Regulatory Alerts2025-04-04
National Bank of Ethiopia Annual Financial Statements for the Year Ended 30 June 2023
The National Bank of Ethiopia issued audited annual financial statements for the year ended 30 June 2023 that comply with International Financial Reporting Standards and Ethiopian hyperinflation accounting pronouncements. The independent audit by MSE Audit Service LLP highlights four key matters: expected credit loss assessments for government and private bank loans, a negative general reserve balance mitigated by recent policy reforms, substantial foreign exchange losses driven by Birr devaluation, and complex financial instrument classification under IFRS 9. These disclosures confirm the Bank’s going concern status, transparent equity positioning, and adherence to rigorous internal controls amid ongoing macroeconomic volatility.
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