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The financial giant Commercial Bank of Ethiopia (CBE) has adjusted its loan interest rate by at least 1.17 percent from the previous 8.63 percent, while its decision is expected to reflect on other banks’ minimum interest rate for loan provisions. This is in light of the bank undergoing major reform.
The financial sector experts said that the decision that is taken by CBE, a public financial firm, is most probability followed to minimize its cost and narrow the stipulation with the private banks, who currency are charging up to 21 percent interest.
“Meanwhile CBE is a policy bank it is in pressure in different conditions including cost and debt settlement default on some public enterprises who default billions of birr,” a banker who demands not to be named says, adding “the default of the public enterprises has forced the bank to hold some provisions.”
CBE adjusts loan interest rate -
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Ethiopia: Banks Donate 200 Million Birr for ENDF, Displaced
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Ethiopian Bankers’ Association (EBA) has donated over 200 million Birr, the largest sum which has so far been provided by a single entity, for the victorious Ethiopian Defense Forces (ENDF) and for the rehabilitation of displaced people due to unrest.
EBA’s President Abe Sano handed the stated sum for ENDF Foreign Relations Head, Colonel Yunus Mulu.
Attending the event as a guest of honor, Addis Ababa City Administration Deputy Mayor Adanech Abebe expressed appreciation for the noble contribution member banks of the EBA have made to support government’s law enforcement operation.
All the 16 privately-owned banks as well as the state-run financial giant, Commercial Bank of Ethiopia (CBE) and government’s policy bank, Development Bank of Ethiopia (DBE) are taking part in the support.