Foreign currency generated from export of Gold exceeded coffee, for the first time. Gold generated USD265.3 million during the first quarter of 2020/21, while coffee USD230.5 million, followed by cut flower and khat, at USD138.2 million and USD129.5 million, respectively.

The National Bank of Ethiopia (NBE) announced there are only 12 days left to transact with the old currency notes. After the 12 days, people can bring the old notes to banks and change it with the new ones, but cannot transact with it.

The Addis Ababa city administration has discovered over 1,000-hectare plots of land whose owners are unknown and held illegally. The administration also found 100 houses unidentified with legal owners.

The informal land and housing market mushroomed in the capital, is under reform, according to Adanech Abebe, deputy mayor, while disclosing findings of undergoing land and housing audit assessment.

Number of Ethiopian asylum seekers crossed into Sudan has surpassed 25,300, according to United Nations for the Coordination of Humanitarian Affairs (UNOCHA). “the UN is alarmed by the escalating conflict in north Ethiopia, increasing insecurity in western and southern Oromia, as well as eastern Benishangul Gumuz region,” stated the organization, on November 16, 2020.

Ethiopia’s new commercial code, which is currently at draft stage at the House of People’s Representative (HPR), allows establishment of One Person PLC, a provision not included in the existing code, which was ratified in 1960.

Zamzam bank, the first full fledged interest free bank, became operational on october 12, 2020. The bank has received its operation license from Yinager Dessie (PhD) governor of NBE, at a grand inauguration ceremony at Skylight hotel.

The capital will have 1,500 electric buses under Bus Rapid Transit (BRT), a new mass transport routes the city administration is aspiring to build, Abdisa Yadeta, director of Federal Transport Authority, told EBR. The electric buses will be part of the 3,000 new buses the city administration is procuring in a bid to relief the transport shortage in the capital, which is political, economic and diplomatic seat. The EV buses will be linked to a dedicated power grid similar to the light railway.

At least five cement investment projects are in the pipeline, after the revised Investment Proclamation allowed cement investment, which was banned eight years ago, due to market saturation.

New cement projects named Dangite, Sinoma and Berberta requested to invest in billions of  Birr, while Abay and Derba are already building production lines. Derba has got green light for expansion, which increases its production capacity by 2.5-million-ton per year.

The Ethio-Djibouti Gauge Railway (EDR) managed to transport 15pct of Ethiopia’s 16-million-ton annual import-export cargo, of which 90pct is import.  Although EDR planned to cover 40pct of Ethiopia’s import-export, 15pct is a great achievement, according to Tilahun Sarka (Eng.), director general of Ethio-Djibouti railway S.C.

The National Bank of Ethiopia (NBE) replaced Ethiopia’s existing currency notes which served the economy for the last 23 years. The bank introduced four new currency notes of 10, 50, 100 and 200 values on September 14, 2020, at the PM office, at the presence of PM Abiy Ahmed, the cabinet and bank presidents.