Since the establishment of the Bank of Abyssinia (a one million shilling venture between the Ethiopian government and the Central Bank of Egypt, which was owned by the British government) in 1905, provision of modern financial services have seen ups and downs in the country. After the liberalization of the financial sector in the early 90s, the sector has shown better performance. Especially, in the last six years the sector seems to be in a massive expansion phase. From June 2008 to June 2013, the number of bank branches has more than tripled while the number of banks operating in the economy has increased by around 73Pct. Yet this number cannot show the whole picture. Still the country is among the most unbanked nations in the world. A single branch serves more than 50 thousand citizens, capitalization and diversified, technologically advanced, new products are still insignificant, often directed and dictated by the National Bank. The percentage of the population that uses modern financial products is still in single digits.

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Is the number of households in Addis Ababa with monthly income of USD500, according to The Addis Ababa Consumer Report, a report released on August 30,2013 by Sagaci Research, a market intelligence firm dedicated to African markets, based in Paris. The firm’s survey over 1,000 households in the capital city also found out that 10Pct of these households earn more than USD1,000 per month. The report provides an overview of households’ expenditures and consumer behaviours in the different income classes, including equipment ownership, savings, and financial services usage, shopping behaviours as well as mobile, internet usage and TV preferences. Sagaci research, founded in 2012 by former consultants from The Boston Consulting Group (BCG), publishes reports and databases on retail and consumer goods, statistical data on household consumption and conducts field studies in 19 countries of the continent.

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The ambitious Growth and Transformation Plan of the country, in implementation since 2010, envisions pegging the inflation rate in the economy in single digits, but it has taken more than half the period of the plan for the government to achieve this. And this has coincided with a relatively lower level of economic growth. Identified as among the main challenges of the growing economy of the nation, inflation stayed stubbornly high, reaching astronomical figures (64.2 Pct in July of 2008), for the good part of the last decade. Inflation Rate averaged 21.07 Pct from 2006 until 2013.

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Ethiopia to Host the 4th International Coffee Conference

Ethiopia to Host the 4th International Coffee Conference

Ethiopia is set to host the 4th International Coffee Conference from March 6 – 8, 2016 in Addis Ababa at the United Nations Conference Center. Previous conferences were held  in England in 2001, Brazil in 2005 and Guatemala in 2010. Read more

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