NBE Increases Interest Rate

NBE Governor, Teklewold Atnafu, told journalists on December 06,2010 that the lowest interest rate for savings has been increased from 4 percent to 5 percent effective December 2, 2010.

He said the measure was taken to guarantee continued financing, thereby contributing share for the efficient realization of the five-year Growth and Transformation Plan (GTP) and sustainability of ongoing speedy economic growth.
Teklewold added that the bank has also begun a new bid bond saving to encourage savings by low-income communities. The list price of a bond is 500 Birr.
Bid bond holders can use bonds as a collateral to get loans from banks.
The saving scheme for housing to be implemented at a pilot level at the Commercial Bank of Ethiopia (CBE) will make citizens owners of residential units within a short period.
The saving scheme for housing will be executed through a housing project to be established by the government. After the pilot test at CBE, the scheme will also be introduced at other banks.

Ethiopia`s broad-based economic

Ethiopia broad-based economic growth continued for the sixth time in a row in 2008/09 putting the country in a higher growth trajectory. The economy grew at 9.9 percent in 2008/09 making Ethiopia area of the fastest growing economies in the world despite world economic melt down and global finical crisis. With a 42.6 percent share in GDP, agriculture and allied activities rose 6.4 percent contributing 27.2 percent to the overall economic growth recorded in the fisicalyear.

NBE Awards

This publication holds a ceremony that took place on September 9/2008. In the stated date, the NBE awarded a long time service merit certificate and various of grams of gold having its logo to the employees who are serving the Bank for more than 10 years. An employee who has been serving the Bank for more than 40 years was among the awards.

Honorable guest H.E. Ato Neway Kiristos Gebre ab, Economic Advisor to the P.M, with the rank of a Minster and Chairman of the NBE’s Board of Directors said on the occasion while handed over the certificates that, the employees’ longtime service at NBE shows their honesty, integrity and belongingness to the Bank. H.E. Ato Teklewold Atnafu, Governor of the Bank, said on his part that the Bank, in its long time journey came across through achievements and challenges and it is through the immense contribution of the government, the previous and the current employees that the Bank enabled to overcome the challenges and become successful in its venture. He further said that, of those committed and dedicated employees, the day’s awardees should feel proud for their commendable result achieved in the Bank. The full text of their speech contemplated in the news and information column.

The National Bank of Ethiopia was established in 1963 by proclamation 206 of 1963 and began operation in January 1964. Prior to this proclamation, the Bank used to carry out dual activities, i.e. commercial banking and central banking.

P.O.Box: 5550
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E-Mail: nbe.edpc@ethionet.et