Regulatory Alerts2023-12-28
National Bank of Ethiopia Second Quarter Report 2023/24
The National Bank of Ethiopia issued its Second Quarter 2023/24 bulletin, reporting a headline inflation rate of 5.4 percent and broad money supply growth of 18.7 percent to Birr 2.31 trillion, driven by a 20.3 percent expansion in domestic credit. The banking sector disbursed Birr 116.2 billion in new loans, bringing total outstanding credit to Birr 2 trillion, while the inter-bank forex market recorded a 5.0 percent annual depreciation of the Birr to Birr 55.61 per USD. Concurrently, federal government revenues grew by 26.4 percent to Birr 139.6 billion, resulting in a Birr 40.4 billion fiscal deficit as the current account balance widened to USD 2.0 billion due to higher merchandise imports and declining transfer receipts.
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