NIB facing foreign currency shortage
Nib International Bank Share Company (NIB) awarded 56 exporters engaged in different export commodities.
The bank also announced that it is facing a serious shortage of foreign currency.
Amerga Kassa, President of NIB said that the bank has encountered a shortage of foreign currency.
The acute shortage is particularly due to a wide imbalance between import and export traders. Ethiopia pays USD 11 billion for imported goods annually, while earning just USD 3.2 billion from export of goods and agricultural products, say analysts.
Amerga stated that the most dependable sources of foreign exchange are from exports of goods and services, remittances from the diasporas, Non-Governmental Organizations (NGOs), donation and credit.
NIB in order to stem the shortage of foreign exchange currencies, has also embarked on a mission to open more foreign exchange bureaus, while also promoting its bank as the most dependable and efficient way of transferring remittances especially to Diaspora members, as well as encouraging exports in terms of both volume and numbers.
On NIB’s exporter day held on December 4th at the Sheraton Addis, Tafesse Bogale Chairman of the Board of Directors of NIB handed out trophies and certificates to valued exporters
Tafesse said on the occasion that the purposes of organizing the exporters’ day is to enhance exporters’ relation with the Bank and to discuss related issues that promote the generation of foreign currencies.
The bank has also embarked on a rather general reform and modernization process with new working schemes and methods to make the banking service more efficient and effective, with some of the schemes being Automated Teller Machines (ATMs), Point of Sales, one window services and an installation of new banking software.
NIB currently has 62 branches and 2 foreign exchange bureaus, and a total asset of 12.2 billion birr. The bank at present has 3,869 shareholders and 2,163 employees.
Amerga Kassa, President of NIB said that the bank has encountered a shortage of foreign currency.
The acute shortage is particularly due to a wide imbalance between import and export traders. Ethiopia pays USD 11 billion for imported goods annually, while earning just USD 3.2 billion from export of goods and agricultural products, say analysts.
Amerga stated that the most dependable sources of foreign exchange are from exports of goods and services, remittances from the diasporas, Non-Governmental Organizations (NGOs), donation and credit.
NIB in order to stem the shortage of foreign exchange currencies, has also embarked on a mission to open more foreign exchange bureaus, while also promoting its bank as the most dependable and efficient way of transferring remittances especially to Diaspora members, as well as encouraging exports in terms of both volume and numbers.
On NIB’s exporter day held on December 4th at the Sheraton Addis, Tafesse Bogale Chairman of the Board of Directors of NIB handed out trophies and certificates to valued exporters
Tafesse said on the occasion that the purposes of organizing the exporters’ day is to enhance exporters’ relation with the Bank and to discuss related issues that promote the generation of foreign currencies.
The bank has also embarked on a rather general reform and modernization process with new working schemes and methods to make the banking service more efficient and effective, with some of the schemes being Automated Teller Machines (ATMs), Point of Sales, one window services and an installation of new banking software.
NIB currently has 62 branches and 2 foreign exchange bureaus, and a total asset of 12.2 billion birr. The bank at present has 3,869 shareholders and 2,163 employees.
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