Ethiopia is the largest country in the world with a closed capital account and a functioning capital market. The current underdevelopment of its capital markets starkly opposes the vibrant money and securities market during the 1960s under the Share Dealers Group. The group was a network primarily composed of large banks such as the Commercial Bank of Ethiopia, Development Bank of Ethiopia, Addis Ababa Bank, and other private companies and individual investors. The increased transaction of financial assets prompted the state bank to formalize the Share Dealers Group and the National Bank of Ethiopia opened a department that oversaw its operation under its board chairmanship. Through the market, various entities were able to sell their shares to the public and had access to short-term capital by using equity securities as collateral. However, the group ceased to exist in 1975 following the nationalization of most of the member companies, stymying the development of the financial infrastructure.




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