No elephant is burdened by the weight of its tusks. Similarly, the fiscal measures introduced by the government are looked upon as hindrances or impediments which a few may consider as irrelevant and unnecessary impositions. Yet, to look back at our growing up problems as if they are burdens which we must cast off immediately, or run away from, is to be superficial and incapable of understanding ourselves, an offshoot of our character.
The Ethiopian calendar has 13 months, 12 months with 30 days each and one month of 5 or 6 days depending on whether the year is a leap year or not. The government fiscal year starts on 8th July and ends on 7th July. Both Ethiopian calendar and fiscal years fall in two Gregorian calendar years.
This is important for U. Companies should avoid the Ethiopian New Year as many government officials, offices and key private sector companies are not available. Companies should be aware of the Ethiopian fiscal year when approaching the government to finance goods and services to ensure funding and appropriate approval timeline.
Ethiopia has a large domestic market of close to million people, making it the second most populous country in Africa after Nigeria. While the economy is growing rapidly, presenting many opportunities, there are also hurdles to doing business in Ethiopia.
The World Economic Forum WEF identified burdensome customs administrative procedures, the high cost of logistics, and access to credit and foreign exchange as major challenges to small and medium-sized enterprises SMEs in Ethiopia.
The agriculture sector has historically been the engine of the Ethiopian economy, but it has recently given way to the service sector.
Service sector growth is mainly dominated by expansion in communication and transport services, hotel and restaurant businesses, as well as wholesale and retail trading.
Since AugustEthiopia has managed to contain yearly inflation at a single digit through strict monetary and fiscal policy.
In June,Ethiopian inflation stood at 9. The Standard Bank Africa report forecasted an average inflation of 8. Real interest rates are largely negative.
The minimum bank deposit rate of 5. Only the real average lending rate is positive, standing at As of Aprilthe official exchange rate stood at The Birr has continued to follow a steady depreciation, with the NBE following a controlled floating exchange rate policy.
The parallel black market exchange rate for the same period was approximately Ethiopia faces a growing trade deficit with total imports steadily increasing on average by A large trade deficit, lower commodity prices coupled with ambitious government projects, which enjoy priority in allocation of foreign currency, highly limited the private sector access to foreign exchange.
According to the U. However, in monetary value, U. A fall in global commodity prices is the main reason for this drop. Ethiopia primarily exports coffee, leather, and leather products to the United States. Aircraft and aviation parts represented a majority of total U.
Please refer to the following table of US -Ethiopia bilateral trade figures. Dollars Ethiopia Imports from U. Year Ethiopia imports from the U. Ethiopia exports to the U.1. Introduction The Ethiopian government has for long recognized that economic progress will depend principally on the development of the hydropower resources of the country..
Ethiopia is endowed with abundant water resources distributed in many parts of the country however, it has not made significant progress in the field of water resources development during the past four decades. While the USDETB spot exchange rate is quoted and exchanged in the same day, the USDETB forward rate is quoted today but for delivery and payment on a specific future date.
This page provides - Ethiopian Birr - actual values, historical data, forecast, chart, statistics, economic calendar and news. The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face.
The Bank of Jamaica, established by the Bank of Jamaica Law (), began operations in May , terminating the Currency Board System which had been in existence from Exchange rate development in Ethiopia Monetary Development The legal tender currency of Ethiopia was issued on 23 July by defining the monetary unit as the Ethiopia dollar (E$) with a value of grains (equivalent to grams) of fine gold.
National Bank Of Ethiopia,NBE Ethiopia, NBE Bank, Ethiopia National bank.