Prime Minister Abiy clues parliament about potential presence of foreign banks in Ethiopia’s market
Addis Ababa, February 22, 2022 (FBC) – Giving elaborations on the 3rd emergency session of the parliament, the Prime Minister clued the parliament that foreign banks will be invited to the local market.
Regarding potential presence of foreign banks, the Prime Minister urged domestic banks to build their level of competence using the emerging enabling climate in the digital technology sphere.
According to the Prime Minister, number of branchs of banks in the country has increased to 7400 over the past six months from around 6700 during the last year.
The deposit in banks has increased from 1.35 trillion birr to 1.5 trillion birr due to tremendous efforts undertaken to nurture saving habits among the community.
“When our exports exceed our imports, our country benefits. Banks’ net value, which was 1.8 trillion birr six months ago, has increased by 2 trillion birr, while stakeholders’ wealth has increased as well. Over the last six months, loans to private investors have improved,” the Prime Minister noted.