Banks’ Reserve Reaches 688b Br

The National Bank of Ethiopia (NBE) announced the reserves of banks in Ethiopia reached a combined 688 billion Br in the first nine months of the recently ended fiscal year.

The banks’ branch expansions and the rise of interest rates from five percent to seven percent have contributed to the increases in the reserve, according to Muluneh Ayalew, director of Monetary & Financial Analysis at NBE.

Compared to the 2016/17 fiscal year deposits, last budgetary year witnessed a 30pc increase.

Firm reserves boost the ability of banks to lend. In the last budget year, the bank’s loan reserve has reached over 646 billion Br, showing a 22.6pc incline compared to the previous year’s same period.

In Ethiopia, currently there are 18 banks, 13 microfinance institutions and over 18,000 small microcredit and savings institutions.

Published on Jul 21,2018 [ Vol 19 ,No 951]



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