Regulatory Alerts2021-09-01
Added · Updated
Investing in Development Bank Bond Directive No. SIB/54/2021
The National Bank of Ethiopia requires all licensed insurance and Ethiopian reinsurance companies to invest at least 15% of their net income in Development Bank Bonds. This investment must be completed within 90 days after the close of the company's financial year. The bonds carry a three-year maturity and an interest rate at least two percentage points higher than the minimum saving deposit rate, with annual interest payments. The directive entered into force on September 1, 2021.
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