6899
,
CHF
160.023
163.2234
,
CAD
95.6878
97.6015
,
AED
35.9349
36.6536
,
SAR
35.1881
35.8918

berhan

USD
132.3117
134.9579
,
EUR
153.5213
156.5917
,
GBP
179.8778
183.4753
,
CAD
97.0454
98.9863
,
AED
36.0247
36.7452
,
CNY
18.4368
18.8055

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
131.9999
134.6398
,
EUR
149.5378
152.5286
,
GBP
173.5986
177.0706

ahadu

USD
132.2603
134.95
,
GBP
174.1091
177.5913
,
EUR
147.0413
149.9821
,
CAD
58.8603
61.8033
,
SAR
21.7111
22.7967
,
AED
22.1751
23.2839

addis

USD
132.4603
135.1095
,
EUR
149.9121
152.9103
,
GBP
176.8196
180.356
,
SAR
35.3171
36.0234
,
CHF
160.7918
164.0077
,
AED
36.0632
36.7845
,
KWD
0
0

dashen

USD
131.8746
134.5121
,
EUR
146.3808
149.3084
,
GBP
169.7623
173.1576
,
CAD
86.2457
87.9706
,
AED
32.4921
33.1419
,
SAR
31.8121
32.4484
,
CNY
16.5312
16.8618

oromia

USD
132.3112
134.9574
,
GBP
174.3332
177.8199
,
EUR
146.5876
149.5193
,
CHF
160.6109
163.8231
,
SAR
35.2773
35.9829
,
AED
36.0227
36.7431

lion

USD
132.335
134.9817
,
GBP
174.6382
178.131
,
EUR
150.0776
153.0792

developmentbank

USD
131.8409
134.4777
,
GBP
177.5897
181.1415
,
EUR
150.4173
153.4256
,
CHF
160.0399
163.2407
,
SEK
13.7121
13.9864
,
NOK
13.0176
13.2779
,
DKK
20.1659
20.5693
,
DJF
0.7384
0.7532
,
JPY
0.9076
0.9258
,
CAD
96.3397
98.2665
,
SAR
35.1519
35.855
,
AED
35.8946
36.6125
,
INR
1.5425
1.5734
,
KES
1.0189
1.0392
,
AUD
85.8021
87.5181
,
SDR
179.4355
183.0242
,
ZAR
7.4483
7.5973
,
CNY
18.3456
18.7125
,
KWD
430.3287
438.9353

coop

USD
131.8106
134.4978
,
GBP
168.331
171.6976
,
EUR
143.4649
146.3342
,
AED
32.994
33.6538
,
SAR
32.2674
32.9128

gadaa

USD
132.3432
134.9901
,
GBP
164.0356
167.3163
,
EUR
150.4273
153.4358
,
AED
33.7659
34.4412
,
SAR
33.0073
33.6674
,
CHF
134.1436
136.8265

hijra

USD
132.1009
134.743
,
EUR
148.0245
150.985
,
GBP
173.278
176.7436
,
SAR
35.8412
36.558
,
AED
36.5963
37.3282

amhara

USD
132.998
135.658
,
GBP
179.7069
183.301
,
EUR
152.0832
155.1249
,
CAD
97.1923
99.1362
,
AED
36.2156
36.9399
,
SAR
35.4624
36.1716

tsehay

USD
131.5382
134.169
,
GBP
169.2591
172.6443
,
EUR
147.856
150.8131
,
CAD
89.6864
91.4801
,
SAR
33.3311
33.9977
,
AED
34.0606
34.7419
,
AED

tsedey

USD
132.2392
134.8839
,
EUR
153.4371
156.5058
,
GBP
179.7791
183.3747
,
AED
36.005
36.7251
,
CHF
162.8561
166.1132
,
SEK
14.0065
14.2866
,
NOK
13.2585
13.5237
,
DKK
20.5692
20.9805
,
DJF
0.7406
0.7554
,
INR
1.546
1.5769
,
JPY
0.9219
0.9404
,
CAD
96.9922
98.932
,
SAR
35.2487
35.9537
,
ZAR
7.4334
7.5821
,
CNY
18.4267
18.7952
,
KWD
432.2766
440.9221
,
KES
1.0219
1.0424

siinqee

USD
132.0996
134.7416
,
EUR
150.5593
153.5705
,
GBP
178.7073
182.2814
,
SAR
23.1262
23.5887
,
CHF
123.4786
125.9482
,
AED
36.3332
37.0599

hibret

USD
132.2
134.844
,
EUR
149.0078
151.988
,
GBP
171.2119
174.6361
,
CHF
148.0209
150.9813

gohbetoch

USD
132.2305
134.8751
,
EUR
148.8552
151.8323
,
GBP
174.4931
177.9078
,
AED
35.0447
35.7758

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
0.9296
0.9389
,
KWD
437.0664
441.4371
,
CNY
18.6464
18.8329
,
ZAR
7.5052
7.5802
,
XDR
182.3467
184.1702
,
EUR
152.6013
154.1273
,
AED
36.4948
36.8597
,
SAR
35.7387
36.0961
,
AUD
86.7833
87.6511
,
CAD
97.746
98.7235
,
USD
134.0489
134.1149
,
KES
1.0351
1.0662
,
INR
1.5601
1.5757
,
DJF
0.7508
0.7733
,
DKK
20.4614
20.666
,
NOK
13.2437
13.3762
,
SEK
13.9438
14.0833
,
CHF
162.7597
164.3873
,
GBP
181.2877
183.1006

binance

USDT
157.29
156.7

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