Ethiopian Banks Provide 85 Percent of 55 Billion Birr Loan for Private Sector

Addis Ababa October 21/2013 (ENA) The National Bank of Ethiopia (NB) announced that it has distributed 55 billion Birr loan in the first quarter of this Ethiopian budget year. 

Briefing journalists on the performance of the bank today, NB Governor Yinager Dessie revealed that 85 percent of the 55-billion-Birr loan was given to the private sector.

The loan has contributed a lot to support and make the private sector more competitive as set out in the Homegrown Economic Reform Program, he added.

According to him, the National Bank of Ethiopia has been taking the necessary steps to prevent the negative impacts on domestic debt and foreign exchange shortage.

Banks have also recorded 105 billion Birr savings in the last three months, an increase of six folds when compared to the same period last fiscal year, the governor stated.

Limiting daily cash withdrawal, reducing the amount of money circulating in the market, and the new currency change have played a positive role in this significant improvement,Yinager pointed out.