CBE collects over $2.3 bln in half year

Addis Ababa, February 14, 2017 (FBC) – The Commercial Bank of Ethiopia (CBE) said it has generated more than 2.3 billion US dollars in the first half of this Ethiopian fiscal year (2016/17).

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The stated amount of foreign currency was collected from Ethiopians living abroad and export trade, Bekalu Zeleke, President of CBE told FBC yesterday.

He said 1.6 billion of the total money was obtained from remittance inflow, while the balance was generated from export sector.

The bank has put in place various incentives to boost annual foreign currency making, which include among other, allowing clients to get loan without collateral and making loans available at low interest rates.

It has also freed exporters from service charge as well as awarded top exporters annually in recognition to their outstanding performance in generating foreign currency, he noted.

According to Bekalu, the bank has a plan to generate a total of 5.5 billion US dollars in this Ethiopian fiscal year.

The Commercial Bank of Ethiopia yesterday awarded 127 exporters and agencies engaged in agro-processing, manufacturing, floriculture and other sectors for obtaining foreign exchange ranging from 1 million to 100 million US dollars.

Ethiopia earned 4.5 billion US dollars revenues last year.