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@birrmetrics

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Reporting on Ethiopia's growing private sector. Tracking trends in Ethiopia's business, economic landscape. Digital Media Co. Email: birrmetrics @gmail .com

Addis Ababa, Ethiopia
Joined December 2020
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@birrmetrics
Birrmetrics
1 month
Just released - Birrmetrics' 6th edition analyzes the effects of the July 29th floating of Ethiopia's currency, the birr. The special edition explores impacts on inflation and markets from staples to EVs. Download your copy or read now: []
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@birrmetrics
Birrmetrics
3 years
Ethiopia exported almost a quarter of a billion dollar worth of coffee in the last two months. Achieving 141 percent of the target, it is a record-high performance in the history of the country.
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@birrmetrics
Birrmetrics
11 months
Ethiopian billionaire Mohammed Al-Amoudi has seen his net worth surge over $2.8 billion in 3 weeks, rising to $8.18 billion, fueled by strong performance of his stakes in Preem, Midroc Gold, and other companies across Sweden, Saudi & Ethiopia. Read More:
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Birrmetrics
7 months
BREAKING: A new directive from Ethiopia's Investment Board has opened the export, import, retail, and wholesale sectors to foreign competition for the first time. Read More:
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3 months
The central banks of the United Arab Emirates and Ethiopia signed a bilateral currency swap agreement worth up to 3 billion dirhams ($816.79 million) on Tuesday. Read More:
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Birrmetrics
7 months
Prime Minister Abiy Ahmed (PhD) announces plans to permit foreign investors to purchase residential property for the first time, signaling a major shift. The new policy would give foreigners full access to the housing market. Read More:
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Birrmetrics
3 months
BREAKING: The World Bank approved $1.5 billion for Ethiopia and pledged a total financial package of over $16.6 billion over the next three years to support Ethiopia's economic transition and reforms. Read More:
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11 months
BREAKING: Ethiopia has secured over $1.5 billion in debt relief, central bank governor Mamo Mihretu announced. The interim debt suspension has been approved by creditors committee co-chairs France & China, according to him. Read More:
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Birrmetrics
11 months
Default deadline is December 11. Ethiopia warns it does not have enough foreign reserves to make the $33 million payment due on its $1 billion eurobond. Talks with creditors break down, raising the risk of a technical default for Ethiopia. Read More:
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Birrmetrics
2 months
Central Bank Governor Unveils 100 Billion Birr ($952M) Loan for Diaspora to Boost Remittances. Loan program aims to increase vital foreign currency inflows to Ethiopia by providing financing to the diaspora community for investments back home. Read More:
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Birrmetrics
11 months
Ethiopia unveils plans to more than double its power generation capacity over the next 3 years. The state utility Ethiopian Electric Power aims to boost total installed capacity to nearly 9,000 megawatts through landmark projects like the GERD and new wind/solar farms.
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Birrmetrics
10 months
BREAKING: Ethiopia in talks with IMF for potential $3.5B loan deal to support economic reforms including forex liberalization, per Reuters. Deal could finalize in early 2024 & help address Ethiopia's estimated $11.5B financing gap until 2028. Read More:
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Birrmetrics
6 months
A report reveals top 10 borrowers held ~23.5% of all bank loans in Ethiopia, while just 0.5% of customers with over 10 million birr in exposure took 73.7% of total loans. Read More:
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Birrmetrics
7 months
BirrMetrics Digital Magazine is out with our first edition! 🎉 Get insights from ECMA head and investigative stories on edible oils and major issues impacting Ethiopia's economy. Download now or read online at to explore the latest business updates.
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@birrmetrics
Birrmetrics
11 months
Ethiopia has successfully finalized a two-year suspension of debt payments owed to China, securing a crucial reprieve as it grapples with growing financial pressures. Read More:
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Birrmetrics
9 months
BREAKING: Temesgen Tiruneh, the former Chief of Intelligence, has been appointed as the Deputy Prime Minister of Ethiopia. The Parliament has officially approved his new position, marking a major change in the country's leadership.
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@birrmetrics
Birrmetrics
11 months
In a major milestone, Ethiopia's Ministry of Finance has signed a landmark $600M agreement with UAE renewable energy leader AMEA for development of Aysha Wind Power Project - set to become Horn of Africa's largest onshore wind farm at 300MW. Read More:
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Birrmetrics
8 months
Ethiopia has brokered a preliminary deal to export surplus hydropower to Tanzania via Kenya's interconnected grid. Wheeling contracts still need negotiating to govern cross-border electricity exchange and create a competitive market. Read More:
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Birrmetrics
3 months
FLASH UPDATE: Former Minister of Mines and Ex-Mayor of Addis Ababa Takele Uma has been appointed as the new CEO of Ethio-Djibouti Railway S.C.
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Birrmetrics
1 year
Kenya will eliminate visas for all Africans by end of 2023 to boost intra-African trade, announced President William Ruto. He said visa-free travel and lower tariffs within Africa will help realize potential of African Continental Free Trade Area.
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1 year
Ethiopia is planning to float its currency, the Ethiopian birr, as part of its second homegrown economic reform agenda and access a loan from IMF and World Bank. Both IMF and WB have agreed to support Ethiopia in response to its liberalization plan.
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10 months
Ethiopia officially declared default after missing a $33M coupon payment on its eurobond. Payment was due Dec 11 with a 14-day grace period extending deadline to Dec 27, but payment was not made, marking anticipated default within the period. Read More:
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10 months
East Africa energy body overseeing regulator cooperation has relocated its secretariat from Ethiopia to Uganda. The move backed by $5.4M from African Development Bank to support the secretariat's operations in Uganda. Read More:
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6 months
Kenya working to challenge Djibouti's grip on Ethiopia's trade routes. Plans are in motion to cut tariffs at Lamu Port in an effort to attract more of Ethiopia's lucrative cargo volume. Read More:
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Birrmetrics
1 year
PM Abiy secures critical debt relief support from Saudi Arabia during talks in Riyadh. Saudi agrees to assist Ethiopia with debt restructuring, providing much needed fiscal space to advance economic reforms and development objectives. Read More:
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Birrmetrics
2 years
The Ethiopian government owes 56.4 billion dollars to domestic and external lenders, a new report by the Ministry of Finance shows.
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Birrmetrics
2 months
Ethiopia to construct new rail link connecting key petroleum depot to Ethio-Djibouti Railway by Sept 2024. Officials aim to enable efficient fuel transport via idle fuel tanks and reduce reliance on trucking. Read More:
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Birrmetrics
6 months
Ethiopia's weaving industry in trouble as cheap "Chinese Menen" fabrics dominate the market. Local handwoven textiles cannot compete with speed & price of factory cloth. Traditions at risk & weavers warn Ethiopia is losing more than an industry. Read More:
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Birrmetrics
10 months
Ethiopia's foreign direct investment (FDI) has taken a major hit, new EY report shows. FDI projects dropped from 34 in 2019 to just 6 in 2022, with less than $1B inflow. Meanwhile, Uganda attracted $10B in 2022 from 9 projects. Read More:
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Birrmetrics
3 months
The Ethiopian Ministry of Finance says the ban on importing fuel-powered cars will remain in place, even as the central bank lifts restrictions on 38 other previously banned import items. Read More:
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6 months
The UK has removed all import tariffs on cut flowers from Ethiopia and other East African countries starting in 2024, aiming to boost a sector already worth £12M+ to Britain in 2023 alone. Read More:
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11 months
HUGE DEAL: Ethiopian Airlines to purchase 31 aircraft from Boeing for $5.6 billion, securing its position as the largest aviation group in Africa. Order includes 11 787 Dreamliners and 20 737 MAX planes. Read More:
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@birrmetrics
Birrmetrics
5 months
#Ethiopia approves largest budget in history at nearly 1 trillion birr ($17.4B) for fiscal 2024/25, marking a 25% increase over last year. The budget growth outpaces the country's 23.3% inflation rate and will now go to Parliament for approval. Read More:
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Birrmetrics
9 months
BREAKING: Taye Atske Selassie has been named Ethiopia's new Minister of Foreign Affairs. The appointment is approved by parliament today. Taye will replace Demeke Mekonnen in the role. Demeke had concurrently served as Deputy Prime Minister and Minister of Foreign Affairs.
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Birrmetrics
3 months
With insufficient liquidity due to a wider cash shortage stemming from the government's credit cap policy, black market forex traders are in turmoil as birr swings wreak havoc on their operations. Read More:
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2 months
The National Bank of Ethiopia (NBE) has launched a new mobile application aimed at making it more convenient for the Ethiopian diaspora to send money and invest in their home country. Read More:
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Birrmetrics
3 months
Ethiopia's central bank orders banks to stop charging most foreign exchange fees as part of reforms to increase transparency in the forex market. No commissions on FX sales except for nominal fees related to LC and other payments. Read More:
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Birrmetrics
9 months
Ethiopian Capital Market Authority to begin licensing investment banks starting February 12th, with the rollout of the new regulatory regime. Read More:
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Birrmetrics
10 months
BitCluster, a Russian Bitcoin mining firm, is commissioning a 120 MW Bitcoin mining data center in Ethiopia. Slated to launch in January 2024, the facility aims to position Ethiopia as a major contender in the global Bitcoin mining industry. Read More:
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4 months
Ethiopia's Council of Ministers has approved the country's first national artificial intelligence policy, laying out goals for driving development through strategic adoption of the technology. Read More:
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7 months
Zemen Bank is auctioning off a property from WA Edible Oil Refinery, owned by prominent investor Worku Aytenew. The three-storey building will be auctioned on May 10, starting at 62.7 million birr. Read More:
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7 months
Ethiopia announces plans for a new $90 million coffee research center to be built in Yirgacheffe, a major coffee growing region. The center aims to strengthen Ethiopia's billion-dollar coffee industry through supporting research & innovation. Read More:
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6 months
Ethiopia has relaxed rules limiting sales from industrial parks into the domestic market. Foreign manufacturers inside parks can now sell up to 50% of annual output locally, compared to previous restrictions that all production be exported. Read More:
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Birrmetrics
3 months
Ethiopia to hold its first-ever US dollar auction TOMORROW in a bid to stabilize the plummeting birr currency. The high-stakes auction comes just a week after lifting decades-old currency controls. Read More:
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Birrmetrics
10 months
Ethiopia and Somaliland have signed a Memorandum of Understanding that aims to improve Ethiopia's access to seaports. The agreement was inked in Addis by Prime Minister Abiy Ahmed and Somaliland President Muse Bihe. Read More:
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Birrmetrics
3 months
BREAKING: Parliament declares 3 days national mourning period after deadly landslides in Gofa Zone kill over 200 people, with UN estimating death toll to top above 500. Rescue operations continue amid damaged infrastructure. Read More:
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Birrmetrics
9 months
The Ethiopian Capital Market Authority has announced it will begin accepting license applications for investment banks within two weeks. Minimum capital requirements are 100M Birr for full banks and 25M for non-bank institutions. Read More:
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Birrmetrics
1 month
Ethiopia's state-owned electricity provider has announced its total assets have surpassed 6.6 billion dollars- marking a major milestone. Read More:
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Birrmetrics
4 months
BREAKING NEWS: #Ethiopia 's central bank unveils transition to interest rate-based monetary policy framework in video statement by Governor Mamo Mihretu. Initial policy rate set at 15% as authorities aim to cement recent inflation declines. Read More:
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Birrmetrics
2 months
Ethiopia has shut down over 3,500 retailers and wholesalers, including suppliers of cement and rebar, as part of a crackdown on price gouging following the birr's 77% depreciation. Read More:
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Birrmetrics
3 months
FLASH UPDATE: Italian construction titan Simonpietro Salini, who as CEO of Salini Impregilo (now Webuild) built the dams powering Ethiopia's economy for decades, including pioneering projects and ongoing work on GERD, has died at 92.
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Birrmetrics
9 months
All international staff of the African Development Bank will return to Ethiopia after resolving a serious diplomatic incident. Meetings between AfDB President Akinwumi Adesina & PM Abiy in late Dec 2023 yielded positive results & an agreement. Read More:
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Birrmetrics
2 months
Analysis reveals Ethiopian banks charge the widest forex spreads compared to other major currency markets across Africa. The gap between buy and sell prices in Ethiopia's FX trading significantly exceeds regional norms. Read More:
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Birrmetrics
4 months
Ethiopia's central bank could see one of the largest capital injections for a monetary authority if parliament approves a draft law. It would raise the minimum paid-up capital of NBE from 500 million Birr to 10 billion Birr, 1800% boost. Read More:
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Birrmetrics
4 months
BREAKING NEWS: Ethiopia's Central Bank rolls out new banking directives to redistribute the country's imbalanced loan portfolio. Key reforms include 25% cap on individual exposures, faster NPL declaration & 15% related party lending limit. Read More:
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Birrmetrics
9 months
Addis Chamber launches credit rating services for local businesses in Ethiopia through a new partnership with UAE-based ICRA Rating LLC. It aims to provide objective evaluations of companies' creditworthiness. Read More:
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Birrmetrics
7 months
Deloitte secures first securities advisor license in Ethiopia from Ethiopian Capital Market Authority. This allows Deloitte to offer mergers & acquisitions advisory, equity capital markets, & transaction advisory services to clients in Ethiopia. Read More:
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Birrmetrics
6 months
In its latest economic outlook, the IMF projects ongoing stronger-than-average expansion of Ethiopia's economy in the coming years. Real GDP is predicted to grow 6.2% in 2024 and 6.5% in 2025, beating the 3.2% growth forecast worldwide. Read More:
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Birrmetrics
3 months
In response to indications traders used introduction of a floating exchange rate as cover for “excessive and unjustified price increases, Ethiopia took action against 387 retailers in its capital city. Read More:
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Birrmetrics
10 months
Zemen Bank has become the first financial institution to invest in the Ethiopian Securities Exchange, purchasing a five percent stake worth 47.5 million Br. Read More:
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Birrmetrics
4 months
NEWS ALERT: The Council of Ministers has approved a proclamation that will legalize foreign ownership stakes in local lenders. The changes will allow foreign banks to hold shares in Ethiopian banks and set up new fully-owned subsidiaries. Read More:
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Birrmetrics
3 months
Ethiopia's foreign direct investment (FDI) jumped over $3.8 billion in the just-ended 2023/24 fiscal year, up 22% in the number of projects and 11.5% in value, the government said. Read More:
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Birrmetrics
10 months
BREAKING: Ethiopia set to become the first African country to recognize Somaliland as a republic. In exchange, Somaliland will lease 20 km of coastal land to Ethiopia to build a naval base.
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Birrmetrics
10 months
Ethiopia and Somaliland have signed a Memorandum of Understanding that aims to improve Ethiopia's access to seaports. The agreement was inked in Addis by Prime Minister Abiy Ahmed and Somaliland President Muse Bihe. Read More:
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3 months
BREAKING: Ethiopia's central bank says currency reforms will receive $13.5bn in coordinated financing support from multilateral lenders and creditors to ease transition to a liberalized foreign exchange market and floating exchange rate system. Read More:
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Birrmetrics
5 months
Ethiopia sees sharp decline in inflation as rates fall to 23.3%, the lowest level in 3 years. While food inflation dipped slightly to 27%, non-food inflation plunged to 18%—below half the rate of a year ago—indicating tighter demand pressures. Read More:
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Birrmetrics
3 months
BREAKING: IMF approves major $3.4B financing package for Ethiopia's economic reforms. Board agrees on 4-year ECF arrangement including $1B immediate disbursement. Critical support as Ethiopia works to restore debt sustainability and lay foundations for private sector-led growth.
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Birrmetrics
3 months
The central bank has relaxed rules, allowing banks to directly invest in the country's capital markets for the first time by permitting up to 100% ownership in investment banks, brokerages and other operators to deepen the stock exchange. Read More:
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Birrmetrics
11 months
Ethiopia's Minister of Mines declares lithium as the fuel of the future, signaling Ethiopia’s potential to leverage surging global demand by exporting its reserves. Read More:
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Birrmetrics
4 months
Ethiopia is ramping up tea production, planting over 460 million saplings. It aims to develop tea into a pillar crop alongside coffee, which currently earns over $1.4 billion annually in exports. Tea exports total just $2 million. Read More:
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Birrmetrics
6 months
Ethiopia's failure to develop edible oil supply chains is crippling its domestic processing industry, leaving factories idle and consumers facing higher prices. Read More:
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3 years
United Bank, one of the first-generation financial institutions since the liberalization of Ethiopia's economy three decades ago, Inaugurates its 3.7 billion Br worth headquarters in financial district.
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Birrmetrics
3 months
BREAKING: Ethiopia ends bank monopoly on currency trade with new rules that allow banks and non-bank bureaus to set own FX rates, floats exchange rate as it overhauls foreign exchange regime. Read More:
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Birrmetrics
3 months
Ethiopia is on the verge of transitioning to a flexible foreign exchange regime, laying the groundwork to allow its currency, the birr, to float freely based on market forces, as a part of its Macro-Economic Reform Program announced today. Read More:
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8 months
African leaders propose redirecting of foreign reserves from foreign institutions that offer negative interest to African banks. Read More:
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7 days
BREAKING NEWS: Ethiopian Prime Minister Abiy Ahmed (PhD) officially launched the partial privatization of state-owned telecom today, with retail investors able to purchase a 10% stake in the telecom via its popular mobile money platform, TeleBirr.
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3 months
Ethiopia’s central bank will now value gold purchases at current exchange rates, ending premium payments above global prices. The aim is to align with the country’s new flexible exchange rate regime. Read More:
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Birrmetrics
3 months
BirrMetrics launches "Meet the CEOs" profiling top Ethiopian CEOs in an infographic. First up - Awash Bank President Tsehay Shiferaw, whose leadership has made it the largest private bank.
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Birrmetrics
6 months
Just weeks after Ethiopia opened its retail and wholesale sectors to foreign ownership as part of its trade liberalization reforms, a delegation of Kenyan investors has travelled to Addis Ababa to explore potential partnership opportunities. Read More:
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Birrmetrics
10 months
Ethiopia takes next step to join AfCFTA by establishing National AfCFTA Implementation Committee. This committee will oversee Ethiopia's participation in and adherence to the rules of the African Continental Free Trade Area agreement. Read More:
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Birrmetrics
1 year
Breaking_News: Ethiopia submits initial tariff offers to #AfCFTA , kicking off implementations of the landmark agreement aiming to create a $3.4 trillion free trade zone across Africa. Read More:
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Birrmetrics
7 months
Amhara Bank takes #1 spot on Ethiopia's securities exchange with record 90.6M birr investment, surpassing previous leader Awash Bank. Read More:
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8 months
The government of Kenya has exempted Ethiopian citizens from paying the $30 electronic travel authorization (ETA) fee, according to an announcement by Ethiopia's Ambassador to Kenya. Read More:
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2 months
Ethiopian coffee farmer Basha Bekele hits the jackpot at #CupofExcellence auction, setting a record by selling his prized lot for nearly $1,000/kg. The competition-winning beans fetched $445/lb, rewarding quality and connecting farmers to int'l markets.
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9 days
Projected growth remains strong according to key figures from Ethiopia's 2024/25 budget: [BirrMetrics Infographic shows the following stats visually in graphic format]
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3 months
BREAKING: The International Monetary Fund's board is set to meet on July 29 to formally review a new lending arrangement to Ethiopia, as reported by Bloomberg. Read More:
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9 months
National Bank of Ethiopia partners with Montran to build a new Central Securities Depository, in an effort to digitalize post-trade activities & promoting safer, more efficient trading and settlement of securities in Ethiopia's capital markets. Read More:
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7 months
The Development Bank of Ethiopia to soon launch new equity funding windows for startups, part of the government’s comprehensive startup reform agenda. Watch: 👇🏿
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1 year
As prospects dim in Mogadishu, Djibouti spotlights its legacy hosting the Ethiopian Naval Force and positions itself as an alternative facilitator of Ethiopia's Red Sea trade access needs.
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5 months
Energy Authority in Ethiopia has drafted a new directive leveraging existing fuel stations for EV charging infrastructure development. Director General Sahrela Abdullahi says it will help rapidly expand network access. Read More:
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Birrmetrics
9 months
Maersk suspends new bookings to Djibouti & Berbera ports, impacting Ethiopia's imports. The shipping giant cites high security risks in stopping services to the two key East African hubs, disrupting supply chains in the region reliant on ports. Read More:
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Birrmetrics
7 months
New data from Ethiopia's central bank shows tentative signs of success in reining in inflation over recent months. Monthly inflation fell sharply from 3.4% to just 0.7% between June-Dec. Can this progress be sustained? Read More:
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1 month
FLASH UPDATE: Professor Beyene Petros, a prominent figure in Ethiopian public life renowned for his contributions to academia, healthcare and politics, has passed away at the age of 74.
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10 months
Ethiopian Airlines is among carriers that will receive portions of $61M allocated by Central Bank of Nigeria to resolve long-running forex backlogs held up key airlines operating in the country. Read More:
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9 months
Ethio Telecom posts 202 million dollars (11.3 billion birr) profit for first half of 2023, up 35% YoY. Revenues reached 42.9 billion birr as mobile and internet customers grew. Read More:
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Birrmetrics
6 months
Central Bank forecasts #Ethiopia inflation will reach 20.7% by end of 2024. Monetary tightening to gradually dampen inflation but major driver of disinflation in 2023-2024 expected to be declining international commodity prices, which central bank says will aid forecast fall.
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6 months
Ethiopian banks have poured billions into ambitious headquarters projects aimed at securing long-term growth. However, experts warn overdependence on property poses risks if economic conditions change.
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Birrmetrics
3 months
Ethiopia's birr currency depreciated over 30% against the dollar on the first day of trading under the country's new floating exchange rate system, falling from 57.4 to 74.7 birr according to the Commercial Bank of Ethiopia. Read More:
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Birrmetrics
3 months
FLASH UPDATE: PM Abiy Ahmed has hailed South Sudan's ratification of the 2010 Cooperative Framework Agreement (CFA) governing Nile waters sharing as a "historic moment." Officials said it removes obstacles to establishing a commission to manage the river.
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2 months
BREAKING: #EthiopianAirlines suspends all flights to #Asmara in #Eritrea effective September 3, citing "difficult operating conditions". Read More:
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Birrmetrics
5 months
The third edition of @birrmetrics magazine is out now with deep dives into Ethiopia's economy - an analysis of VAT evasion among traders, khat crowding out coffee, the bonded clothes boom, and the insurance drought. Get your free copy now 👉🏾
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Birrmetrics
11 months
EthSwitch has launched a new National Payment Gateway connecting Ethiopia's banks directly to online merchants to power e-commerce growth. The platform bridges financial institutions and businesses to enable secure digital payments nationwide. Read More:
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