National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2019/20

NATIONAL BANK OF ETHIOPIA Quarterly Bulletin Volume 36, No. 4 Fourth Quarter 2019/20 Fiscal Year Series Addis Ababa 2020

Table of Contents Pages Ethiopia: Macroeconomic and Social Indicators-------------------------------------------------------------------i I. Overview------------------------------------------------------------------------------------------------------------1 1.1: International Economic Developments -------------------------------------------------------------------1 1.2: Macroeconomic Developments in Ethiopia---------------------------------------------------------------1 II. Energy Production and Processing-------------------------------------------------------------------------4 2.1: Import of Petroleum Products------------------------------------------------------------------------------------4 2.2: Electric Power Generation-----------------------------------------------------------------------------------------6 III. Quarterly Price Developments------------------------------------------------------------------------------9 3.1: Developments in National CPI-----------------------------------------------------------------------------------9 3.2: Developments in Regional CPI---------------------------------------------------------------------------------12 IV. Monetary Developments-----------------------------------------------------------------------------------14 4.1: Money Supply and Credit----------------------------------------------------------------------------------------14 4.2: Developments in Reserve Money and Monetary Ratio--------------------------------------------------16 4.3: Interest Rate Developments ------------------------------------------------------------------------------------18 4.4: Developments in the Financial Sector------------------------------------------------------------------------21 4.5: Activities of the Banking System-------------------------------------------------------------------------------24 4.5.1: Resource Mobilization------------------------------------------------------------------------------------------24 4.5.1.1: Deposit Mobilization ----------------------------------------------------------------------------------------25 4.5.1.2: Collection of Loans--------------------------------------------------------------------------------------------26 4.5.1.3: Borrowing-------------------------------------------------------------------------------------------------------26 4.5.2: Disbursement of Fresh Loans---------------------------------------------------------------------------------26 4.5.3: Outstanding Credit----------------------------------------------------------------------------------------------27 4.6: Financial Activities of NBE---------------------------------------------------------------------------------------28 4.7: Developments in Financial Markets --------------------------------------------------------------------------29 4.7.1: Treasury Bills Market--------------------------------------------------------------------------------------------29 4.7.2: Inter-bank Money Market -------------------------------------------------------------------------------------32 4.7.3: Corporate Bond Market----------------------------------------------------------------------------------------32 V. External Sector Developments ----------------------------------------------------------------------------33 5.1: Balance of Payments ------------------------------------------------------------------------------------33 5.2: Balance of Trade------------------------------------------------------------------------------------------36

5.2.1: Exports--------------------------------------------------------------------------------------------------36 5.2.2: Imports------------------------------------------------------------------------------------------------- 40 5.2.3: Direction of Trade ----------------------------------------------------------------------------------- 42 5.2.3.1: Exports of goods --------------------------------------------------------------42 5.2.3.2: Imports of goods---------------------------------------------------------------43 5.3: Services and Transfers --------------------------------------------------------------------------------44 5.4: Current Account----------------------------------------------------------------------------------------47 5.5: Capital Account-----------------------------------------------------------------------------------------47 5.6: Changes in Reserve Position ------------------------------------------------------------------------47 5.7: Developments in Foreign Exchange Market----------------------------------------------------47 5.7.1: Exchange Rate Movements -------------------------------------------------------------47 5.7.2: Movements in the Real Effective Exchange Rate ----------------------------------54 5.7.3: Volume of Transactions ------------------------------------------------------------------55 VI. Federal Government Finance----------------------------------------------------------------------------56 6.1: Revenue and Grants------------------------------------------------------------------------------------57 6.2: Expenditure-----------------------------------------------------------------------------------------------60 6.3: Deficit Financing----------------------------------------------------------------------------------------62 VII. Developments in Investment---------------------------------------------------------------------------63 VIII. International Economic Developments ------------------------------------------------------------68 8.1: Overview of the World Economy ------------------------------------------------------------------68 8.2: Inflation Developments-------------------------------------------------------------------------------68 8.3: Commodity Price --------------------------------------------------------------------------------------69 8.4: Exchange Rate Developments ---------------------------------------------------------------------69 8.5: Impact of Global Economic Development on Ethiopian Economy-----------------------69 STATISTICAL TABLES--------------------------------------------------------------------------------------------70

Fourth Quarter 2019/20 I National Bank of Ethiopia Quarterly Bulletin Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011)

1. Country Profile Land Area (total, In Sq.Km) 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land ( % of total area ) 45.0 45.0 45.00 NA 15.20 15.2 Irrigated Land ( % of total area ) 3.0 3.0 NA 2,900.00 2,900.00 Population Density ( person per sq.km )* 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
2. Social Indicators Population total, in millions (Mid-Year population) 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 (o/w Urban Poulation, in %) 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 21 Working Age Population ( In Millions ) Urban 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 7 10.1 Rural 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 49.8 Total 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 56 59.9 Age Dependency Ratio 93.00 93.00 93.0 75.0 69 69 Life Expectancy at Birth ( Male - Female ) 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 62.4-66.6 Crude Birth Rate 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27:1000 27:1000 Crude Death Rate 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.30 6 Natural Rate of Population Increase ( In % ) 2.7 2.7 2.60 2.40 2.40 2.31 2.07 2.07 Total Fertility Rate 5.4child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W 3.45chil:W People : Hospital Beds 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 3150 People : Physician1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 10,521:1 People : Nurse 1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780 1624 Infant Mortality Rate 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 53.3:1000 Access to Safe Water ( In %) Country Level 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71.0 76 Urban Population 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60.0 66 Rural Population 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74.0 79 Student-Teacher Ratio Primary ( 1-8 ) 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 - 39 Secondary ( 9-12 ) 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 - 22.5 Technical & Vocational 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5:1 12.6:1 - 13.3 Student-School Ratio Primary ( 1-8 ) 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9:1 573:1 - 628 Secondary ( 9-12 ) 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2:1 - 568 Technical & Vocational 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523:1 - 246.8 Ethiopia: Macroeconomic and Social Indicators

II Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 3. Macroeconomic Indaicators 3.1: Real sector Development2 GDP at Current Market Price (In Mn. Birr) 256,766.1 346,823.9 395,991.2 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 Nominal GDP Growth Rate (In %) 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 Average Marginal Exchange Rate (Birr per USD) 9.2 10.4 12.9 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 GDP at Current Market Price (IN Mn. USD) 27,776.2 33,285.4 30,720.8 32,794.8 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,355.6 95,951.0 Nominal GDP per Capita (In USD) 370.8 432.9 389.2 406.5 537.2 573.7 656.4 744.1 814.6 875.8 883.3 983.1 Real GDP per Capita ( In Birr ) 9,088.1 9,741.5 10,491.4 11,434.1 12,119.0 12,995.1 13,985.2 15,072.1 15,890.9 17,101.6 18,005.1 19,207.9 Real GDP per Capita Growth Rate (In %) 9.8 7.2 7.7 9.0 6.0 7.2 7.6 7.8 5.4 7.6 5.3 6.7 GDP Deflator (% change) 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.2 Real GDP at constant basic price (In Mn. Birr) 680,706.9 749,058.8 828,212.7 922,512.8 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 Real GDP at constant market price (In Mn. Birr) 732,242.1 796,697.6 896,687.5 996,921.8 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 Real GDP Growth Rate (In %) 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 Agriculture & Allied Activties(In Billion Birr) 337.9 359.5 386.9 421.7 442.5 473.9 499.8 531.7 544.1 580.4 600.9 623.8 Industrial Sector (In Billion Birr) 84.6 93.4 104.4 120.0 146.9 188.6 225.9 281.3 343.9 413.8 464.4 526.2 Service Sector(In Billion Birr) 255.1 289.1 322.5 357.4 393.4 426.3 479.5 530.0 575.9 619.3 673.9 745.7 Agriculture & Allied Activties (% of GDP) 49.6 48.0 46.7 45.7 44.1 43.0 41.1 39.6 37.5 36.4 34.9 33.3 Industrial Sector ( % of GDP ) 12.4 12.5 12.6 13.0 14.6 17.1 18.6 21.0 23.7 25.9 27.0 28.1 Service Sector ( % of GDP ) 37.5 38.6 38.9 38.7 39.2 38.7 39.4 39.5 39.7 38.8 39.2 39.8 Private Consumption Expenditure 186,181.4 252,692.2 291,473.3 374,882.4 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 Government Consumption Expenditure 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 Investment 70,003.5 96,074.6 119,166.6 164,525.7 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 Exports 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 Imports 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 Resource Balance (48,247.0) (61,052.0) (74,151.0) (76,537.0) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) (348,075.0) Gross Private Consumption (% of GDP) 72.5 72.9 73.6 70.9 71.0 71.9 68.8 67.6 66.5 66.5 65.5 68.5 Gross Government Cosumption (% of GDP) 14.3 13.0 12.6 11.8 9.5 10.2 10.6 10.3 11.1 11.1 10.2 9.2 Gross Domestic Fixed Investment (% of GDP) 27.3 27.7 30.1 31.1 36.0 33.0 36.8 38.2 37.3 38.4 34.1 35.2 Resource Balance (% of GDP) (18.8) (17.6) (18.7) (14.5) (17.4) (16.1) (17.0) (20.4) (19.3) (15.8) (14.4) (12.9) 3.2: Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308937.1 Broad Money Supply (M2) ( In Mn. Birr ) 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886752.5 Net Foreign Assets ( In Mn. Birr ) 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14505.2 Reserve Requirement ( CBs ) 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44861.8 Interest Rate ( In % ) Minimum Deposit Rate 4 5 7 7 Continued….

Fourth Quarter 2019/20 III National Bank of Ethiopia Quarterly Bulletin Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) Averag Lending Rate 11.5 12.25 12.25 11.88 12.75 12.75 13.50 13.5 Total Net Domestic Credit (in mn. Birr) 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.90 Government 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.20 Other Sectors 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.70 3.3: Average annual inflation rate (CPI growth rate)3 Country Level -General inflation 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.6 12.6 -Food inflation 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.4 13.1 -Non-food inflation (core inflation) 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.9 Addis Ababa -General inflation 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 -Food inflation 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15 -Non-Food inflation (core inflation) 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14 3.4: External Trade(In Mn.USD) Export of goods & services 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.9 Import of goods & services 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.0 Net trade in goods & services -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 -12,996.1 Current account balance including official transfers -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 -4,534.1 Capital account balance 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,578.6 6,889.4 6,156.8 4,839.9 Overall balance of payments -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 3.5: Government Finance (In Mn .Birr4) Total Revenue (including grants) 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 Total Revenue (excluding grants) 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 o/w Tax-Revenue 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 Tax-Revenue as % of GDP 9.3 6.7 10.94 11.16 11.18 12.50 12.71 15.09 14.71 14.00 12.26 11.55 Total Expenditures 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 Current Expenditures 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 Capital Expenditures 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 Equity Contribution ( Sinking Fund ) Special Programs 0.0 - - - Total Expenditures as % of GDP 18.3 12.7 18.0 17.8 16.2 18.1 17.7 18.64 17.41 17.97 16.10 15.32 Current Surplus/Deficit 7000 5608.5 4225.1 45,076.5 64,213 74,447 79,989.6 86,263.61 111,768.78 92,404.94 77,091.92 106,779.91 Continued….

IV Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) Overall Budget Deficit ( including grants ) -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) Deficit as % of GDP -2.8 -1.0 -1.3 -1.6 -1.1 -2.0 -2.6 (2.50) (1.87) (3.28) (3.03) (2.53) Overall Budget Deficit ( excluding grants ) -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) Deficit as % of GDP -6.7 -3.4 -4.4 -4.7 -2.8 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) 3.6: Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5 * Period weighted Average 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543 * End period 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.3761 28.9109 3.7: Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422,633.54 T-Bills Sold 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422,633.54 Average Weighted Yield (in %) 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.74 T-Bills Outstanding by holder 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138,054.36 Banks 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 605 Non-Banks 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137,404.36 3.8: Inter Bank Money Market Rate5 8.5 _ 3.9: Financial Institutions Number of Commercial Banks 11 12.00 14.00 17.00 ( o/w Private banks ) 9 10.00 12.00 14.00 16.00 Number of Bank Branches 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 Population : Bank Branch 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 Number of Insurance Companies 10 12.00 12.00 14.00 15.00 16.00 17.00 ( o/w Private Insurance Companies ) 9 11.00 11.00 13.00 14.00 15.00 16.00 Number of Insurance Branches 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 Population : Insurance Branch 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 Number of Development Banks 1 1.00 Number of Development Bank Branches 32 32.00 32 110 110.00 107.00 107.00 Number of Micro-financial Institutions 28 30.00 30.00 31.00 35.00 38.00 38.00 Continued…. Source : Ministries of Agriculture, Revenue, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

1. Excluding manpower out side the Ministry of Health.
2. The GDP data series is revised on basis of 2010/11=100 base year
3. Inflation data is calculated using the new base year (December 2011=100)
4. Figures for government finance are preliminary estimates from 1999/00 onwards.
5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoFED

Fourth Quarter 2019/20 1 National Bank of Ethiopia Quarterly Bulletin I. Overview 1.1. International Economic Developments During the fourth quarter of 2019/20, the global economic recovery remains uneven, uncertain and incomplete dominated by the evolution of the Corona virus. The global survey indicators point to weak economic activity during the fourth quarter. The Purchasing Managers’ Index (PMI) excluding the Euro area rebound in June reaching 47.6. The increase in June was broad-based across all sub components; the services sector which had been lagging behind the manufacturing sector in terms of improvement, recovered strongly. The developments were also broad based across almost all major advanced and emerging economies. Global inflation slowed further in May. Annual consumer price inflation in the Organization for Economic Co-operation and Development (OECD) countries declined to 0.7 percent in May, driven by a faster decline in energy prices, while food price inflation increased slightly. The slowdown in inflation was broad-based across most advanced economies and major non-OECD emerging market economies. In the United States, with the lockdowns being gradually lifted, economic activity has resumed and various economic indicators showed improvement. Retail sales and food services rebounded sharply in May as household spending benefited from federal stimulus payments and reinforced by the return to work of some employees. In United Kingdom, an unprecedented decline in activity is expected during the fourth quarter of FY 2019/20 with activity resuming only slowly amid the easing of containment measures. In Japan, as the containment measures were progressively lifted in May, the pace of economic activity started normalizing. Following a contraction of 0.6 percent in real GDP in the third quarter, the intensification of containment efforts in Japan triggered a considerable retrenchment in industrial production, external trade and private consumption in April and May. In China, the recovery is proceeding despite weak external demand. Amid the easing of containment measures, high-frequency indicators point to a continued normalization of activity in June. 1.2. Macroeconomic Developments in Ethiopia A. Inflation During the fourth quarter of 2019/20, headline inflation increased to 7.3 percent from 4.3 percent in the preceding quarter and 6.9 percent a year earlier. The rise in quarterly headline inflation rate was ascribed to 5.1 and 0.3 percentage point increase in food & non-alcoholic beverages and non-food inflation respectively. Similarly, headline inflation registered annual increment of 0.4 percentage point due to 2.3 percentage point rise in non-food inflation, despite the 1.5 percentage points decrease in food & non- alcoholic beverages inflation. Of the total 0.4 percent headline inflation registered during the review period, 4.8 percent emanated from food & non-alcoholic beverages while non-food inflation contributed the remaining 2.4 percent. B. Monetary Developments At the end of fourth quarter of 2019/20, broad money supply (M2) reached Birr 1,037.64 billion, depicting 17.0 percent growth over last year same quarter. This was mainly driven by 22.1 percent expansion in domestic credit against 132.3 percent contraction in net foreign assets (NFA). The increase in domestic credit resulted mainly from 24.8 percent hike in credit to central government and 16.0 percent growth in credit to non-central government.

2 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Likewise, reserve money amounted to Birr 246.5 billion showing 22.8 percent annual growth owing to a 15.4 percent increase in currency in circulation and 34.3 percent rise in banks’ deposits at NBE. C. Interest rate In the fourth quarter of 2019/20, average saving deposit rate remained at 8.0 percent while average lending rate stood at 14.25 percent. On the other hand, weighted average time deposit rate declined by 0.13 percentage point on annual basis. Meanwhile, weighted average yield on T-bills increased by 5.05 percentage points. Hence, considering the 21.6 percent inflation in June 2020, all deposit and lending rates as well as T-bills yield remained negative in real terms. D. Financial Sector Developments

1. Banks The number of banks operating in Ethiopia remained 18, of which 16 were private and 2 state owned. These banks opened 149 new branches during the review period, thereby raising the total number of bank branches to 6,511 of which 70.5 percent were that of private banks. Consequently, one branch on average serves 15,485.91 people. About 34.0 percent of the total bank branches were located in Addis Ababa. At the same time, the banking system had Birr 112.9 billion in capital, of which, private banks accounted for 49.2 percent, while that of state owned banks, namely Commercial Bank of Ethiopia and Development Bank of Ethiopia, constituted 44.0 percent and 6.8 percent, respectively. The banking sector disbursed Birr 63.7 billion in new loans during the review quarter indicating a 15.1 percent annual decline due to slowdown in public Banks disbursement. Of the total new loans, state owned banks took a 50.9 percent share while that of private banks was 49.1percent. Of the total fresh loans, agriculture sector was the largest beneficiary, accounting for 16.8 percent followed by Mines, Power & Water Resources. (15.3 percent), international trade (15.2 percent), housing & construction (14.4 percent), and domestic trade (12.5 percent). The remaining balance was taken up by other economic sectors. During the same period, the banking sector collected loans to the tune of Birr 57.1 billion, about 20.2 percent higher than a year earlier. Of the total loan, 38.8 percent was collected by private banks and 61.2 percent by state owned banks. Meanwhile, total outstanding credit of the banking system (including corporate bond) increased to Birr 1.03 trillion, showing a 20.4 percent year-on-year growth. About 99.6 percent of private banks’ and 20.3 percent of state owned banks’ loans went to finance the private sector.
2. Insurance Sector The number of insurance companies stood at 18, of which 17 were privately owned. Their branches increased to 605 from 568 a year ago. Of the total branches, about 54.4 percent were located in Addis Ababa. Similarly, their total capital reached Birr 9.65 billion, of which about 70.7 percent was that of private insurance companies.
3. Microfinance Institutions There were 39 micro-finance institutions (MFIs) which have mobilized Birr 44.7 billion in saving deposit by end of the fourth quarter about 6.7 percent higher than last year same period. Their total outstanding credit also increased by 10.5 percent and reached Birr 64.9 billion, while their total asset grew 10.5 percent to reach Birr 92.2 billion. E. External Sector and Foreign Exchange Developments
4. External Sector Development In the fourth quarter of 2019/20, total merchandise export earnings amounted to USD 942.9 million, showing 23.0 percent increment over last year 1 Total Population is 100,829,000 as CSA Estimation for 2020

Fourth Quarter 2019/20 3 National Bank of Ethiopia Quarterly Bulletin same quarter, largely owing to improvements in receipts from coffee (10.8 percent), oil seeds (0.7 percent), pulses (0.7 percent), flower (17.1 percent) and electricity (255.9 percent). At the same time, gold export surged by more than thirty two fold. In contrast, there were lower earnings from leather & leather products (66.4 percent), meat & meat products (29.2 percent), fruits & vegetables (25.6 percent), textile and textile products (32.8 percent), live animals (7.7 percent), Chat (4.4 percent) and other export products (9.9 percent). Total merchandise import bill decreased by 21.6 percent to USD 2.7 billion, on account of lower import values of capital goods (15.1 percent), consumer goods (24.7 percent), fuel (51.1 percent) and miscellaneous goods(46.1 percent). The average price of Brent crude oil, a point of reference for international oil price, depicted a 57.4 percent slowdown to USD 29.3 per barrel vis-à-vis USD 68.9 a year ago. It also showed a 41.8 percent reduction relative to the preceding quarter. In line with movements in international oil prices and domestic macroeconomic considerations, the average domestic retail price of fuel in Addis Ababa was adjusted downward to Birr 23.0 per liter from Birr 23.15 per liter a year ago. During the review period, total transfer receipts registered 10.4 percent decline to USD 1.7 billion due to a 14.7 percent drop in receipts from private transfers, despite a 4.2 percent increase in official transfers. Total transfer payments, however, surged 60.2 percent owing to 118.6 percent increase in official transfers, despite 11.0 percent decrease in private transfers. Consequently, the current account balance (including official transfers) recorded USD 211 million deficit compared with USD 1.1 billion deficit a year ago. In contrast, capital account registered USD 1.2 billion surplus which was 39.1 percent higher than that of a year earlier. This was attributed to a 368.8 percent increase in net surplus of official long term capital and decline in foreign direct investment (12.4 percent) and private sector long term capital (59.0 percent). The overall balance of payments resulted in USD 653.0 million surplus from USD 558.5 deficit registered a year ago. 2. Exchange Rate Development During the fourth quarter of 2019/20, weighted average official exchange rate of the Birr showed a 17.9 percent annual depreciation and reached Birr 33.8507/USD. Similarly, real effective exchange rate index (REERI) of the Birr depreciated by 9.7 percent on annual basis mainly due to faster deprecation of Birr vis-à-vis major trading partner currencies. Nominal effective exchange rate index (NEERI) also depreciated by 8.9 percent over last year same quarter. F. Federal Government Fiscal Operations Federal government total revenue and grants during the fourth quarter of 2019/20 reached Birr 80.7 billion, depicting a 25.7 percent annual growth while, total expenditure stood at Birr 117.3 billion, and registering 38.3 percent yearly increase. As a result, the overall fiscal deficit (including grants) stood at Birr 36.5 billion compared to Birr 20.5 billion deficit a year ago. G. Investment During the fourth quarter of 2019/20, 22 investment projects having investment capital of Birr 219.9 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital slowed down.

4 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin II. Energy Production and Processing 2.1. Import of Petroleum Products During the fourth quarter of 2019/20, the volume of petroleum products imported was about 887.9 thousand metric tons, showing a 8.2 percent annual decline due to the 54.3 percent decrease in jet fuel Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2018/19 2019/20 Percentage Change Qtr. IV Qtr. III Qtr. IV A Share (In %) B Share (In %) C Share C/A C/B Regular Gasoline (MGR) 128,524.0 13.3 141,900.1 14.9 142,182.9 16.0 10.6 0.2 Jet Fuel 183,926.2 19.0 133,970.7 14.0 84,127.5 9.5 -54.3 -37.2 Fuel Oil 19,771.8 2.0 19,684.2 2.1 18,390.9 2.1 -7.0 -6.6 Gas Oil (ADO) 635,440.9 65.7 659,674.5 69.1 643,282.9 72.4 1.2 -2.5 Total 967,662.8 100 955,229.4 100 887,984.1 100 -8.2 -7.0 Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported National Bank of Ethiopia Quarterly Bulletin 8 FourthQuarter 2019/20 Fig.2.1: Trends in the Volume of Petroleum Products Imported

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Total petroleum import bill at Birr 10 billion showed a 43 percent decline over last year same quarter owing to lower international oil price and volume of imports as a result of COVID-19 pandemic. Thus, all types of petroleum products saw decrement in their annual and quarterly import bill. Compared with previous quarter, petroleum imports dropped by 40.4 percent, as a result of 62 percent decline in jet fuel followed by gas oil (37.7 percent), regular gasoline (32.7 percent) and fuel oil (25.6 percent) (Table 2.2). Source: Ethiopian Petroleum Enterprise and 7 percent drop in fuel oil imports. In contrast, regular gasoline and gas oil imports improved 10.6 and 1.2 percent, respectively. Of the total petroleum imports, gas oil accounted for about 72.4 percent, followed by regular gasoline (16 percent), jet fuel (9.5 percent) and fuel oil (2.1 percent) (Table 2.1).

Fourth Quarter 2019/20 5 National Bank of Ethiopia Quarterly Bulletin Total petroleum import bill at Birr 10 billion showed a 43 percent decline over last year same quarter owing to lower international oil price and volume of imports as a result of COVID-19 pandemic. Thus, all types of petroleum products saw decrement in their annual and quarterly import bill. Compared with previous quarter, petroleum imports dropped by 40.4 percent, as a result of 62 percent decline in jet fuel followed by gas oil (37.7 percent), regular gasoline (32.7 percent) and fuel oil (25.6 percent) (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2018/19 2019/20 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 2,470,359.4 14.1 2,621,096.6 15.6 1,764,786.0 17.7 -28.6 -32.7 Jet Fuel 3,427,524.9 19.6 2,512,531.5 15.0 955,056.6 9.6 -72.1 -62.0 Fuel Oil 292,936.7 1.7 235,830.0 1.4 175,453.4 1.8 -40.1 -25.6 Gas Oil (ADO) 11,320,283.1 64.6 11,382,144.6 67.9 7,093,675.5 71.0 -37.3 -37.7 Total 17,511,104.1 100 16,751,602.8 100 9,988,971.5 100 -43.0 -40.4 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported National Bank of Ethiopia Quarterly Bulletin 9 FourthQuarter 2019/20 Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2018/19 2019/20 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 2,470,359.4 14.1 2,621,096.6 15.6 1,764,786.0 17.7 -28.6 -32.7 Jet Fuel 3,427,524.9 19.6 2,512,531.5 15.0 955,056.6 9.6 -72.1 -62.0 Fuel Oil 292,936.7 1.7 235,830.0 1.4 175,453.4 1.8 -40.1 -25.6 Gas Oil (ADO) 11,320,283.1 64.6 11,382,144.6 67.9 7,093,675.5 71.0 -37.3 -37.7 Total 17,511,104.1 100 16,751,602.8 100 9,988,971.5 100 -43.0 -40.4 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Similarly, average FOB price of petroleum products went down by 59.7 percent Source: Ethiopian Petroleum Enterprise Similarly, average FOB price of petroleum products went down by 59.7 percent compared with last year owing to a significant drop in FOB prices of jet fuel (83.1 percent), fuel oil (58.9 percent), gas oil (57.5 percent) and regular gasoline (39.4 percent). Similar trend was observed in average FOB price of petroleum products vis-a-vis the preceding quarter (Table 2.3).

6 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2018/19 2019/20 Percentage Change Qtr. IV Qtr. III Qtr. IV A B C C/A C/B Regular Gasoline (MGR) 628.5 686.8 380.9 -39.4 -44.5 Jet Fuel 618.4 449.8 104.4 -83.1 -76.8 Fuel Oil 399.3 254.2 164.2 -58.9 -35.4 Gas Oil (ADO) 584.0 447.3 248.4 -57.5 -44.5 Average 557.6 459.5 224.5 -59.7 -51.1 Brent Crude Oil (USD/Barrel) 68.9 50.4 29.3 -57.4 -41.8 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products National Bank of Ethiopia Quarterly Bulletin 11 FourthQuarter 2019/20 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the review period, average price of Brent crude oil, which is used as a benchmark for international oil price, decreased by 57.4 percent and reached USD 29.3 per barrel compared with USD 68.9 a year ago. In line with movements in international oil prices and domestic macroeconomic considerations, domestic fuel retail prices were adjusted downward against last year same quarter. Consequently, average retail price of fuel in Addis Ababa was Birr 23 per liter down from Birr 23.15 a year ago due to a 11.5 percent decrease in jet fuel price. Quarterly average retail price of fuel also declined by 3.7 percent jet fuel price dropped by 17.8 percent (Table 2.4). Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2018/19 2019/20 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR) 21.08 21.53 21.53 2.1 0.0 Fuel Oil 32.21 32.91 33.34 3.5 1.3 Source: Ethiopian Petroleum Enterprise During the review period, average price of Brent crude oil, which is used as a benchmark for international oil price, decreased by 57.4 percent and reached USD 29.3 per barrel compared with USD 68.9 a year ago. In line with movements in international oil prices and domestic macroeconomic considerations, domestic fuel retail prices were adjusted downward against last year same quarter. Consequently, average retail price of fuel in Addis Ababa was Birr 23 per liter down from Birr 23.15 a year ago due to a 11.5 percent decrease in jet fuel price. Quarterly average retail price of fuel also declined by 3.7 percent jet fuel price dropped by 17.8 percent (Table 2.4). 2.2. Electric Power Generation About 3.8 billion KWH electric power was generated during the fourth quarter of 2019/20 which was 25 percent higher than last year same quarter. This was attributed to 27.3 percent increase in electric production from hydropower while energy generation from biomass and wind sources dropped by 25.5 and 11.1 percent, respectively.

Fourth Quarter 2019/20 7 National Bank of Ethiopia Quarterly Bulletin Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2018/19 2019/20 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR) 21.08 21.53 21.53 2.1 0.0 Fuel Oil 32.21 32.91 33.34 3.5 1.3 Gas Oil (ADO) 18.51 18.75 18.75 1.3 0.0 Kerosene 18.51 18.75 18.75 1.3 0.0 Jet fuel 25.44 27.50 22.62 -11.1 -17.8 Average 23.15 23.89 23.00 -0.7 -3.7 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices National Bank of Ethiopia Quarterly Bulletin 12 FourthQuarter 2019/20 Gas Oil (ADO) 18.51 18.75 18.75 1.3 0.0 Kerosene 18.51 18.75 18.75 1.3 0.0 Jet fuel 25.44 27.50 22.62 -11.1 -17.8 Average 23.15 23.89 23.00 -0.7 -3.7 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation About 3.8 billion KWH electric power was generated during the fourth quarter of 2019/20 which was 25 percent higher than last year same quarter. This was attributed to 27.3 percent increase in electric production from hydropower while energy generation from biomass and wind sources Source: Ministry of Trade Table 2.5: Electricity Generation by Sources (In ‘000 of K.W.H) Power Source 2018/19 2019/20 Percentage Change Qtr. IV Qtr. III Qtr. IV A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 2,852,844.8 94.4 3,647,601.8 94.1 3,632,638.5 96.2 27.3 -0.4 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 124,908.9 4.1 174,746.2 4.5 111,031.5 2.9 -11.1 -36.5 Biomass 43,254.5 1.4 53,237.0 1.4 32,217.6 0.9 -25.5 -39.5 Total 3,021,008.2 100 3,875,585.0 100 3,775,887.5 100 25.0 -2.6 Source: Ethiopian Electric Power

8 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Of the total energy generated, about 96.2 percent was from hydropower, 2.9 percent from wind and 0.9 percent from biomass (Table 2.5). By system of generation, virtually all the power was generated through the interconnected systems (ICS)2 (Table 2.6). 2 The generated power from different power stations stored in substations before distribution Table 2.6: Generation of electricity power in the interconnected system (ICS) and self-contained system (SCS) System of Power supply 2018/19 2019/20 Percentage Qtr. IV Qtr. III Qtr. IV Share A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 2,852,844.80 94.4 3,647,601.80 94.1 3,632,638.50 96.2 27.3 -0.4 Thermal Power - - - - - - - Geothermal - - - - - - - Wind 124,908.90 4.1 174,746.20 4.5 111,031.50 2.9 -11.1 -36.5 Biomass 43,254.50 1.4 53,237.00 1.4 32,217.60 0.9 -25.5 0 Sub-Total 3,021,008.20 100 3,875,585.00 100 3,775,887.50 100 25 -2.6 SCS Hydro power - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,021,008.20 100 3,875,585.00 100 3,775,887.50 100 25 -2.6 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type National Bank of Ethiopia Quarterly Bulletin 14 FourthQuarter, 2019/20 Table 2.6: Generation of electricity power in the interconnected system (ICS) and self￾contained system (SCS) System of Power supply 2018/19 2019/20 Percentage Share Qtr. IV Qtr. III Qtr. IV A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 2,852,844.80 94.4 3,647,601.80 94.1 3,632,638.50 96.2 27.3 -0.4 Thermal Power - - - - - - - Geothermal - - - - - - - Wind 124,908.90 4.1 174,746.20 4.5 111,031.50 2.9 - 11.1 -36.5 Biomass 43,254.50 1.4 53,237.00 1.4 32,217.60 0.9 - 25.5 0 Sub-Total 3,021,008.20 100 3,875,585.00 100 3,775,887.50 100 25 -2.6 SCS Hydro power - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,021,008.20 100 3,875,585.00 100 3,775,887.50 100 25 -2.6 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type 0 500000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 4500000 2013/14 Q1 Q2 Q3 Q4 2014/15Q1 Q2 Q3 Q4 2015/16Q1 Q2 Q3 Q4 2016/17Q1 Q2 Q3 Q4 2017/18Q1 QII QIII QIV 2018/19Q1 QII QIII QIV 2019/20 QI QII QIII QIV Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power Source: Ethiopian Electric Power

Fourth Quarter 2019/20 9 National Bank of Ethiopia Quarterly Bulletin III. Quarterly Price Developments 3.1 Developments in National CPI During the fourth quarter of 2019/20, headline inflation has increased to 7.3 percent from 4.3 percent a quarter earlier, and 6.9 percent inflation a year ago. The rise in quarterly headline inflation was attributed to 5.1 percentage point increase in food & non-alcoholic beverages and 0.3 percentage point in non-food inflation. Similarly, headline inflation scaled up by 0.4 percentage points on annual terms on the account of a 2.3 percentage point increase in non￾food inflation, and 1.5 percentage point decrease in food & non-alcoholic beverages inflation. Food & non-alcoholic beverages contributed 4.8 percent and non- food inflation 2.4 percent, to the headline inflation registered in the review quarter (Table 3.1 and Fig 3.1). Food & non-alcoholic beverages inflation went up to 8.9 percent from 3.8 percent in the previous quarter, owing to higher price inflation of bread & cereals (10.1 percentage point), sugar jam, honey & chocolate (9.1 percentage point), fish and sea food (8.0 percentage point), vegetables (5.5 percentage point), meat (3.1 percentage point), non-alcoholic beverage (1.3 percentage point) and milk, cheese & egg (0.7 percentage point. Inflation related to food products n.e.c, however, scaled down to 5.1 percentage point followed by fruits (3.0 percentage point) and oil & fats (1.0 percentage point) (Table 3.2). Non-food inflation rose to 5.2 percent from 4.9 percent a quarter earlier and 2.9 percent last year same quarter. The rise in quarterly non-food inflation was attributed mainly to higher inflation for transport (26.3 percentage point), alcoholic beverages & tobacco (14.1 percentage point), communication (8.8 percentage point), health (7.2 percentage point), clothing & footwear (3.9 percentage point), education (0.8 percentage point) and furnishings, household equipment & routine maintenance of houses (0.4 percentage point) (Table 3.3).

10 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 16 FourthQuarter, 2019/20 Source: CSA Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) Weight s in % 2018/1 9 2019/20 Change in %age Points Contributions in (%) to QIV QIII QIV A B C C-A C-B Headline Inflation Change over QIV-2018/19 Headline Inflation Change Over QIII-2019/20 QIV-2019/20 Headline Inflation Absolute Relative Headline 100 6.9 4.3 7.3 0.4 3.0 0.4 3.0 7.2 100 Food & Non￾alcoholic beverage 54 10.4 3.8 8.9 -1.5 5.1 -0.8 2.7 4.8 66.8 Non-food 46 2.9 4.9 5.2 2.3 0.3 1.1 0.2 2.4 33.2 Source: CSA and NBE Staff Computation

Source: CSA Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) Items Weights in % 2018/19 2019/20 Change in %age Points Contributions in (%) to QIV QIII QIV C-A C-B Headline Inflation Change over QII-2019/20 Headline Inflation Change Over QI-2019/20 QII-2019/20 Headline Inflation A B C Absolute Relative Headline 100 6.9 4.3 7.3 0.4 3.0 0.4 3.0 7.2 100 Food & Non￾alcoholic beverage 54 10.4 3.8 8.9 -1.5 5.1 -0.8 2.7 4.8 66.8 Non-food 46 2.9 4.9 5.2 2.3 0.3 1.1 0.2 2.4 33.2 Source: CSA and NBE Staff Computation Source: NBE Staff Computation

Fourth Quarter 2019/20 11 National Bank of Ethiopia Quarterly Bulletin Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation (Dec2016=100) Items Weights 2018/19 2019/20 Change in %age points Contribution to QIV QIII QIV A B C C-A C-B Headline Inflation Change over QIV￾2018/19(%) Headline Inflation Change over QIII￾2019/20(%) Food & Non-alcoholic beverages Inflation 0.54 10.4 3.8 8.9 -1.5 5.1 -0.8 2.7 Bread & Cereals 0.17 10.4 0.1 10.3 -0.1 10.1 0.0 1.7 Meat 0.04 11.2 2.7 5.8 -5.4 3.1 -0.2 0.1 Fish and sea food 0.00 -1.7 5.3 13.3 15.0 8.0 0.0 0.0 Milk, cheese & egg 0.03 7.6 2.9 3.6 -4.0 0.7 -0.1 0.0 Oils & Fats 0.04 6.7 6.0 5.0 -1.6 -1.0 -0.1 0.0 Fruit 0.00 8.3 2.5 -0.4 -8.7 -3.0 0.0 0.0 Vegetables 0.12 18.1 4.9 10.4 -7.7 5.5 -0.9 0.7 Sugar jam, honey, chocolate 0.01 5.0 -6.9 2.2 -2.8 9.1 0.0 0.1 Food products n.e.c 0.06 3.4 15.3 10.2 6.8 -5.1 0.4 -0.3 Non-alcoholic beverages 0.05 2.9 6.8 8.1 5.2 1.3 0.3 0.1 Source: CSA and NBE Staff Computation Table 3.3: Quarterly National Non-food CPI Inflations (Dec2016=100) Items Weights 2018/19 2019/20 Change in %age points Contribution to QIV QIII QIV A B C C-A C-B Headline Inflation Change over QIV-2018/19 Headline Inflation Change over QIII￾2019/20(%) Non-Food Inflation 0.46 2.9 4.9 5.2 2.3 0.3 1.1 0.1 Alcoholic Beverages and tobacco 0.05 3.2 4.5 18.6 15.4 14.1 0.8 0.7 Clothing and Footwear 0.06 0.5 0.7 4.6 4.1 3.9 0.2 0.2 Housing, Water, Electricity, Gas and other Fuel 0.17 3.0 8.8 0.8 -2.2 -8.0 -0.4 -1.3 Furnishings, Household Equipment and Routine maintenance of houses 0.05 4.2 1.4 1.9 -2.3 0.4 -0.1 0.0 Health 0.01 -1.1 2.9 10.1 11.2 7.2 0.2 0.1 Transport 0.02 2.7 5.1 31.4 28.7 26.3 0.7 0.6 Communication 0.02 3.9 -1.8 7.1 3.2 8.8 0.1 0.2 Recreation and culture 0.00 0.9 1.3 -2.0 -2.9 -3.3 0.0 0.0 Education 0.00 2.5 0.2 1.0 -1.5 0.8 0.0 0.0 Restaurant & hotel 0.05 3.7 3.1 1.7 -2.1 -1.4 -0.1 -0.1 Miscellaneous Goods 0.03 6.3 4.1 2.7 -3.6 -1.4 -0.1 0.0 Source: CSA and NBE Staff Computation

12 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 3.2 Developments in Regional CPI Regional average headline inflation increased to 7.8 percent from 4.7 percent in the preceding quarter and 6.7 percent last year same quarter. Gambella, SNNP, Tigray, Addis Ababa, and Dire Dawa, saw higher headline inflation than the regional average during the review quarter. The highest headline inflation (11.2 percent) was registered in Gambella, and the lowest (3.5 percent) in Somali. Hence, the margin between the highest and lowest headline inflation was 7.7 percentage points. The deviation in the regional headline inflation from the average, as signified by standard deviation, scaled dawn to 2.5 percent from 3.2 percent in the preceding quarter and 0.8 percent last year same quarter (Table 3.4) The regional average food & non-alcoholic beverage inflation scaled up to 10.0 percent from 3.6 percent in the preceding quarter and 9.1 percent last year same quarter. Food & non-alcoholic beverages inflation in Gambella , Tigray, SNNP, Dire Dawa, Addis Ababa, Benshangul, and Afar was higher than the regional average inflation. The highest food & non-alcoholic beverages inflation was recorded in Gambella (13.9 percent) and the lowest in Somali (1.8 percent), signifying a 12.1 percentage point margin. The variation in food & non-alcoholic beverages inflation, measured by standard deviation, was 3.4 percent compared to the 4.3 percent a quarter earlier and 2.1 percent last year same quarter (Table 3.4). On the other hand, the regional average non-food inflation has decreased to 5.4 percent from 5.7 percent in the previous quarter but it was higher than 4.4 percent a year ago. SNNP, Addis Ababa, Gambella, Dire Dawa, Tigray and Somali saw higher non-food inflation than the regional average. Non￾food inflation was the highest in SNNP (8.7 percent) and the lowest in Afar (-0.4 percent), revealing a 9.1 percentage point margin. The variation in non￾food inflation, measured by the standard deviation, decreased to 2.6 percent in the review quarter from 3.1 percent in the previous quarter but remained the same compared to last year same quarter (Table 3.4).

Fourth Quarter 2019/20 13 National Bank of Ethiopia Quarterly Bulletin Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2018/19 2019/20 Annual Change Quarterly Change QIV QIII QIV A B C C-A C-B General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food SNNP 6.8 9.7 2.9 5.0 2.4 8.5 10.8 12.5 8.7 4.1 2.8 5.8 5.8 10.1 0.2 Harari 6.1 10.3 3.0 4.0 -0.5 7.7 6.7 8.6 5.3 0.6 -1.7 2.3 2.7 9.1 -2.4 Oromia 6.4 11.8 -0.2 3.9 7.1 9.2 4.1 0.6 -2.6 4.3 3.2 5.3 0.2 Tigray 6.5 7.1 6.0 3.8 3.6 3.9 9.4 13.3 5.8 2.9 6.1 -0.2 5.6 9.7 1.8 Gambella 6.1 6.4 5.8 6.6 7.9 5.0 11.2 13.9 7.7 5.1 7.5 1.9 4.6 6.0 2.7 Addis Ababa 5.7 10.9 2.2 4.1 2.4 5.3 9.3 11.0 7.9 3.6 0.1 5.7 5.2 8.6 2.5 Dire Dawa 7.7 12.3 3.8 2.0 -1.5 5.5 9.2 12.0 6.5 1.4 -0.3 2.8 7.1 13.6 1.0 Benshangul. Gumuz 6.4 7.6 5.4 5.2 3.8 6.7 7.6 10.4 4.8 1.2 2.8 -0.6 2.4 6.6 -1.9 Somali 8.0 6.6 9.9 -1.2 -2.2 0.2 3.5 1.8 5.6 -4.6 -4.8 -4.3 4.6 4.0 5.3 Afar 6.0 8.0 4.0 12.0 11.8 12.2 5.0 10.1 -0.4 -1.0 2.1 -4.4 -6.9 -1.7 -12.6 Amhara 7.4 9.3 5.3 6.3 8.2 4.1 5.5 7.6 2.9 -1.9 -1.7 -2.4 -0.8 -0.6 -1.1 Regions Average 6.7 9.1 4.4 4.7 3.6 5.7 7.8 10.0 5.4 Standard deviation 0.8 2.1 2.6 3.2 4.3 3.1 2.5 3.4 2.6 Coefficient of variation 0.1 0.2 0.6 0.7 1.2 0.5 0.3 0.3 0.5 Source: CSA and NBE Staff Computation

14 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit At the end of fourth quarter of F.Y. 2019/20 broad money supply (M2) stood at Birr 1,037.64 billion, showing a 17.0 percent annual growth owing to 141.3 percent surge in domestic credit vis-a-vis a 12.7 percent contraction in net foreign asset. Table 4.1: Factors Influencing Broad Money Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change Contributions of each component to Broad Money Growth (Jun. 19) (Mar. 20) (Jun. 20) A B C C/A C/B Annual

1. External Assets (net) 14,505.2 (28,903.0) (4,683.7) -132.3 -83.8 -12.7
2. Domestic Credit 963,699.9 1,121,128.1 1,176,923.6 22.1 5.0 141.3 . Claims on Central Gov't (net) 109,799.2 130,343.0 137,080.1 24.8 5.2 18.1 . Claims on Non-Central Gov't 853,900.7 990,785.1 1,039,843.5 16.0 5.0 90.7 . Financial Institutions 52,142.7 55,242.7 58,142.7 11.5 5.2 4.0 . Others 801,758.0 935,542.4 981,700.8 22.4 4.9 119.3
3. Other Items (net) 91,452.6 105,461.7 134,593.6 47.2 27.6 28.6
4. Broad Money (M2) 886,752.5 986,763.4 1,037,646.3 17.0 5.2 100.0 Source: Staff Computation, NBE Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) National Bank of Ethiopia Quarterly Bulletin 22 FourthQuarter2019/20 Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 150.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter Broad Money Domestic Credit Other Items Net Net Foreign Assets Source: Staff Computation, NBE

Fourth Quarter 2019/20 15 National Bank of Ethiopia Quarterly Bulletin Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) National Bank of Ethiopia Quarterly Bulletin 23 FourthQuarter2019/20 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Credit to Central Government Domestic Credit Credit to Non-Central Government Source: Staff computation, NBE Component wise, quasi-money supply showed 17.2 percent annual and 7.3 percent quarterly expansion. Narrow money supply grew 16.7 percent on annual basis and it contributed 34.2 percent to broad money growth, while that of quasi money was 65.8 percent (Table 4.2). The surge in quasi-money was attributed to bank branch expansion to augment deposit mobilization and to improve service outreach. Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change Contributions of each component to Broad Money Growth (Jun. 19) (Mar. 20) (Jun. 20) A B C C/A C/B Annual

1. Narrow Money Supply 308,937.1 355,892.0 360,585.5 16.7 1.3 34.2 . Currency outside banks 92,017.0 109,335.3 109,071.8 18.5 -0.2 11.3 . Demand Deposits (net) 216,920.2 246,556.7 251,513.7 15.9 2.0 22.9
2. Quasi-Money 577,815.4 630,871.4 677,060.8 17.2 7.3 65.8 . Savings Deposits 487,302.1 550,106.1 589,174.1 20.9 7.1 67.5 . Time Deposits 90,513.3 80,765.3 87,886.8 -2.9 8.8 -1.7
3. Broad Money Supply 886,752.5 986,763.4 1,037,646.3 17.0 5.2 100.0 Source: Staff Computation, NBE

16 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.IV.3: Composition of Monetary Stock National Bank of Ethiopia Quarterly Bulletin FourthQuarter, 2019/20 25 Fig.IV.3: Composition of Monetary Stock 0.0 100.0 200.0 300.0 400.0 500.0 600.0 Source: Staff computation, NBE Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. Source: Staff computation, NBE 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 246.5 billion in the fourth quarter of 2019/20, showing a 22.8 percent annual and 10.7 percent quarterly growth. Similarly, excess reserve of commercial banks went up 21.6 percent on yearly and 48.7 percent on quarterly basis (Table 4.3). The money multiplier, measured by the ratio of broad money to reserve money, contracted to 4.21 from 4.42 compared to same period of last year, the ratio of narrow money and reserve money also declined in both cases.

Fourth Quarter 2019/20 17 National Bank of Ethiopia Quarterly Bulletin Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change (Jun. 19) (Mar. 20) (Jun. 20) A B C C/A C/B

1. Reserve Requirement (CB's) 44,861.8 49,362.0 51,952.6 15.8 5.2
2. Actual Reserve (CB's) 88,723.4 85,227.8 105,289.1 18.7 23.5
3. Excess Reserve (CB's) 43,861.7 35,865.8 53,336.5 21.6 48.7
4. Reserve Money 200,749.3 222,721.9 246,545.4 22.8 10.7 . Currency in Circulation 121,800.0 139,106.3 140,521.1 15.4 1.0 . Banks deposits at NBE 78,949.2 83,615.7 106,024.2 34.3 26.8
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.5 1.6 1.5 -5.0 -8.5 . Broad Money to Reserve Money 4.4 4.4 4.2 -4.7 -5.0
6. Other Monetary Ratios (%): . Currency to Narrow Money 39.4 39.1 39.0 -1.2 -0.3 . Currency to Broad Money 13.7 14.1 13.5 -1.4 -3.9 . Narrow Money to Broad Money 34.8 36.1 34.8 -0.3 -3.6 . Quasi Money to Broad Money 65.2 63.9 65.2 0.1 2.1 Source: Staff Computation, NBE Fig. IV.4: Quarterly Growth of Reserve Money and Its Components National Bank of Ethiopia Quarterly Bulletin FourthQuarter, 2019/20 27 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Figure IV.5: Monetary Aggregates 0.0 20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -70 -60 -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2015/16 2016/17 2017/18 2018/19 2019/20 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits Source: Staff Computation NBE

18 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Figure IV.5: Monetary Aggregates National Bank of Ethiopia Quarterly Bulletin FourthQuarter, 2019/20 27 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Figure IV.5: Monetary Aggregates 0.0 20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -70 -60 -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2015/16 2016/17 2017/18 2018/19 2019/20 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits Source: Staff Computation NBE 4.3. Interest Rate Developments Average savings deposit rate stood at 8.0 percent while average lending rate reached 14.25 percent. Weighted average time deposit rate witnessed a slight decline. In contrast, the weighted average yield on T-bills has increased by 5.05 percentage point over last year same quarter. Thus, considering the June 2020 headline inflation of 21.6 percent all real deposit rates, real lending interest rate and T-bill yield remained negative (Table 4.4).

Fourth Quarter 2019/20 19 National Bank of Ethiopia Quarterly Bulletin Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2018/19 2019/20 Percentage point Changes QIV QIII QIV Annual Quarterly

1. Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
2. Time Deposits Up to 1yr 8.02 7.90 7.88 (0.14) (0.02) 1-2 years 8.07 7.95 7.94 (0.13) (0.02) Over 2 years 8.11 8.00 7.99 (0.12) (0.01) Average Time Dep. Rate (Weighted) 8.07 7.95 7.94 (0.13) (0.02)
3. Demand Deposit (Weighted) 0.04 0.05 0.04 0.00 (0.00)
4. Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 21.50 21.50 1.50 - Average Lending Rate 13.50 14.25 14.25 0.75 -
5. T-bills Rate (Weighted) 1.72 6.73 6.77 5.05 0.04
6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 - - 6.1 Maturity above 5 Years 8.00 - -
7. Headline Inflation (Year-on-year) 15.3 22.5 21.6 6.30 (0.90)
8. Food Inflation (Year-on-year) 19.8 26.9 23.0 3.20 (3.90)
9. Core/non-food Inflation (Year-on-year) 10.1 17.5 19.7 9.60 2.20 Source: Staff Computation NBE 1/ Minimum interest rate on saving bond is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE have no control on lending rates and the minimum & maximum rates presented here are determined by the market. 3/ GERD stands for Grand Ethiopian Renaissance Dam

20 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) National Bank of Ethiopia Quarterly Bulletin 29 Fourth Quarter 2019/20 Fig IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Quarters Simple Av. Sav. Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield Source: NBE and Commercial Banks Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) National Bank of Ethiopia Quarterly Bulletin 30 Fourth Quarter 2019/20 Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) *While the inflation rate (core) is depicted on the right axis lending rate, 91 dayT-bills yield and average saving deposit rate are depicted on the left axis Source: Staff computation, NBE 4.4. Developments in the Financial Sector The number of banks remained at 18, of which 16 were private and 2 state owned. 149 new bank branches were opened during the review period, thereby raising the total number of bank branches to 6,511. As a result, population to bank branch ratio stood at 15,485.93 . About 34 percent of the total bank 3 Total population is 100,829,000 as CSA estimation for 2020 branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 29.5 percent while that of private banks constituted 70.5 percent. Total capital of the banking system reached Birr 112.9 billion, of which state owned banks accounted for 50.8 percent and private banks

0.00 5.00 10.00 15.00 20.00 25.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) *While the inflation rate (core) is depicted on the right axis lending rate, 91 dayT-bills yield and average saving deposit rate are depicted on the left axis Source: Staff computation, NBE

Fourth Quarter 2019/20 21 National Bank of Ethiopia Quarterly Bulletin 4.4. Developments in the Financial Sector The number of banks remained at 18, of which 16 were private and 2 state owned. 149 new bank branches were opened during the review period, thereby raising the total number of bank branches to 6,511. As a result, population to bank branch ratio stood at 15,485.93 . About 34 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 29.5 percent while that of private banks constituted 70.5 percent. Total capital of the banking system reached Birr 112.9 billion, of which state owned banks accounted for 50.8 percent and private banks 49.2 percent. The share of Commercial Bank of Ethiopia (CBE) in total capital of the banking system was 44 percent (Table 4.5). Similarly, the number of insurance companies stood at 18, of which 17 were private and one state owned. Their branches increased to 605 from 568 a year ago. Of the total branches, about 54.4 percent were in Addis Ababa. Total capital of the insurance companies reached Birr 9.65 billion compared to Birr 8.2 billion in the same quarter of last year. Private insurance companies accounted for 70.7 percent of the total capital of the insurance sector (Table 4.6). There were 39 micro-finance institutions (MFIs) operating in Ethiopia. They mobilized Birr 44.7 billion in saving deposit which was 6.7 percent higher than last year same period. Their outstanding credit increased by 10.5 percent to Birr 64.9 billion. Their total asset grew 10.5 percent and reached Birr 92.2 billion. Similarly, their capital also rose to Birr 19.4 billion showing 17.3 annual growth (Table 4.7). The top five sizeable MFIs namely, Amhara, Dedebit, Oromia, Omo & Addis Credit and Saving Institutions accounted for 82.6 percent of the total capital, 90.1 percent of the total deposit, 85.9 percent of total credit and 86.3 percent of total asset of micro finance institutions. 3 Total Population is 100,829,000 as CSA Estimation for 2020

22 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 32 Table 4.5: Branch Network and Capital of the Banking System Fourth Quarter 2019/20 (Branch in Number & Capital in Millions of Birr) Capital 2018/19 1,235 343 1,578 28.4 1419 399 1,818 28.6 1,423 402 1,825 28.0 49,817.9 49,979.25 49,645.98 103 4 107 1.9 88 5 93 1.5 88 5 93 1.4 7,676.5 7,676.53 7,676.53 1,338 347 1,685 30 1,507 404 1,911 30 1,511 407 1,918 29 57,494.4 57,655.8 57,322.5

245 178 423 7.6 268 191 459 7.2 285 196 481 7.4 6,024.1 7,862.83 8,095.9 265 156 421 7.6 275 159 434 6.8 277 159 436 6.7 5,210.2 5,002.36 5,464.4 195 158 353 6.3 321 209 530 8.3 358 221 579 8.9 3,647.4 4,177.44 4,179.2 215 140 355 6.4 254 144 398 6.3 254 145 399 6.1 3,605.4 3,866.82 4,137.1 151 143 294 5.3 179 158 337 5.3 186 165 351 5.4 3,241.0 4,161.10 4,374.5 132 148 280 5.0 147 170 317 5.0 153 174 327 5.0 3,782.9 4,687.60 4,950.8 330 75 405 7.3 347 82 429 6.7 348 82 430 6.6 2,509.3 3,860.36 3,906.3 159 76 235 4.2 180 84 264 4.1 186 86 272 4.2 1,958.5 2,680.66 2,767.1 180 97 277 5.0 193 107 300 4.7 206 108 314 4.8 2,851.0 2,334.89 3,650.6 20 24 44 0.8 22 30 52 0.8 22 30 52 0.8 1,793.1 3,640.39 2,376.8 106 103 209 3.8 128 113 241 3.8 130 114 244 3.7 2,042.0 2,292.40 2,552.4 110 107 217 3.9 129 117 246 3.9 135 121 256 3.9 2,405.7 2,493.33 2,742.5 126 74 200 3.6 148 83 231 3.6 149 83 232 3.6 1,902.5 2,440.28 2,580.1 27 41 68 1.2 31 45 76 1.2 31 50 81 1.2 938.4 1,082.97 1,113.3 25 28 53 1.0 36 44 80 1.3 36 46 82 1.3 783.1 1,054.63 1,099.9 Enat Bank S.C 16 29 45 0.8 27 30 57 0.9 27 30 57 0.9 1,309.8 1,579.98 1,584.8 2,302 1,577 3,879 70 2,685 1,766 4,451 70 2,783 1,810 4,593 71 44,004 53,218 55,576 3,640 1,924 5,564 100 4,192 2,170 6,362 100 4,294 2,217 6,511 100 101,499 110,874 112,898 2019/20 Quarter III Quarter IV % Share A.A % Share Quarter IV Quarter III Quarter IV Quarter IV Banks Branch Network Total

1. Public Banks Commercial Bank of Ethiopia Development Bank of Total Public Banks
2. Private Banks Awash International Bank Dashen Bank Abyssinia Bank Wegagen Bank United Bank Nib International Bank Cooperative Bank of Oromiya Lion International Bank Oromia International Bank Zemen Bank Buna International Bank Berhan International Bank Abay Bank Addis Interational Bank Debub Global Bank Total Private Banks 3.Grand Total Banks 2019/20 Reg % Share Reg. A.A Total Reg. A.A Total 2018/19 Source: Bank Supervision Directorate (BSD), National Bank of Ethiopia (NBE) Note: ‘Reg’ stands for Region and ‘A.A’ for Addis Ababa Source: Bank Supervision Directorate (BSD), National Bank of Ethiopia (NBE) Note: ‘Reg’ stands for Region and ‘A.A’ for Addis Ababa

Fourth Quarter 2019/20 23 National Bank of Ethiopia Quarterly Bulletin Fig.IV.8: Share of Branch Network and Capital of Banking System by Type National Bank of Ethiopia Quarterly Bulletin 33 Fourth Quarter 2019/20

18.0 30.0 29.5 56.6 52.0 50.8 82.0 70.0 70.5 43.4 48.0 49.2 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Fig.IV. 8: Share of Branch Network & Capital of Banking System Public Private Source: Staff Compilation, NBE Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 34 Fourth Quarter 2019/20 Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2018/19 Quarter IV Quarter III Quarter IV A.A Reg Total A.A Reg Total A.A Reg Total Capital 1.0 25 63 88 25 65 90 25 65 90 2,596 2,803 2,828 2.0 28 19 47 28 20 48 28 20 48 1,161 1,296 1,311 3.0 16 13 29 17 14 31 18 14 32 249 220 283 4.0 22 17 39 22 17 39 22 17 39 157 173 175 5.0 26 12 38 27 12 39 28 12 40 601 635 676 6.0 11 8 19 11 8 19 12 8 20 165 204 198 7.0 20 21 41 24 22 46 26 22 48 490 604 627 8.0 15 16 31 16 17 33 16 17 33 801 854 891 9.0 27 14 41 27 14 41 27 14 41 468 520 597 10.0 16 18 34 16 19 35 16 19 35 170 195 221 11.0 16 5 21 18 5 23 18 5 23 144 150 165 12.0 20 20 40 22 20 42 22 20 42 363 471 548 13.0 13 13 26 13 13 26 15 13 28 266 260 331 14.0 Berhan insurance S.C 10 5 15 12 6 18 12 7 19 130 139 162 15.0 15 8 23 18 8 26 18 9 27 154 183 212 16.0 Lucy 12 4 16 12 5 17 12 5 17 133 129 141 17.0 Bunna Insurance S.C. 13 7 20 14 8 22 14 9 23 140 146 169 18.0 Zemen Insurance S.C. - - - - - 115 305 263 568 322 273 595 329 276 605 8,188 8,982 9,650 Africa Insurance Company Quarter III Branch Capital Quarter IV 2018/19 2019/20 2019/20 Insurance Companies TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Quarter IV Ethiopian Insurance Corporation Awash Insurance Company Source: Bank Supervision Directorate, NBE Table 4.7: Microfinance Institutions Performance as of June 30, 2020 (In Thousands of Birr) (2018/19) QIV QIII QIV A B C C/A C/B Total Capital 16,567,933.7 18,517,846.7 19,440,089.7 17.3 5.0 Saving 41,897,179.6 43,297,668.9 44,714,061.1 6.7 3.3 Credit 58,722,261.1 60,769,714.0 64,901,669.5 10.5 6.8 Total Assets 83,475,519.0 89,570,702.6 92,200,086.4 10.5 2.9 % Change (2019/20) Particulars Source: Microfinance Supervision Directorate, NBE Source: Bank Supervision Directorate, NBE National Bank of Ethiopia Quarterly Bulletin 33 Fourth Quarter 2019/20

18.0 30.0 29.5 56.6 52.0 50.8 82.0 70.0 70.5 43.4 48.0 49.2 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Fig.IV. 8: Share of Branch Network & Capital of Banking System Public Private Source: Staff Compilation, NBE National Bank of Ethiopia Quarterly Bulletin 34 Fourth Quarter 2019/20 Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2018/19 Quarter IV Quarter III Quarter IV A.A Reg Total A.A Reg Total A.A Reg Total Capital 1.0 25 63 88 25 65 90 25 65 90 2,596 2,803 2,828 2.0 28 19 47 28 20 48 28 20 48 1,161 1,296 1,311 3.0 16 13 29 17 14 31 18 14 32 249 220 283 4.0 22 17 39 22 17 39 22 17 39 157 173 175 5.0 26 12 38 27 12 39 28 12 40 601 635 676 6.0 11 8 19 11 8 19 12 8 20 165 204 198 7.0 20 21 41 24 22 46 26 22 48 490 604 627 8.0 15 16 31 16 17 33 16 17 33 801 854 891 9.0 27 14 41 27 14 41 27 14 41 468 520 597 10.0 16 18 34 16 19 35 16 19 35 170 195 221 11.0 16 5 21 18 5 23 18 5 23 144 150 165 12.0 20 20 40 22 20 42 22 20 42 363 471 548 13.0 13 13 26 13 13 26 15 13 28 266 260 331 14.0 Berhan insurance S.C 10 5 15 12 6 18 12 7 19 130 139 162 15.0 15 8 23 18 8 26 18 9 27 154 183 212 16.0 Lucy 12 4 16 12 5 17 12 5 17 133 129 141 17.0 Bunna Insurance S.C. 13 7 20 14 8 22 14 9 23 140 146 169 18.0 Zemen Insurance S.C. - - - - - 115 305 263 568 322 273 595 329 276 605 8,188 8,982 9,650 Africa Insurance Company Quarter III Branch Capital Quarter IV 2018/19 2019/20 2019/20 Insurance Companies TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Quarter IV Ethiopian Insurance Corporation Awash Insurance Company Source: Bank Supervision Directorate, NBE Table 4.7: Microfinance Institutions Performance as of June 30, 2020 (In Thousands of Birr) (2018/19) QIV QIII QIV A B C C/A C/B Total Capital 16,567,933.7 18,517,846.7 19,440,089.7 17.3 5.0 Saving 41,897,179.6 43,297,668.9 44,714,061.1 6.7 3.3 Credit 58,722,261.1 60,769,714.0 64,901,669.5 10.5 6.8 Total Assets 83,475,519.0 89,570,702.6 92,200,086.4 10.5 2.9 % Change (2019/20) Particulars Source: Microfinance Supervision Directorate, NBE National Bank of Ethiopia Quarterly Bulletin 34 Fourth Quarter 2019/20 Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2018/19 Quarter IV Quarter III Quarter IV A.A Reg Total A.A Reg Total A.A Reg Total Capital 1.0 25 63 88 25 65 90 25 65 90 2,596 2,803 2,828 2.0 28 19 47 28 20 48 28 20 48 1,161 1,296 1,311 3.0 16 13 29 17 14 31 18 14 32 249 220 283 4.0 22 17 39 22 17 39 22 17 39 157 173 175 5.0 26 12 38 27 12 39 28 12 40 601 635 676 6.0 11 8 19 11 8 19 12 8 20 165 204 198 7.0 20 21 41 24 22 46 26 22 48 490 604 627 8.0 15 16 31 16 17 33 16 17 33 801 854 891 9.0 27 14 41 27 14 41 27 14 41 468 520 597 10.0 16 18 34 16 19 35 16 19 35 170 195 221 11.0 16 5 21 18 5 23 18 5 23 144 150 165 12.0 20 20 40 22 20 42 22 20 42 363 471 548 13.0 13 13 26 13 13 26 15 13 28 266 260 331 14.0 Berhan insurance S.C 10 5 15 12 6 18 12 7 19 130 139 162 15.0 15 8 23 18 8 26 18 9 27 154 183 212 16.0 Lucy 12 4 16 12 5 17 12 5 17 133 129 141 17.0 Bunna Insurance S.C. 13 7 20 14 8 22 14 9 23 140 146 169 18.0 Zemen Insurance S.C. - - - - - 115 305 263 568 322 273 595 329 276 605 8,188 8,982 9,650 Africa Insurance Company Quarter III Branch Capital Quarter IV 2019/20 2018/19 2019/20 Insurance Companies TOTAL Tsehay Insurance S.C. Abay Insurance Company S.C. Oromia Insurance Company Ethio-Life Insurance Company Lion Insurance Company Nib Insurance Company Nyala Insurance Company Nile Insurance Company Global Insurance Company United Insurance Company National Insurance Corporation of Quarter IV Awash Insurance Company Ethiopian Insurance Corporation Source: Bank Supervision Directorate, NBE Table 4.7: Microfinance Institutions Performance as of June 30, 2020 (In Thousands of Birr) (2018/19) QIV QIII QIV A B C C/A C/B Total Capital 16,567,933.7 18,517,846.7 19,440,089.7 17.3 5.0 Saving 41,897,179.6 43,297,668.9 44,714,061.1 6.7 3.3 Credit 58,722,261.1 60,769,714.0 64,901,669.5 10.5 6.8 Total Assets 83,475,519.0 89,570,702.6 92,200,086.4 10.5 2.9 % Change (2019/20) Particulars Source: Microfinance Supervision Directorate, NBE

24 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 4.7: Microfinance Institutions Performance as of June 30, 2020 (In Thousands of Birr) National Bank of Ethiopia Quarterly Bulletin 34 Fourth Quarter 2019/20 Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2018/19 Quarter IV Quarter III Quarter IV A.A Reg Total A.A Reg Total A.A Reg Total Capital 1.0 25 63 88 25 65 90 25 65 90 2,596 2,803 2,828 2.0 28 19 47 28 20 48 28 20 48 1,161 1,296 1,311 3.0 16 13 29 17 14 31 18 14 32 249 220 283 4.0 22 17 39 22 17 39 22 17 39 157 173 175 5.0 26 12 38 27 12 39 28 12 40 601 635 676 6.0 11 8 19 11 8 19 12 8 20 165 204 198 7.0 20 21 41 24 22 46 26 22 48 490 604 627 8.0 15 16 31 16 17 33 16 17 33 801 854 891 9.0 27 14 41 27 14 41 27 14 41 468 520 597 10.0 16 18 34 16 19 35 16 19 35 170 195 221 11.0 16 5 21 18 5 23 18 5 23 144 150 165 12.0 20 20 40 22 20 42 22 20 42 363 471 548 13.0 13 13 26 13 13 26 15 13 28 266 260 331 14.0 Berhan insurance S.C 10 5 15 12 6 18 12 7 19 130 139 162 15.0 15 8 23 18 8 26 18 9 27 154 183 212 16.0 Lucy 12 4 16 12 5 17 12 5 17 133 129 141 17.0 Bunna Insurance S.C. 13 7 20 14 8 22 14 9 23 140 146 169 18.0 Zemen Insurance S.C. - - - - - 115 305 263 568 322 273 595 329 276 605 8,188 8,982 9,650 Africa Insurance Company Quarter III Branch Capital Quarter IV 2018/19 2019/20 2019/20 Insurance Companies TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Quarter IV Ethiopian Insurance Corporation Awash Insurance Company Source: Bank Supervision Directorate, NBE Table 4.7: Microfinance Institutions Performance as of June 30, 2020 (In Thousands of Birr) (2018/19) QIV QIII QIV A B C C/A C/B Total Capital 16,567,933.7 18,517,846.7 19,440,089.7 17.3 5.0 Saving 41,897,179.6 43,297,668.9 44,714,061.1 6.7 3.3 Credit 58,722,261.1 60,769,714.0 64,901,669.5 10.5 6.8 Total Assets 83,475,519.0 89,570,702.6 92,200,086.4 10.5 2.9 % Change (2019/20) Particulars Source: Microfinance Supervision Directorate, NBE Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system in the form of deposits (net), borrowing and loan collection increased by 2.8 percent over the same quarter of last year (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 35 Fourth Quarter 2019/20 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system in the form of deposits (net), borrowing and loan collection increased by 2.8 percent over the same quarter of last year (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.IV 2018/19 Qtr.III 2019/20 Qtr.IV 2019/20 A B C C/A C/B 1.Deposits (net change) 22,124.4 13,635.3 8,155.1 38,580.7 62,058.4 30,279.5 52,216.0 -15.9 72.4 -Demand 23,566.4 -3,288.0 -6,886.4 9,371.9 32,869.5 16,680.1 6,083.9 -81.5 -63.5 -Saving 8,030.0 15,680.6 13,133.4 23,174.2 24,686.5 21,163.4 38,854.8 57.4 83.6 -Time -9,472.1 1,242.6 1,908.1 6,034.6 4,502.4 -7,564.0 7,277.2 61.6 -196.2 2. Borrowing (net change) 6,029.9 2,889.8 0.0 0.0 -437.1 6,029.9 2,889.8 -761.1 -52.1 -Local 4,767.6 2,602.8 0.0 0.0 -1,276.4 4,767.6 2,602.8 -303.9 -45.4 -Foreign 1,262.3 287.0 0.0 0.0 839.3 1,262.3 287.0 -65.8 -77.3 3. Collection of Loans 25,174.2 34,916.7 22,546.8 22,164.4 47,485.1 47,721.0 57,081.1 20.2 19.6 4. Total Resources Mobilized (1+2+3) 53,328.5 51,441.8 30,701.9 60,745.0 109,106.4 84,030.4 112,186.8 2.8 33.5 5. Disbursement 75,919.1 32,435.7 23,165.0 31,274.8 75,026.2 99,084.1 63,710.5 -15.1 -35.7 6. Change in Liquidity (4-5) -22,590.6 19,006.1 7,536.9 29,470.3 34,080.2 -15,053.7 48,476.4 42.2 -422.0 Memorandum Item: Outstanding Credit* 667,384.6 685,084.6 324,362.0 347,108.1 840,992.6 991,746.7 1,032,192.7 22.7 4.1 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.III 2019/20 Qtr.IV 2019/20 Qtr.III 2019/20 Qtr.IV 2019/20 Source: Commercial Banks and staff computation Notes: *Includes Corporate bonds of CBE and Central Government Borrowing (treasury bills) Source: Commercial Banks and staff computation Notes: *Includes Corporate bonds of CBE and Central Government Borrowing (treasury bills)

Fourth Quarter 2019/20 25 National Bank of Ethiopia Quarterly Bulletin Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans National Bank of Ethiopia Quarterly Bulletin 36 Fourth Quarter 2019/20 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff compilation 4.5.1.1. Deposit Mobilization Total deposit liabilities reached Birr 1.04 trillion by the end of fourth quarter 2019/20; indicating 15.8 percent annual growth rate on account of enhanced expansion of bank branches, improved access to finance and improving saving culture, among others. Demand deposits, which accounted for 34.2 percent of the total deposits, reached Birr 356.3 billion showing 13 percent annual growth. Saving deposits also went up by 20.9 percent to Birr 589.5 billion and accounted for 56.6 percent of the total deposits. Time deposit, which constituted 9.2 percent of the total deposit liabilities, decreased by 1.1 percentage changes and reached Birr 95.6 billion. The share of public banks in total deposit 57.4 percent while that of 42.6 percent went to private banks stood at 42.6 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter IV Quarter III Quarter IV 2018/19 2019/20 2019/20 A B C Demand Deposit 315,352.5 35.1 350,244.6 35.4 356,328.6 34.2 13.0 1.7 Saving Deposit 487,562.2 54.2 550,610.2 55.7 589,465.0 56.6 20.9 7.1 Time Deposit 96,713.8 10.8 88,339.5 8.9 95,616.7 9.2 (1.1) 8.2 Total 899,628.4 100.0 989,194.3 100.0 1,041,410.3 100.0 15.8 5.3 Share of Public Banks 60.4 59.0 57.4 Share of Private Banks 39.6 41.0 42.6 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE Source: Staff compilation 4.5.1.1. Deposit Mobilization Total deposit liabilities reached Birr 1.04 trillion by the end of fourth quarter 2019/20; indicating 15.8 percent annual growth rate on account of enhanced expansion of bank branches, improved access to finance and improving saving culture, among others. Demand deposits, which accounted for 34.2 percent of the total deposits, reached Birr 356.3 billion showing 13 percent annual growth. Saving deposits also went up by 20.9 percent to Birr 589.5 billion and accounted for 56.6 percent of the total deposits. Time deposit, which constituted 9.2 percent of the total deposit liabilities, decreased by 1.1 percentage changes and reached Birr 95.6 billion. The share of public banks in total deposit 57.4 percent while that of 42.6 percent went to private banks stood at 42.6 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 36 Fourth Quarter 2019/20 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff compilation 4.5.1.1. Deposit Mobilization Total deposit liabilities reached Birr 1.04 trillion by the end of fourth quarter 2019/20; indicating 15.8 percent annual growth rate on account of enhanced expansion of bank branches, improved access to finance and improving saving culture, among others. Demand deposits, which accounted for 34.2 percent of the total deposits, reached Birr 356.3 billion showing 13 percent annual growth. Saving deposits also went up by 20.9 percent to Birr 589.5 billion and accounted for 56.6 percent of the total deposits. Time deposit, which constituted 9.2 percent of the total deposit liabilities, decreased by 1.1 percentage changes and reached Birr 95.6 billion. The share of public banks in total deposit 57.4 percent while that of 42.6 percent went to private banks stood at 42.6 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter IV Quarter III Quarter IV 2018/19 2019/20 2019/20 A B C Demand Deposit 315,352.5 35.1 350,244.6 35.4 356,328.6 34.2 13.0 1.7 Saving Deposit 487,562.2 54.2 550,610.2 55.7 589,465.0 56.6 20.9 7.1 Time Deposit 96,713.8 10.8 88,339.5 8.9 95,616.7 9.2 (1.1) 8.2 Total 899,628.4 100.0 989,194.3 100.0 1,041,410.3 100.0 15.8 5.3 Share of Public Banks 60.4 59.0 57.4 Share of Private Banks 39.6 41.0 42.6 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE Source: Commercial Banks and DBE

26 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership National Bank of Ethiopia Quarterly Bulletin 37 Fourth Quarter 2019/20 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, banks collected loans (including corporate bonds) to the sum of Birr 57.1 billion, about 20.2 percent higher than a year ago (Table 4.11). Of the total loan collection, 38.8 percent was collected by private banks and 61.2 percent by state owned banks. About 74.6 percent of the total loan was collected from private enterprises and cooperatives (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 80.4 billion, showing 3.7 percent annual growth. Of the total borrowing, Birr 68.4 billion (85.1 percent) was obtained from domestic and Birr 12 billion (14.9 percent) from external sources (Table 4.10). Table 4.10: Banks’ Outstanding Borrowing by Sources (In Millions of Birr) 2018/19 Quarter IV Quarter III Quarter IV A B C C/B C/A Domestic Borrowing 62,764.4 65,814.1 68,416.9 4.0 9.0 Foreign Borrowing 9,391.5 11,739.0 12,026.0 2.4 28.1 Total 72,156.0 77,553.1 80,442.9 3.7 11.5 Banks Percentage change 2019/20 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, banks collected loans (including corporate bonds) to the sum of Birr 57.1 billion, about 20.2 percent higher than a year ago (Table 4.11). Of the total loan collection, 38.8 percent was collected by private banks and 61.2 percent by state owned banks. About 74.6 percent of the total loan was collected from private enterprises and cooperatives (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 80.4 billion, showing 3.7 percent annual growth. Of the total borrowing, Birr 68.4 billion (85.1 percent) was obtained from domestic and Birr 12 billion (14.9 percent) from external sources (Table 4.10). Table 4.10: Banks’ Outstanding Borrowing by Sources (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 37 Fourth Quarter 2019/20 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, banks collected loans (including corporate bonds) to the sum of Birr 57.1 billion, about 20.2 percent higher than a year ago (Table 4.11). Of the total loan collection, 38.8 percent was collected by private banks and 61.2 percent by state owned banks. About 74.6 percent of the total loan was collected from private enterprises and cooperatives (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 80.4 billion, showing 3.7 percent annual growth. Of the total borrowing, Birr 68.4 billion (85.1 percent) was obtained from domestic and Birr 12 billion (14.9 percent) from external sources (Table 4.10). Table 4.10: Banks’ Outstanding Borrowing by Sources (In Millions of Birr) 2018/19 Quarter IV Quarter III Quarter IV A B C C/B C/A Domestic Borrowing 62,764.4 65,814.1 68,416.9 4.0 9.0 Foreign Borrowing 9,391.5 11,739.0 12,026.0 2.4 28.1 Total 72,156.0 77,553.1 80,442.9 3.7 11.5 Banks Percentage change 2019/20 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 63.7 billion was disbursed in fresh loans (including in CBE bonds), indicating 15.1 percent annual decline. Of the total new loans disbursed, the share of state owned banks was 50.9 percent and that of private banks 49.1 percent (Table 4.12). The major beneficiaries of the fresh loans were agriculture (Birr 10.7 billion or 16.8 percent), mines, power & water resources (Birr 9.8 billion or 15.3 percent), international trade (Birr 9.7 billion or 15.2 percent), housing and construction (Birr 9.1 billion or 14.4 percent) and domestic trade (Birr 8 billion or 12.5 percent). The remaining balance was taken up by other sectors (Table 4.11).

Fourth Quarter 2019/20 27 National Bank of Ethiopia Quarterly Bulletin Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership National Bank of Ethiopia Quarterly Bulletin 38 Fourth Quarter 2019/20 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 63.7 billion was disbursed in fresh loans (including in CBE bonds), indicating 15.1 percent annual decline. Of the total new loans disbursed, the share of state owned banks was 50.9 percent and that of private banks 49.1 percent (Table 4.12). The major beneficiaries of the fresh loans were agriculture (Birr 10.7 billion or 16.8 percent), mines, power & water resources (Birr 9.8 billion or 15.3 percent), international trade (Birr 9.7 billion or 15.2 percent), housing and construction (Birr 9.1 billion or 14.4 percent) and domestic trade (Birr 8 billion or 12.5 percent). The remaining balance was taken up by other sectors (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00 70,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Source: Commercial Banks and Development Bank of Ethiopia Commercial Banks and Development Bank of Ethiopia Table 4.11: Banking Loans & advances by Sectors (including corporate bond) in QIV-2019/20 (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 39 Fourth Quarter 2019/20 Table 4.11: Banking Loans & advances by Sectors (including corporate bond) in QIV-2019/20 (In Millions of Birr) D* C* O/S* D* C* O/S * D* C* O/S* Agriculture 10,470 14,717 18,350 214 175 2,737 10,684 14,892 21,087 Industry 4,049 3,114 169,627 3,737 2,225 52,105 7,786 5,339 221,732 Domestic Trade 779 896 8,046 7,206 6,323 79,773 7,985 7,218 87,819 International Trade 405 2,197 23,165 9,280 8,526 110,905 9,685 10,722 134,071 Export 383 343 12,038 6,483 6,531 77,182 6,866 6,874 89,219 Imports 21 1,854 11,128 3,013 1,995 33,724 3,035 3,849 44,851 Hotels and Tourism 116 233 4,845 1,308 423 12,732 1,424 657 17,577 Transport & Communication 2,764 5,631 57,824 788 1,046 10,917 3,552 6,677 68,742 Housing & Construction 3,210 2,177 64,166 5,937 2,261 51,358 9,147 4,438 115,524 Mines, Power & Water Res. 9,527 4,954 303,622 239 1 370 9,766 4,955 303,992 Others 555 226 8,754 428 187 2,682 983 413 11,436 Personal 562 772 26,685 1,920 998 23,528 2,481 1,770 50,213 Total 32,436 34,917 685,085 31,275 22,164 347,108 63,710 57,081 1,032,193 Source: Commercial Banks and staff computation Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Notes: D* = Disbursement, C* = Collection, O/S*= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) increased to Birr 1.03 trillion about 20.4 percent higher than last year same quarter. Out of the total outstanding credit of private banks, 99.6 percent was claims on the private sector compared with 20.3 percent for state owned banks (Table 4.12). Sector wise, mines, power & and water resources sector the major recipient of credit outstanding with Birr 304 billion (29.5 percent) followed by industry (Birr 221.7 billion or 21.5 percent) international trade (Birr 134.1 billion or 13 percent), housing & construction’ (Birr 115.5 billion or 11.2 percent), domestic trade (Birr 87.8 billion or 8.5 percent), and transportation and communication (Birr 68.7 billion or 6.7 percent). Credit to other economic sectors took the remaining balance (Table 4.11). Notes: D* = Disbursement, C* = Collection, O/S*= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) increased to Birr 1.03 trillion about 20.4 percent higher than last year same quarter. Out of the total outstanding credit of private banks, 99.6 percent was claims on the private sector compared with 20.3 percent for state owned banks (Table 4.12). Sector wise, mines, power & and water resources sector the major recipient of credit outstanding with Birr 304 billion (29.5 percent) followed by industry (Birr 221.7 billion or 21.5 percent) international trade (Birr 134.1 billion or 13 percent), housing & construction’ (Birr 115.5 billion or 11.2 percent), domestic trade (Birr 87.8 billion or 8.5 percent), and transportation and communication (Birr 68.7 billion or 6.7 percent). Credit to other economic sectors took the remaining balance (Table 4.11).

28 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 4.12: Breakdown of Banking System Credit by Clients in QIV-2019/20 (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 40 Fourth Quarter 2019/20 Table 4.12: Breakdown of Banking System Credit by Clients in QIV-2019/20 (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 32,435.7 50.9 34,916.7 61.2 685,084.6 66.4 Corporate Bonds* 13,571.8 0.0 11,125.4 0.0 405,225.1 59.1 State Enterprises 17,456.6 53.8 14,458.1 41.4 546,091.5 79.7 Cooperatives 10,775.3 33.2 14,546.7 41.7 15,475.7 2.3 Private Enterprises 4,203.8 13.0 5,911.9 16.9 123,517.4 18.0 Private Banks 31,274.8 49.1 22,164.4 38.8 347,108.1 33.6 Central Government* 0.0 State Enterprises 651.5 2.1 44.9 0.2 1,514.8 0.4 Cooperatives 131.9 0.4 205.1 0.9 4,415.3 1.3 Private Enterprises 30,491.4 97.5 21,914.3 98.9 341,178.0 98.3 Grand Total 63,710.5 100.0 57,081.1 100.0 1,032,192.7 100.0 Source: Commercial banks and staff computation Notes: * Corporate Bonds of Commercial Bank of Ethiopia Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE 4.6. Financial Activities of NBE NBE gross claims on the central government as of end June 2020 has reached Birr 230.2 billion which was 18.3 percent higher than a year earlier. Of this sum, government bonds accounted for 86.5 percent and direct advance 13.5 percent. As direct advance to central government was converted in to bonds, its amount has dropped by 83.4 percent compared with Source: Commercial banks and staff computation Notes: * Corporate Bonds of Commercial Bank of Ethiopia Fig.IV.12: Share of Public and Private Banks in Credit Outstanding National Bank of Ethiopia Quarterly Bulletin 40 Fourth Quarter 2019/20 Table 4.12: Breakdown of Banking System Credit by Clients in QIV-2019/20 (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 32,435.7 50.9 34,916.7 61.2 685,084.6 66.4 Corporate Bonds* 13,571.8 0.0 11,125.4 0.0 405,225.1 59.1 State Enterprises 17,456.6 53.8 14,458.1 41.4 546,091.5 79.7 Cooperatives 10,775.3 33.2 14,546.7 41.7 15,475.7 2.3 Private Enterprises 4,203.8 13.0 5,911.9 16.9 123,517.4 18.0 Private Banks 31,274.8 49.1 22,164.4 38.8 347,108.1 33.6 Central Government* 0.0 State Enterprises 651.5 2.1 44.9 0.2 1,514.8 0.4 Cooperatives 131.9 0.4 205.1 0.9 4,415.3 1.3 Private Enterprises 30,491.4 97.5 21,914.3 98.9 341,178.0 98.3 Grand Total 63,710.5 100.0 57,081.1 100.0 1,032,192.7 100.0 Source: Commercial banks and staff computation Notes: * Corporate Bonds of Commercial Bank of Ethiopia Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE 4.6. Financial Activities of NBE NBE gross claims on the central government as of end June 2020 has reached Birr 230.2 billion which was 18.3 percent higher than a year earlier. Of this sum, government bonds accounted for 86.5 percent and direct advance 13.5 percent. As direct advance to central government was converted in to bonds, its amount has dropped by 83.4 percent compared with Source: Staff computation, NBE 4.6. Financial Activities of NBE NBE gross claims on the central government as of end June 2020 has reached Birr 230.2 billion which was 18.3 percent higher than a year earlier. Of this sum, government bonds accounted for 86.5 percent and direct advance 13.5 percent. As direct advance to central government was converted in to bonds, its amount has dropped by 83.4 percent compared with that of last year, thereby increasing the share of bonds by a significant amount. Deposit of financial institutions at NBE also went up by 36.7 percent (Table 4.13).

Fourth Quarter 2019/20 29 National Bank of Ethiopia Quarterly Bulletin Table 4 .13: Financial Activities of NBE during the Fourth Quarter of 2019/20 (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 41 Fourth Quarter 2019/20 that of last year, thereby increasing the share of bonds by a significant amount. Deposit of financial institutions at NBE also went up by 36.7 percent (Table 4.13). (In Millions of Birr) 2018/19 Qtr.IV Qtr.III Qtr.IV A B C C/A C/B 1.Loans and Advances 246,828.01 276,480.46 288,380.46 16.8 4.3 1.1. To Central Government 194,685.30 221,237.75 230,237.75 18.3 4.1 Direct Advances 187,264.95 214,264.95 31,000.00 -83.4 -85.5 Bonds 7,420.35 6,972.80 199,237.75 2,585.0 2,757.4 1.2.To Development Bank of Ethiopia 52,142.71 55,242.71 58,142.71 11.5 5.2 2.Deposit Liabilities 101,541.59 109,863.87 142,566.17 40.4 29.8 2.1. Government 22,513.90 26,131.42 34,529.59 53.4 32.1 2.2. Financial Institutions 79,027.70 83,732.46 108,036.59 36.7 29.0 O/W: -Banks 79,002.58 83,724.46 108,028.03 36.7 29.0 -Insurance companies 25.1 8.0 8.6 -65.9 7.1 3.Net Claims of NBE(1-2) 145,286.4 166,616.6 145,814.3 0.4 -12.5 % Change Particulars Table 4 .13: Financial Activities of NBE during the Fourth Quarter of 2019/20 2019/20 Source: NBE

4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the weekly T-bills auction market reached Birr 27.8 billion during the review quarter reflecting a 76.6 percent contraction compared to same period last year. Similarly, the demand for T-bills also slowed down by 78.7 percent relative to a year earlier and stood at Birr 26.6 billion (Table 14). The total amount of T-bill sold was Birr 20.5 billion, about 83.5 percent lower than a year ago. Non-bank institutions bought T-bills valued at Birr 14.9 billion while the remaining balance (Birr 5.6 billion) was sold to banks. Outstanding T-bills at the end of the quarter reached Birr 28.5 billion, indicating a 79.4 percent annual decrease. Average weighted T-bills yields during the review quarter reached 6.6 percent which was significantly higher than a year earlier due to the change in policy stance (Table 4.14). Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the weekly T-bills auction market reached Birr 27.8 billion during the review quarter reflecting a 76.6 percent contraction compared to same period last year. Similarly, the demand for T-bills also slowed down by 78.7 percent relative to a year earlier and stood at Birr 26.6 billion (Table 14). The total amount of T-bill sold was Birr 20.5 billion, about 83.5 percent lower than a year ago. Non-bank institutions bought T-bills valued at Birr 14.9 billion while the remaining balance (Birr 5.6 billion) was sold to banks. Outstanding T-bills at the end of the quarter reached Birr 28.5 billion, indicating a 79.4 percent annual decrease. Average weighted T-bills yields during the review quarter reached 6.6 percent which was significantly higher than a year earlier due to the change in policy stance (Table 4.14).

30 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 14: Results of Treasury Bills Auction ( 2019/20 Fourth Quarter) National Bank of Ethiopia Quarterly Bulletin 42 Fourth Quarter 2019/20 Source NBE 2018/19 Quarter IV Quarter III Quarter IV A B C C/A C/B Number of Bidders 48.00 26.00 41.00 -14.58 57.69 Public 48.00 24.00 21.00 -56.25 -12.50 Private - 2.00 20.00 Number of Bids received 48.00 23.00 50.00 4.17 117.39 Public 48.00 21.00 21.00 -56.25 0.00 Private - 2.00 29.00 -1449.00 Amount Demanded (Mn. Birr) 124,762.36 10,139.00 26,634.00 -78.65 162.69 28-day bill 890.00 780.00 904.00 1.57 15.90 91-day bill 106,212.36 4,729.00 17,150.00 -83.85 262.66 182-day bill 660.00 4,630.00 8,580.00 1200.00 85.31 364-day bill 17,000.00 - - - - Amount Supplied (Mn. Birr) 118,629.56 8,396.00 27,791.00 -76.57 231.00 28-day bill 240.00 906.00 660.00 175.00 -27.15 91-day bill 100,654.56 3,490.00 12,046.00 -88.03 245.16 182-day bill 735.00 4,000.00 15,085.00 1952.38 277.13 364-day bill 17,000.00 - - - Amount Sold (Mn. Birr) 124,762.36 8,106.00 20,534.00 -83.54 153.32 Banks 650.00 140.00 5,644.00 Non-Banks 124,112.36 7,966.00 14,890.00 -88.00 86.92 28-day bill 99.94 99.47 99.56 -0.38 0.10 91-day bill 99.70 98.39 98.33 -1.38 -0.06 182-day bill 99.69 96.31 96.52 -3.19 0.21 364-day bill 95.25 - - 0.00 28-day bill 0.8292 7.00 5.75 593.48 -17.82 91-day bill 1.2035 6.57 6.82 466.88 3.86 182-day bill 0.6186 7.68 7.24 1070.24 -5.75 364-day bill 5.0000 - - 0.00 Banks 650.00 100.00 5,604.00 Non-Banks 137,404.36 29,626.00 22,870.00 -83.36 -22.80 -4.21 Average Weighted Yield for Successful bids (% ) 1.91 7.08 6.60 245.24 -6.75 Outstanding bills at the end of Period (Mn.Br.) 138,054.36 29,726.00 28,474.00 -79.37 Table 14: - Results of Treasury Bills Auction ( 2019/20 Fourth Quarter) (In Millions) 2019/20 % Change Average Weighted Price for Successful bids (% ) 98.65 98.06 98.13 -0.52 0.08 Source NBE

Fourth Quarter 2019/20 31 National Bank of Ethiopia Quarterly Bulletin Fig IV.13 Development in Treasury- bills Markets. National Bank of Ethiopia Quarterly Bulletin 43 Fourth Quarter 2019/20 Fig IV.13 Development in Treasury- bills Markets. Source NBE

Fig IV. 14 Weighted Yields Source NBE Fig IV. 14 Weighted Yields National Bank of Ethiopia Quarterly Bulletin 43 Fourth Quarter 2019/20 Fig IV.13 Development in Treasury- bills Markets. Source NBE

Fig IV. 14 Weighted Yields

32 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 4.7.2. Inter- Bank Money Market No inter-bank money market transaction has been conducted during the fourth quarter. 4.7.3. Corporate Bond Market Similarly, corporate bond market is not well￾developed and the big players are few public institutions and regional governments. The purchaser of corporate bonds is solely the Commercial Bank of Ethiopia (CBE). Accordingly, CBE has purchased corporate bonds worth Birr 13.6 billion during the review quarter. Of the total bonds issued by Ethiopian electric utility (EEU) and Ethiopia Electric Power (EEP) amounted to Birr 9.3 billion, Railways Corporation Birr 2.8 billion and Addis Ababa City administration Birr 1.3 billion. At the end of June 2020, the stock of corporate bonds held by the CBE stood at Birr 405.2 billion, of which 88.6 percent was claims on public enterprises, and the rest on regional governments (Table 4.15). Corporate bonds issued by EEP&EEU accounted for 77.6 percent of the bonds issued by public enterprises and 74.6 percent of the total outstanding corporate bond held by EEP&EEU (Table4.15). Table 4.15 Corporate Bond Purchase, Redemption and Outstanding In millions of Birr National Bank of Ethiopia Quarterly Bulletin 45 Fourth Quarter 2019/20 Table 4.15 Corporate Bond Purchase, Redemption and Outstanding In millions of Birr Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding NP Red O/S NP Red O/S 1.Puplic Enterprises 47,000.0 2,458.8 361,195.8 12,271.8 10,400.5 359,032.7 EEPCO 28,200.0 127.1 301,821.78 9,516.2 4,856.6 302,345.73 Railways Corporation 18,800.0 2,331.7 59,374.06 2,755.6 5,543.9 56,686.98 DBE - - - - - - 2. Regional Governments 1,400.0 632.8 25,113.25 1,300.0 724.9 46,192.35 Oromia - 3.6 423.34 - 3.7 414.12 Amhara - - 0.21 - - - Tigray - 39.9 88.65 - 0.1 91.54 SNNPRS - - 7.61 - - - Dire Dawa - - 0.00 - - 0.00 Harari - - 0.00 - - 0.00 City Government of Addis Ababa 1,400.0 589.3 24,593.44 1,300.0 721.1 45,686.69 3.Grand Total (1+2) 48,400.0 3,091.6 386,309.08 13,571.8 11,125.4 405,225.05 2019/20 2019/20 Issuer of the Bond QIII QIV Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding

Fourth Quarter 2019/20 33 National Bank of Ethiopia Quarterly Bulletin V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The overall balance of payments registered USD 653 million in surplus during the fourth quarter of 2019/20 compared to USD 558.5 million deficit a year ago. This surplus was mainly attributed to narrowing of trade deficit, an increase in net official transfers and a surplus in net capital account (Table 5.1).

34 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.1: Balance of Payments (In Millions of USD) National Bank of Ethiopia Quarterly Bulletin 47 Fourth Quarter 2019/20 Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QV QIII4 QIV5 A B C D=C/A E=C/B 1 Exports, f.o.b. 766.7 757.6 942.9 23.0 24.5 Coffee 264.5 197.4 293.1 10.8 48.4 Other 502.2 560.2 649.8 29.4 16.0 2 Imports 3,428.6 3,626.3 2,688.7 -21.6 -25.9 Fuel 631.3 546.8 308.6 -51.1 -43.6 Cereals 99.9 218.6 134.2 34.2 -38.6 Aircraft 10.3 16.7 4.5 -56.1 -72.9 Imports excl. fuel, cereals, aircraft 2,687.1 2,844.2 2,241.4 -16.6 -21.2 3 Trade Balance (1-2) -2,661.9 -2,868.7 -1,745.8 -34.4 -39.1 4 Services, net -249.2 -256.6 -105.5 -57.7 -58.9 Non-factor services, net -77.0 -64.3 -5.6 -92.7 -91.2 Exports of non-factor services 1,154.0 1,087.9 965.9 -16.3 -11.2 Imports of non-factor services 1,231.0 1,152.2 971.6 -21.1 -15.7 Factor services (Investment income), net -172.2 -192.4 -99.9 -42.0 -48.1 Interest, net -172.2 -192.4 -99.9 -42.0 -48.1 Dividend, net 5 Private transfers, net 1,428.7 1,490.5 1,218.8 -14.7 -18.2 o/w: NGO's,(Net) 201.9 170.5 217.4 7.7 27.5 Private Individuals 1,226.8 1,320.0 1,001.4 -18.4 -24.1 6 Current account balance excluding official transfers (3+4+5) -1,482.4 -1,634.9 -632.5 -57.3 -61.3 7 Official transfers, net 411.9 272.6 421.5 2.3 54.6 8 Current account balance including official transfers(6+7) -1,070.5 -1,362.3 -211.0 -80.3 -84.5 9 Capital account 886.7 780.2 1,233.2 39.1 58.1 Official Long-term Capital, net 208.0 229.0 975.0 368.8 325.7 Disbursements 261.9 477.0 1,024.9 291.3 114.9 Amortization 54.0 248.0 50.0 -7.4 -79.8 Other public long-term capital 2.4 -108.2 -122.1 12.8 Private sector, long term 45.4 57.9 18.6 -59.0 -67.9 Foreign Direct Investment, net 565.4 561.4 495.5 -12.4 -11.7 Short-term Capital 65.6 40.1 -133.8 -303.9 -433.6 10 Errors and Omissions [11-(9+8)] -374.6 161.2 -369.2 11 Overall balance (-13) -558.5 -420.9 653.0 12 Financing (13+16) 558.5 420.9 -653.0 13 Reserves [ Increase(-), Decrease (+)] (14+15) 558.5 420.9 -653.0 14 Central Bank (NFA) 584.9 367.2 -389.8 Asset 504.7 514.2 -659.6 Liabilities 80.1 -147.0 269.8 15 Commercial banks (NFA) -26.4 53.7 -263.2 16 Debt Relief Principal Interest Source: NBE Staff Compilation 4 Revised 5 Preliminary Source: NBE Staff Compilation 4 Revised 5 Preliminary

Fourth Quarter 2019/20 35 National Bank of Ethiopia Quarterly Bulletin Current account receipts amounted to USD 3.6 billion about 5.8 percent lower than a year earlier. This was on account of a decline in receipts from services (17.3 percent), and private transfers (14.7 percent). In contrast, Merchandise export proceeds rose 23 percent and public transfers 4.2 percent. Similarly, current account payments decreased by 22.2 percent and reached USD 3.8 billion due to slowdown in merchandise import (21.6 percent), services payments (24.4 percent) and private transfers (11 percent) despite a significant surge in public transfers (118.6 percent). Thus, the current account deficit reached USD 211 million showing a 80.3 percent reduction over last year same quarter (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QIV QIII QIV A B C D=C/A E=C/B 1 Current Receipts 3,790.1 3,642.3 3,570.4 -5.8 -2.0 Export Proceeds 766.7 757.6 942.9 23.0 24.5 Service Proceeds 1,170.5 1,097.2 967.5 -17.3 -11.8 Private Transfers 1,434.2 1,494.0 1,223.7 -14.7 -18.1 Public Transfers 418.7 293.5 436.3 4.2 48.7 2 Current Payments 4,860.6 5,004.6 3,781.4 -22.2 -24.4 Import Payments 3,428.6 3,626.3 2,688.7 -21.6 -25.9 Service Payments 1,419.7 1,353.8 1,073.0 -24.4 -20.7 Private Transfers 5.6 3.5 4.9 -11.0 40.3 Public Transfers 6.8 21.0 14.8 118.6 -29.2 3 Net, (1-2) -1,070.5 -1,362.3 -211.0 -80.3 -84.5 Source: NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin 49 Fourth Quarter 2019/20

Source: NBE Staff Compilation 5.2. Balance of Trade Merchandise trade deficit narrowed to USD 1.7 billion from USD 2.7 billion a year ago due to significant decline in import payments and higher merchandise export receipts. 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 In Millions of USD Fig V.1 Trends in Current Receipts and Payments Current Receipts Current Payments Source: NBE Staff Compilation

36 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 5.2. Balance of Trade Merchandise trade deficit narrowed to USD 1.7 billion from USD 2.7 billion a year ago due to significant decline in import payments and higher merchandise export receipts. National Bank of Ethiopia Quarterly Bulletin 50 Fourth Quarter 2019/20 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Source: Ethiopian Ministry of Revenues Ethiopian Ministry of Revenues National Bank of Ethiopia Quarterly Bulletin 51 Fourth Quarter 2019/20 Source: Ethiopian Ministry of Revenues 5.2.1. Export of Goods Total receipts from export of goods depicted a 23.0 percent annual growth owing to higher export revenue from coffee (10.8 percent), oilseeds (0.7 percent), pulses (0.7 percent), flower (17.1 percent) and electricity (255.9 percent) and gold (3239.5 percent). In contrast, lower revenue was registered from other export items such as leather & leather products (66.4 percent), meat & meat products (29.2 percent), fruits & vegetables (25.6 percent), textile and textile products (32.8 percent), live￾animals (7.7 percent), chat (4.4 percent) and other export products (9.9 percent). Annual export earnings from coffee grew by 10.8 percent due to 14.6 percent increase in international price despite 3.4 percent decline in volume of export. Thus, the share of coffee in total export earnings dropped to 31.1 percent from 34.5 percent a year ago. Revenue from oilseeds export slightly rose by 0.7 percent and reached USD 109.2 million as export volume increased 11.1 percent albeit 9.4 percent fall in price. Consequently, the share of oilseeds in total merchandise export earnings decreased to 11.6 percent from 14.1 percent of last year. Similarly, export revenue from pulses showed a 0.7 percent growth vis-à-vis the same quarter of last year due to 38.9 percent rise in unit price despite 27.5 percent fall in export volume. Thus, the share of pulses in total export earnings went down to 7.4 percent from 9.1 percent a year earlier. 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1Q2 Q3Q4Q1Q2Q3 Q4Q1Q2Q3Q4 Q1Q2Q3Q4Q1Q2 Q3Q4Q1Q2Q3 Q4Q1Q2Q3Q4 Q1Q2Q3Q4Q1 Q2Q3Q4Q1Q2Q3 Q4 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia Quarterly Bulletin 47 | Third Quarter 2019/20 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Ministry of Revenues Source: Ethiopian Ministry of Revenues 5.2.1. Export of Goods Receipts from goods export showed a 10.2 percent growth over last year same quarter owing to higher export revenue from coffee (19.5 percent), fruits & vegetables (3.2 percent), flower (77.3 percent), chat (13.5 percent), gold (293.1 percent),textile & textile products 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit Source: Ethiopian Ministry of Revenues 5.2.1. Export of Goods Total receipts from export of goods depicted a 23.0 percent annual growth owing to higher export revenue from coffee (10.8 percent), oilseeds (0.7 percent), pulses (0.7 percent), flower (17.1 percent) and electricity (255.9 percent) and gold (3239.5 percent). In contrast, lower revenue was registered from other export items such as leather & leather products (66.4 percent), meat & meat products (29.2 percent), fruits & vegetables (25.6 percent), textile and textile products (32.8 percent), live-animals (7.7 percent), chat (4.4 percent) and other export products (9.9 percent). Annual export earnings from coffee grew by 10.8 percent due to 14.6 percent increase in international price despite 3.4 percent decline in volume of export. Thus, the share of coffee in total export earnings dropped to 31.1 percent from 34.5 percent a year ago.

Fourth Quarter 2019/20 37 National Bank of Ethiopia Quarterly Bulletin Revenue from oilseeds export slightly rose by 0.7 percent and reached USD 109.2 million as export volume increased 11.1 percent albeit 9.4 percent fall in price. Consequently, the share of oilseeds in total merchandise export earnings decreased to 11.6 percent from 14.1 percent of last year. Similarly, export revenue from pulses showed a 0.7 percent growth vis-à-vis the same quarter of last year due to 38.9 percent rise in unit price despite 27.5 percent fall in export volume. Thus, the share of pulses in total export earnings went down to 7.4 percent from 9.1 percent a year earlier. Export revenue from flower grew by 17.1 percent vis￾à-vis the same quarter of last year due to 17.4 percent growth in export volume despite 0.3 percent decline in international price. Whereas, the share of flower in total export earnings decreased to 10.8 percent from 11.4 percent a year ago. Likewise, export earnings from gold increased more than thirty two fold mainly as a result of more than sixteen fold growth in export volume and 89.1 percent increase in international price. As a result, the share of gold in total merchandise export increased to 18.0 percent from 0.7 percent last year same quarter. Export revenue from electricity surged 255.9 percent mainly because of 295.5 percent growth in export volume despite 10.0 percent decrease in international price. Hence, the share of electricity in total merchandise export revenue rose to 2.5 from 0.9 percent over the corresponding quarter of last year. Conversely, export revenue from textile & textile products decreased by 32.8 percent on account of 22.1 percent fall in export volume and 13.8 percent decline in international price. As a result, its share in total merchandise export earnings dropped to 3.1 percent from 5.7 percent a year earlier. Export revenue from fruits & vegetables stood at USD 13.0 million, showing a 25.6 percent annual decline owing to a 27.8 percent deceleration in international price despite 3.0 percent increase in export volume. Hence, the share of fruits & vegetables in total merchandise export receipt went down to 1.4 percent compared with 2.3 percent share a year ago. Receipts from export of leather & leather products plummeted by 66.4 percent owing to 55.8 percent drop in export volume and 23.9 percent decline in international price. Thus, the share of these export items in total merchandise export showed a 0.9 percent annual deterioration. Likewise, export receipts from meat & meat products slowed down to USD 15.2 million showing 29.2 percent annual decline as export volume shrank by 32.4 percent although international price rose by 4.7 percent. As a result, the share of meat & meat products in total export earnings stood at to 1.6 percent compared with 2.8 percent a year ago. Export revenue from chat showed 4.4 percent annual decline owing to 1.8 percent drop in international price and 2.7 percent decrease in export volume. Hence, the share of chat in total merchandise export earnings went down to 7.3 percent from 9.4 percent a year earlier. Similarly, receipts from export of live-animals decreased by 7.7 percent due to 5.6 percent fall in export volume and 2.2 percent in international price. Consequently, the share of live-animals in total merchandise export stood at 1.4 percent (Tables 5.3, 5.4 and 5.5).

38 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2018/19 2019/20 Percentage QIV QIII QIV Change A %share B %share C %share C/A C/B Coffee 264.55 34.50 197.43 26.06 293.05 31.08 10.77 48.44 Oilseeds 108.41 14.14 128.62 16.98 109.19 11.58 0.71 -15.10 Leather and Leather products 25.96 3.39 14.73 1.94 8.73 0.93 -66.37 -40.73 Pulses 69.66 9.09 66.07 8.72 70.15 7.44 0.71 6.18 Meat & Meat Products 21.54 2.81 17.57 2.32 15.25 1.62 -29.23 -13.20 Fruits & Vegetables 17.45 2.28 14.37 1.90 12.98 1.38 -25.63 -9.67 Textile & Textile Products 43.92 5.73 42.08 5.55 29.49 3.13 -32.84 -29.91 Live Animals 14.03 1.83 8.52 1.12 12.95 1.37 -7.68 52.02 Chat 71.67 9.35 82.21 10.85 68.49 7.26 -4.43 -16.69 Gold 5.07 0.66 13.55 1.79 169.42 17.97 3239.5 1150.5 Flower 87.10 11.36 113.24 14.95 101.98 10.82 17.08 -9.94 Electricity 6.59 0.86 17.55 2.32 23.46 2.49 255.90 33.66 Others 30.76 4.01 41.68 5.50 27.72 2.94 -9.86 -33.49 Total Export 766.72 100.00 757.60 100.00 942.88 100.00 22.98 24.46 Total Export Excluding Electricity 760.13 740.05 919.42 20.96 24.24 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 54 Fourth Quarter 2019/20 0 40 80 120 160 200 240 280 320 360 400 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Compilation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2018/19 2019/20 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 79.62 61.12 76.93 -3.37 25.88 Oilseeds 69.66 88.51 77.39 11.10 -12.56 Leather and Leather Products 1.16 0.79 0.51 -55.83 -34.82 Pulses 133.81 87.64 97.00 -27.51 10.68 Meat & Meat Products 4.26 3.21 2.88 -32.41 -10.26 Fruits & Vegetables 50.17 47.25 51.68 3.00 9.38 Textile & Textile product 5.34 5.92 4.16 -22.13 -29.79 Live Animals 7.78 4.78 7.34 -5.63 53.57 Chat 12.55 14.47 12.21 -2.70 -15.66 Gold (In mn. of grams) 0.15 0.32 2.63 1665.62 714.55 Flower 19.94 24.49 23.42 17.43 -4.38 Electricity (In mn of kwh) 103.16 307.74 408.02 295.52 32.58 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Compilation

Fourth Quarter 2019/20 39 National Bank of Ethiopia Quarterly Bulletin Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2018/19 2019/20 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 79.62 61.12 76.93 -3.37 25.88 Oilseeds 69.66 88.51 77.39 11.10 -12.56 Leather and Leather Products 1.16 0.79 0.51 -55.83 -34.82 Pulses 133.81 87.64 97.00 -27.51 10.68 Meat & Meat Products 4.26 3.21 2.88 -32.41 -10.26 Fruits & Vegetables 50.17 47.25 51.68 3.00 9.38 Textile & Textile product 5.34 5.92 4.16 -22.13 -29.79 Live Animals 7.78 4.78 7.34 -5.63 53.57 Chat 12.55 14.47 12.21 -2.70 -15.66 Gold (In mn. of grams) 0.15 0.32 2.63 1665.62 714.55 Flower 19.94 24.49 23.42 17.43 -4.38 Electricity (In mn of kwh) 103.16 307.74 408.02 295.52 32.58 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 55 Fourth Quarter 2019/20 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (Mn. Kg) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2018/19 2019/20 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 3.32 3.23 3.81 14.64 17.92 Oilseeds 1.56 1.45 1.41 -9.35 -2.91 Leather and Leather Products 22.40 18.76 17.05 -23.85 -9.08 Pulses 0.52 0.75 0.72 38.92 -4.07 Meat & Meat Products 5.05 5.47 5.29 4.69 -3.28 Fruits & Vegetables 0.35 0.30 0.25 -27.80 -17.41 Textile & Textile product 8.23 7.11 7.10 -13.76 -0.18 Live Animals 1.80 1.78 1.76 -2.17 -1.01 Chat 5.71 5.68 5.61 -1.78 -1.22 Gold (in USD/gm) 34.03 41.92 64.36 89.14 53.52 Flower 4.37 4.62 4.35 -0.30 -5.81 Electricity 0.06 -10.02 0.81 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation

40 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2018/19 2019/20 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 3.32 3.23 3.81 14.64 17.92 Oilseeds 1.56 1.45 1.41 -9.35 -2.91 Leather and Leather Products 22.40 18.76 17.05 -23.85 -9.08 Pulses 0.52 0.75 0.72 38.92 -4.07 Meat & Meat Products 5.05 5.47 5.29 4.69 -3.28 Fruits & Vegetables 0.35 0.30 0.25 -27.80 -17.41 Textile & Textile product 8.23 7.11 7.10 -13.76 -0.18 Live Animals 1.80 1.78 1.76 -2.17 -1.01 Chat 5.71 5.68 5.61 -1.78 -1.22 Gold (in USD/gm) 34.03 41.92 64.36 89.14 53.52 Flower 4.37 4.62 4.35 -0.30 -5.81 Electricity 0.06 -10.02 0.81 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 56 Fourth Quarter 2019/20 0 1 2 3 4 5 6 7 0 5 10 15 20 25 30 35 40 45 50 55 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods Total merchandise import stood at USD 2.7 billion during the fourth quarter of 2019/20, depicting 21.6 percent yearly decline mainly due to lower import values of capital goods, consumer goods, and fuel. Capital goods import decreased by 15.1 percent due to a 69.6 percent fall in import bills of transport and 3 percent in industrial capital goods while Agricultural capital goods increased by 50.7 percent. Thus, the share of capital goods in total goods import bill stood at 28.3 percent compared with 26.1 percent of a year earlier. Likewise, import value of fuel decreased by 51.1 percent during the review period and its share in total import payments fell to 11.5 percent from 18.4 percent a year ago. Import payments for consumer goods decreased by 24.7 percent over last year same quarter due to 52.8 percent and 13.1 percent fall in import payments for durable goods and non-durable goods, respectively. As a result, the share of consumer goods in total imports decreased to 29.6 percent from 30.8 percent a year earlier. Source: NBE Staff Computation 5.2.2 Import of Goods Total merchandise import stood at USD 2.7 billion during the fourth quarter of 2019/20, depicting 21.6 percent yearly decline mainly due to lower import values of capital goods, consumer goods, and fuel. Capital goods import decreased by 15.1 percent due to a 69.6 percent fall in import bills of transport and 3 percent in industrial capital goods while Agricultural capital goods increased by 50.7 percent. Thus, the share of capital goods in total goods import bill stood at 28.3 percent compared with 26.1 percent of a year earlier. Likewise, import value of fuel decreased by 51.1 percent during the review period and its share in total import payments fell to 11.5 percent from 18.4 percent a year ago.

Fourth Quarter 2019/20 41 National Bank of Ethiopia Quarterly Bulletin Import payments for consumer goods decreased by 24.7 percent over last year same quarter due to 52.8 percent and 13.1 percent fall in import payments for durable goods and non-durable goods, respectively. As a result, the share of consumer goods in total imports decreased to 29.6 percent from 30.8 percent a year earlier. On the contrary, import of raw materials increased by 21.4 percent compared to same quarter last year and their share in total merchandise import bills increased to 1.4 percent from 0.9 percent a year ago. Similarly, semi-finished goods increased by 0.5 percent as a result of 3.9 percent increase in import bills of fertilizer. Thus, the share of semi-finished goods in total merchandise import bills increased to 28.0 percent from 21.8 percent a year earlier. Meanwhile, total franco-valuta import decreased by 13.9 percent and stood at USD 0.8 billion accounting for 29 percent of the total import value. Table 5.6: Values of Major Import Itms (In millions Of USD) Particular 2018/19 2019/20 Percentage Qtr. IV Changes Share (%) Qtr. III Share (%) Qtr. IV Share (%) A B C C/A C/B Raw Materials 30.1 0.9 39.0 1.1 36.5 1.4 21.4 -6.4 Semi-finished Goods 747.9 21.8 946.8 26.1 752.0 28.0 0.5 -20.6 Fertilizers 222.2 6.5 335.5 9.3 230.8 8.6 3.9 -31.2 Fuel 631.3 18.4 546.8 15.1 308.6 11.5 -51.1 -43.6 Petroleum Products 609.9 17.8 520.8 14.4 294.6 11.0 -51.7 -43.4 Others 21.4 0.6 26.0 0.7 14.0 0.5 -34.8 -46.2 Capital Goods 894.3 26.1 1,031.7 28.5 759.6 28.3 -15.1 -26.4 Transport 172.9 5.0 98.6 2.7 52.5 2.0 -69.6 -46.7 Agricultural 13.4 0.4 20.0 0.6 20.2 0.8 50.7 1.2 Industrial 708.0 20.6 913.2 25.2 686.8 25.5 -3.0 -24.8 Consumer Goods 1,056.4 30.8 1,014.7 28.0 795.0 29.6 -24.7 -21.7 Durables 309.2 9.0 246.7 6.8 146.0 5.4 -52.8 -40.8 Non-durables 747.2 21.8 768.0 21.2 649.0 24.1 -13.1 -15.5 Miscellaneous 68.6 2.0 47.2 1.3 37.0 1.4 -46.1 -21.7 Total Imports 3,428.6 100 3,626.3 100 2,688.7 100 -21.6 -25.9 Source: Ministry of Revenues

42 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.7: The Value of Franco Valuta Import (In Millions of USD Commodity Group 2018/19 2019/20 Percentage Change Qtr. IV Qtr. III Qtr. IV A B C C/A C/B Beverages 0.1 0.7 2.9 2217.3 332.1 Chemicals 3.9 2.0 3.0 -22.4 48.2 Clothing 6.6 4.8 3.9 -40.1 -17.7 Food and Live animals 72.6 97.5 95.6 31.7 -2.0 Textiles 5.3 16.0 14.4 171.2 -10.4 Tobacco 0.1 0.0 0.0 -53.4 55.5 Soap & polish 0.4 0.3 0.3 -33.9 -20.6 Fertilizer 226.4 42.3 130.7 -42.2 209.2 Paper & Paper Manufacturing 1.1 2.6 1.3 27.6 -47.9 Metal & Metal Manufacturing 58.5 118.5 101.5 73.4 -14.4 Medical and Pharmaceuticals Products 13.9 35.4 11.2 -19.6 -68.5 Rubber products 7.3 14.4 10.2 40.4 -29.0 Petroleum Crude 0.0 - - -100.0 - Petroleum product 6.8 6.7 6.8 -0.4 2.0 Glass & glass ware 4.2 3.6 2.8 -33.4 -23.4 Electrical material 58.6 69.6 38.3 -34.7 -45.0 Machine 213.3 305.2 189.9 -10.9 -37.8 Road & motor vehicles 48.8 17.3 5.6 -88.5 -67.6 Tele apparatus 20.3 0.6 0.4 -97.8 -30.7 Cement 0.08 0.0 0.0 Others 156.7 184.5 160.3 2.3 -13.2 Total 904.6 922.2 779.1 -13.9 -15.5 Source: Ministry of Revenues 5.2.3 Direction of Trade 5.2.3.1 Export of Goods The major destinations for Ethiopian exports were Europe, Asia and Africa where Europe constituted 41.3 percent of Ethiopia’s total export revenue, with Switzerland taking a 43.5 percent share, followed by the Netherlands (20.3 percent), Germany (10.7 percent), Belgium (6.3 percent), Italy (4.3 percent), Turkey (2.2 percent), United Kingdom (2.0 percent) and France (1.9 percent). These European countries together had a 91.2 percent share in Ethiopia’s total exports to Europe. Asia accounted for 33.7 percent of the total export receipts. Saudi Arabia was the main destination for Ethiopia’s export having 16.2 percent share in Asia, followed by Japan (11.2 percent), United Arab Emirates (8.4 percent), South Korea (7.4 percent), China (6.7 percent), Israel (4.3 percent), Taiwan (3.7 percent), Singapore (2.6 percent), Yemen (2.1 percent), India (2.1 percent), Indonesia (1.9 percent), Pakistan (1.8 percent) and Hong Kong (1.2 percent). All these countries accounted for 69.6 percent of Ethiopia’s total export to Asia. About 13.8 percent of Ethiopia’s export earnings originated from Africa, mainly Somalia (43.7 percent), Djibouti (22.6 percent) and Sudan (15.4 percent which altogether constituted 81.7 percent of the total exports to Africa. America had 10.5 percent share in Ethiopia’s total export earnings, of which, 85.2 percent was from exports to the United States and 4.2 percent to Canada. Both countries accounted for 89.4 percent of Ethiopia’s total exports to America.

Fourth Quarter 2019/20 43 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 59 Fourth Quarter 2019/20 Asia accounted for 33.7 percent of the total export receipts. Saudi Arabia was the main destination for Ethiopia’s export having 16.2 percent share in Asia, followed by Japan (11.2 percent), United Arab Emirates (8.4 percent), South Korea (7.4 percent), China (6.7 percent), Israel (4.3 percent), Taiwan (3.7 percent), Singapore (2.6 percent), Yemen (2.1 percent), India (2.1 percent), Indonesia (1.9 percent), Pakistan (1.8 percent) and Hong Kong (1.2 percent). All these countries accounted for 69.6 percent of Ethiopia’s total export to Asia. About 13.8 percent of Ethiopia’s export earnings originated from Africa, mainly Somalia (43.7 percent), Djibouti (22.6 percent) and Sudan (15.4 percent which altogether constituted 81.7 percent of the total exports to Africa. America had 10.5 percent share in Ethiopia’s total export earnings, of which, 85.2 percent was from exports to the United States and 4.2 percent to Canada. Both countries accounted for 89.4 percent of Ethiopia’s total exports to America. Source: NBE Staff Compilation 13.8% 41.3% 10.5% 33.7% 0.7% Fig V.7 Export By Destination Africa Europe America Asia Oceania Source: NBE Staff Compilation 5.2.3.2 Import of Goods During the fourth quarter of 2019/20, Asia accounted for 56.9 percent of the total imports of Ethiopia with the major imports coming from China (46.5 percent), U.A.E (10.2 percent), India (8.6 percent), Kuwait (7.0 percent), Saudi Arabia (6.4 percent), Indonesia (4.6 percent), Singapore (4.2 percent), South Korea (3.9 percent) and Malaysia (2.1 percent) whose combined share was 93.4 percent. Imports from Europe constituted 24.0 percent of Ethiopia’s total imports with the major countries being France (20.7 percent), Turkey (19.6 percent), United Kingdom (12.5 percent), Germany (8.9 percent), Ukraine (8.1 percent), Italy (7.9 percent), Switzerland (4.4 percent), Belgium (4.2 percent), Spain (2.6 percent), Sweden (2.3 percent) and the Netherlands (2.1 percent). These countries jointly accounted for 93.2 percent of Ethiopia’s total imports from Europe. Africa accounted for about 12.4 percent of Ethiopia’s total merchandise import. The major countries of origin were Morocco (42.1 percent), Egypt (30.7 percent), South Africa (9.0 percent), Sudan (6.7 percent), Djibouti (6.2 percent) and Kenya (4.1 percent) which altogether represented 98.8 percent of the total imports from the continent. Imports from America comprised 6.5 percent of the total import bills, of which the share of United States was 83.8 percent followed by Canada (4.3 percent) and Brazil (2.4 percent).

44 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 61 | First Quarter 2019/20 Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services In the review quarter net payments for services trade narrowed to USD 105.5 million compared with USD 249.2 million deficits a year ago due to an increase in surplus of net travel services (282.1 percent), net transport services (43.7 percent) and net government services (1.4 percent) coupled with a decline net payment of investment income (42 percent) albeit rise in deficit of other services (18.2 percent) (Table 5.8). 12.4% 24.0% 6.5% 56.9% 0.2% Fig.V.8: Import by Origion Africa Europe America Asia Oceania Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services In the review quarter net payments for services trade narrowed to USD 105.5 million compared with USD 249.2 million deficits a year ago due to an increase in surplus of net travel services (282.1 percent), net transport services (43.7 percent) and net government services (1.4 percent) coupled with a decline net payment of investment income (42 percent) albeit rise in deficit of other services (18.2 percent) (Table 5.8). National Bank of Ethiopia Quarterly Bulletin 62 Fourth Quarter 2019/20 Source: NBE Staff Compilation -400 -300 -200 -100 0 100 200 300 400 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Million of USD) Fig V.9 Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income Source: NBE Staff Compilation

Fourth Quarter 2019/20 45 National Bank of Ethiopia Quarterly Bulletin Table 5.8: Developments in Services Accounts (In Millions of USD) National Bank of Ethiopia Quarterly Bulletin 63 Fourth Quarter 2019/20 Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2018/19 2019/20 QIV QIII QIV Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -172.2 -192.4 -99.9 -42.0 -48.1 2 Interest, net (3-4) -172.2 -192.4 -99.9 -42.0 -48.1 3 Credit 16.5 9.3 1.5 -90.8 -83.6 4 Debit 188.7 201.6 101.4 -46.3 -49.7 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -77.0 -64.3 -5.6 -92.7 -91.2 7 Exports of non-factor services 1,154.0 1,087.9 965.9 -16.3 -11.2 8 Travel 200.4 183.8 240.1 19.8 30.6 9 Transport 1 828.1 799.5 638.3 -22.9 -20.2 10 Gov't 2 43.0 23.8 21.1 -51.0 -11.3 11 Other 3 82.5 80.8 66.4 -19.5 -17.9 12 Imports of non-factor services 1,231.0 1,152.2 971.6 -21.1 -15.7 13 Travel 178.0 104.6 154.5 -13.2 47.7 14 Transport 1 713.2 679.3 473.3 -33.6 -30.3 15 Gov't 2 24.6 19.4 2.4 -90.3 -87.7 16 Other 3 315.1 348.9 341.4 8.3 -2.2 17 Net Services (18+19+20+21+22) -249.2 -256.6 -105.5 -57.7 -58.9 18 Travel (8-13) 22.4 79.2 85.7 282.2 8.1 19 Transport (9-14) 114.9 120.2 165.0 43.7 37.2 20 Gov't (10-15) 18.4 4.3 18.7 1.4 329.9 21 Other (11-16) -232.7 -268.1 -275.0 18.2 2.6 22 Investment Income (2+5) -172.2 -192.4 -99.9 -42.0 -48.1 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines’ receipts and payments 2/ Includes transactions with embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines’ receipts and payments 2/ Includes transactions with embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business

46 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 5.3.2. Transfers During the review period, total transfer receipts slowed down to USD 1.7 billion due to 14.7 percent decline in receipts from private transfers despite a 4.2 percent increase in official transfers. On the other hand, total transfer payments surged by 60.2 percent owing to 118.6 percent hike in official transfers despite 11 percent decline in private transfers. As a result, net transfers decreased by 10.9 percent and reached USD 1.64 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) National Bank of Ethiopia Quarterly Bulletin 64 Fourth Quarter 2019/20 5.3.2. Transfers During the review period, total transfer receipts slowed down to USD 1.7 billion due to 14.7 percent decline in receipts from private transfers despite a 4.2 percent increase in official transfers. On the other hand, total transfer payments surged by 60.2 percent owing to 118.6 percent hike in official transfers despite 11 percent decline in private transfers. As a result, net transfers decreased by 10.9 percent and reached USD 1.64 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QIV Percent Share QIII Percent Share QIV Percent A B C Share D=C/A E=C/B 1 Private transfers, net (2-5) 1,428.7 77.6 1,490.5 84.5 1,218.8 74.3 -14.7 -18.2 2 Credit (3+4) 1,434.2 77.4 1,494.0 83.6 1,223.7 73.7 -14.7 -18.1 3 NGO's 207.4 11.2 174.0 9.7 222.3 13.4 7.2 27.8 4 Private individuals 1,226.8 66.2 1,320.0 73.8 1,001.4 60.3 -18.4 -24.1 5 Debit 5.6 45.0 3.5 14.4 4.9 25.0 -11.0 40.3 6 Official transfers, net (7-8) 411.9 22.4 272.6 15.5 421.5 25.7 2.3 54.6 7 Credit 418.7 22.6 293.5 16.4 436.3 26.3 4.2 48.7 8 Debit 6.8 55.0 21.0 85.6 14.8 75.0 118.6 -29.2 9 Total Receipts 1,852.9 100.0 1,787.5 100.0 1,660.1 100.0 -10.4 -7.1 10 Total Payments 12.3 100.0 24.5 100.0 19.8 100.0 60.2 -19.2 11 Net Transfers 1,840.5 100.0 1,763.0 100.0 1,640.3 100.0 -10.9 -7.0 Source: NBE Staff Computation Source: NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 65 Fourth Quarter 2019/20 Source: NBE Staff Compilation 5.4. Current Account Balance The deficit in the current account balance (including official transfers) narrowed to USD 211 million compared to USD 1.1 billion a year ago due to lower deficit in merchandise and services trade and an increase in surplus of official transfers (Table 5.1). 5.5. Capital Account The capital account recorded USD 1.2 billion surplus which was 39.1 percent higher than that of a year earlier. The rise in surplus was attributed to an increase in net public sector long term capital (368.8 percent) despite decline in foreign direct investment (12.4 percent) and private sector long term capital (59 percent) (Table 5.1). 5.6. Changes in Reserve Position The surplus in the overall balance during the fourth quarter of 2019/20 reached USD 653 million compared to USD 558.5 million deficit last year same period. Consequently, net foreign assets of the National Bank of Ethiopia and commercial banks registered USD 389.8 million and USD 263.2 million, build up 0 500 1,000 1,500 2,000 2,500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig V.10 Trends in Private and Official Transfers, Receipts Private Transfers Official Transfers Source: NBE Staff Compilation

Fourth Quarter 2019/20 47 National Bank of Ethiopia Quarterly Bulletin 5.4. Current Account Balance The deficit in the current account balance (including official transfers) narrowed to USD 211 million compared to USD 1.1 billion a year ago due to lower deficit in merchandise and services trade and an increase in surplus of official transfers (Table 5.1). 5.5. Capital Account The capital account recorded USD 1.2 billion surplus which was 39.1 percent higher than that of a year earlier. The rise in surplus was attributed to an increase in net public sector long term capital (368.8 percent) despite decline in foreign direct investment (12.4 percent) and private sector long term capital (59 percent) (Table 5.1). 5.6. Changes in Reserve Position The surplus in the overall balance during the fourth quarter of 2019/20 reached USD 653 million compared to USD 558.5 million deficit last year same period. Consequently, net foreign assets of the National Bank of Ethiopia and commercial banks registered USD 389.8 million and USD 263.2 million, build up respectively. Thus, as of June 30, 2020 gross foreign reserve coverage stood at 2.5 months of imports of goods and non-factor services of next fiscal year (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of the Birr reached Birr 33.8507/USD in the fourth quarter of 2019/20, depicting 17.9 percent annual depreciation. The end period exchange rate of the Birr was 34.9822/USD, indicating the weakening of the Birr against USD by 21.0 percent vis-à-vis last year same period. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) National Bank of Ethiopia Quarterly Bulletin 66 Fourth Quarter 2019/20 respectively. Thus, as of June 30, 2020 gross foreign reserve coverage stood at 2.5 months of imports of goods and non￾factor services of next fiscal year (Table 5.1).

5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of the Birr reached Birr 33.8507/USD in the fourth quarter of 2019/20, depicting 17.9 percent annual depreciation. The end period exchange rate of the Birr was 34.9822/USD, indicating the weakening of the Birr against USD by 21.0 percent vis-à-vis last year same period. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2018/19 28.9109 28.0543 12.6 0.0 Qtr. IV C 28.9109 28.7039 3.05 0.00 April 28.6293 28.5607 1.05 0.00 May 28.7739 28.7050 1.05 0.00 June 28.9109 28.8460 0.95 0.00 2019/20 Qtr. III B 32.8128 32.2146 3.05 0.00 January 32.0606 31.9427 1.05 0.00 February 32.2739 32.1731 1.00 0.00 March 32.8128 32.5280 1.00 0.00 Qtr. IV A 34.9822 33.8507 3.00 0.00 April 33.5347 33.1908 1.05 0.00 May 34.1621 33.8600 0.90 0.00 June 34.9822 34.5012 1.05 0.00 Percentage Changes A/B 6.61 5.08 -1.64 A/C 21.00 17.93 -1.64 Source: National Bank of Ethiopia Source: National Bank of Ethiopia

48 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 33.8563/USD, showing 17.9 percent depreciation, while the selling rate was Birr 34.5128/ USD, depicting 17.9 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.94 percent slightly lower than 1.98 percent a year ago (Table 5.11).

Fourth Quarter 2019/20 49 National Bank of Ethiopia Quarterly Bulletin Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) USD ) National Bank of Ethiopia Quarterly Bulletin 68 Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) Fourth Quarter 2019/20 No. Name of Forex Bureau 2018/19 2019/20 Percentage Change Quarter IV Quarter III Quarter IV A B C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 59,486.9 51,835.1 69,203.5 13,188.1 13,959.6 6,939.4 -79.83 -47.38 -76.53 -86.61 2 Bank of Abyssinia 2,805.5 9,699.8 963.6 3,843.0 869.1 130.6 -9.81 -96.60 -69.02 -98.65 3 Dashen Bank 3,869.1 5,982.0 5,177.5 5,190.2 803.9 313.5 -84.47 -93.96 -79.22 -94.76 4 Awash International Bank 2,336.6 13,185.9 1,249.2 6,993.5 437.4 248.4 -65.0 -96.4 -81.3 -98.1 5 Construction & Business Bank - - - - 6 Wegagen Bank 4,580.7 4,512.8 1,910.5 1,535.9 823.3 64.3 -56.9 -95.8 -82.0 -98.6 7 United Bank 9,794.6 4,756.1 10,622.2 2,806.5 66,407.4 201.0 525.2 -92.8 578.0 -95.8 8 Development Bank - 83.1 - 11.5 - - -100.0 -100.0 9 Nib International Bank 1,539.8 1,864.4 1,131.3 1,207.8 439.3 65.8 -61.2 -94.6 -71.5 -96.5 10 Lion International Bank 21,676.7 1,129.2 14,513.7 450.9 101.7 0.9 -99.3 -99.8 -99.5 -99.9 11 Oromia International Bank 6,714.1 4,590.7 4,059.0 2,592.4 3,327.4 49.8 -18.0 -98.1 -50.4 -98.9 12 Zemen Bank 81.9 4,327.5 87.2 2,792.2 3.6 193.2 -95.9 -93.1 -95.6 -95.5 13 Cooperative Bank of Oromia 115.1 4,127.0 179.9 1,974.5 4.2 - -97.7 -100.0 -96.4 -100.0 14 Buna International Bank 221.5 1,065.0 752.8 153.9 1,514.4 - 101.2 -100.0 583.6 -100.0 15 Birhan International Bank 340.9 2,632.9 69.9 1,116.7 80.3 40.4 - -96.4 -76.4 - 16 Abay Bank 459.4 1.0 91.6 185.1 917.8 4.8 902.4 - 99.8 380.0 17 Addis International Bank 2,510.3 1,121.7 1,560.3 363.3 694.8 12.7 -55.5 -96.5 -72.3 -98.9 18 Debub Global Bank 343.7 445.9 4,917.3 319.8 104.4 21.9 -97.9 -93.2 -69.6 -95.1 19 Enat Bank 1,588.1 1,466.0 2,144.5 410.4 34.5 11.0 -98.4 -97.3 -97.8 -99.3 Total 118,465.0 112,826.0 118,634.0 45,135.6 90,522.8 8,297.7 -23.7 -81.6 -23.6 -92.6 Average Exchange Rate 28.7061 29.2757 32.2220 32.8578 33.8563 34.5128 5.1 5.0 17.9 17.9 Spread* 1.98 1.97 1.94 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter. National Bank of Ethiopia Quarterly Bulletin 68 Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) Fourth Quarter 2019/20 No. Name of Forex Bureau 2018/19 2019/20 Percentage Change Quarter IV Quarter III Quarter IV A B C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 59,486.9 51,835.1 69,203.5 13,188.1 13,959.6 6,939.4 -79.83 -47.38 -76.53 -86.61 2 Bank of Abyssinia 2,805.5 9,699.8 963.6 3,843.0 869.1 130.6 -9.81 -96.60 -69.02 -98.65 3 Dashen Bank 3,869.1 5,982.0 5,177.5 5,190.2 803.9 313.5 -84.47 -93.96 -79.22 -94.76 4 Awash International Bank 2,336.6 13,185.9 1,249.2 6,993.5 437.4 248.4 -65.0 -96.4 -81.3 -98.1 5 Construction & Business Bank - - - - 6 Wegagen Bank 4,580.7 4,512.8 1,910.5 1,535.9 823.3 64.3 -56.9 -95.8 -82.0 -98.6 7 United Bank 9,794.6 4,756.1 10,622.2 2,806.5 66,407.4 201.0 525.2 -92.8 578.0 -95.8 8 Development Bank - 83.1 - 11.5 - - -100.0 -100.0 9 Nib International Bank 1,539.8 1,864.4 1,131.3 1,207.8 439.3 65.8 -61.2 -94.6 -71.5 -96.5 10 Lion International Bank 21,676.7 1,129.2 14,513.7 450.9 101.7 0.9 -99.3 -99.8 -99.5 -99.9 11 Oromia International Bank 6,714.1 4,590.7 4,059.0 2,592.4 3,327.4 49.8 -18.0 -98.1 -50.4 -98.9 12 Zemen Bank 81.9 4,327.5 87.2 2,792.2 3.6 193.2 -95.9 -93.1 -95.6 -95.5 13 Cooperative Bank of Oromia 115.1 4,127.0 179.9 1,974.5 4.2 - -97.7 -100.0 -96.4 -100.0 14 Buna International Bank 221.5 1,065.0 752.8 153.9 1,514.4 - 101.2 -100.0 583.6 -100.0 15 Birhan International Bank 340.9 2,632.9 69.9 1,116.7 80.3 40.4 - -96.4 -76.4 - 16 Abay Bank 459.4 1.0 91.6 185.1 917.8 4.8 902.4 - 99.8 380.0 17 Addis International Bank 2,510.3 1,121.7 1,560.3 363.3 694.8 12.7 -55.5 -96.5 -72.3 -98.9 18 Debub Global Bank 343.7 445.9 4,917.3 319.8 104.4 21.9 -97.9 -93.2 -69.6 -95.1 19 Enat Bank 1,588.1 1,466.0 2,144.5 410.4 34.5 11.0 -98.4 -97.3 -97.8 -99.3 Total 118,465.0 112,826.0 118,634.0 45,135.6 90,522.8 8,297.7 -23.7 -81.6 -23.6 -92.6 Average Exchange Rate 28.7061 29.2757 32.2220 32.8578 33.8563 34.5128 5.1 5.0 17.9 17.9 Spread* 1.98 1.97 1.94 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter. Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarte

50 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks National Bank of Ethiopia Quarterly Bulletin 69 Fourth Quarter 2019/20 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 1.7 1.7 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 5 10 15 20 25 30 35 40 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Percent Birr per USD Buying Rate Selling Rate Spread Source: NBE Staff Compilation On annual basis, USD appreciated against Pound Sterling (3.5 percent), Euro (2.1 percent) and SDR (1.2 percent), while it depreciated against Swiss Franc (3.9 percent) and Japanese Yen (2.2 percent). Likewise, on quarterly basis, USD appreciated against Pound Sterling (3.0 percent), Euro (0.2 percent) and SDR (0.4 percent), while it depreciated against Japanese Yen (7.8 percent) and Swiss Franc (0.4 percent) (Table 5.12). Source: NBE Staff Compilation On annual basis, USD appreciated against Pound Sterling (3.5 percent), Euro (2.1 percent) and SDR (1.2 percent), while it depreciated against Swiss Franc (3.9 percent) and Japanese Yen (2.2 percent). Likewise, on quarterly basis, USD appreciated against Pound Sterling (3.0 percent), Euro (0.2 percent) and SDR (0.4 percent), while it depreciated against Japanese Yen (7.8 percent) and Swiss Franc (0.4 percent) (Table 5.12).

Fourth Quarter 2019/20 51 National Bank of Ethiopia Quarterly Bulletin Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) National Bank of Ethiopia Quarterly Bulletin 70 Fourth Quarter 2019/20 Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid￾Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2018/19 QIV C 1.1236 1.1243 1.1240 0.0091 1.3848 1.3856 1.3852 1.2859 1.2866 1.2863 0.9972 0.9977 0.9975 April 1.1245 0.0090 0.0090 0.0089 1.3880 1.3051 0.9940 May 1.1184 1.1203 1.1193 0.0091 0.0091 0.0090 1.3821 1.3845 1.3833 1.2860 1.2881 1.2870 0.9881 0.9897 0.9889 June 1.1280 0.0092 1.38443 1.3844 1.3844 1.2667 1.0095 2019/20 QIII B 1.1027 1.1029 1.1028 0.0086 1.3742 1.3744 1.3743 1.2813 1.2774 1.2794 1.0330 1.0332 1.0331 January 1.1115 1.1120 1.1117 0.0082 1.3805 1.3810 1.3807 1.3081 1.2964 1.3023 1.0308 1.0313 1.0311 February 1.0906 1.0907 1.0907 0.0083 1.3696 1.2973 1.0238 March 1.1060 0.0093 1.3725 1.2387 1.0443 QIV A 1.1007 0.0093 1.3686 1.3687 1.3686 1.2415 1.0368 1.0369 1.0369 April 1.0873 0.0093 0.0093 0.0092 1.3637 1.2405 1.0305 May 1.0880 0.0093 1.3628 1.3627 1.3627 1.2292 1.0301 June 1.1269 0.0093 0.0093 0.0092 1.3794 1.3795 1.3795 1.2548 1.0500 Percentage Changes A/B -0.18 -0.19 -0.19 7.83 -0.40 -0.42 -0.41 -3.11 -2.81 -2.96 0.37 0.36 0.37 A/C -2.04 -2.09 -2.07 2.24 2.18 2.21 -1.17 -1.22 -1.20 -3.45 -3.51 -3.48 3.98 3.92 3.95 Source: National Bank of Ethiopia

52 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin On the other hand, the Birr has depreciated against all major currencies on annual and quarterly basis. On annual terms, the Birr depreciated against Swiss Franc (22.7 percent), Japanese Yen (20.6 percent), USD (18.0 percent), SDR (16.5 percent), Euro (15.5 percent) and Pound Sterling (13.8 percent). On quarterly basis, the Birr weakened against Japanese Yen (6.5 percent), Swiss Franc (5.5 percent), USD (5.1 percent), Euro (4.9 percent), SDR (4.7 percent) and Pound Sterling (2.0 percent) (Table5.13).

Fourth Quarter 2019/20 53 National Bank of Ethiopia Quarterly Bulletin Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) National Bank of Ethiopia Quarterly Bulletin 72 Fourth Quarter 2019/20 Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid￾Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid - Rate Buying Selling Mid- Rate 2018/19 QIV C 28.7039 28.9732 28.8380 32.2543 32.5768 32.4155 0.2611 0.2637 0.2624 39.7506 40.1480 39.9493 36.9183 37.2874 37.1029 28.6212 28.9075 28.7644 April 28.5607 28.8463 28.7035 32.1177 32.4389 32.2783 0.2559 0.2585 0.2572 39.6419 40.0383 39.8401 37.2733 37.6460 37.4597 28.3888 28.6728 28.5308 May 28.7050 28.9388 28.8202 32.1063 32.4273 32.2668 0.2606 0.2632 0.2619 39.6747 40.0711 39.8729 36.9424 37.3118 37.1271 28.3550 28.6385 28.4967 June 28.8460 29.1345 28.9902 32.5388 32.8642 32.7015 0.2667 0.2694 0.2680 39.9353 40.3347 40.1350 36.5391 36.9045 36.7218 29.1199 29.4111 29.2655 2019/20 QIII B 32.2146 32.5331 32.3721 35.5221 35.8774 35.6998 0.2957 0.2987 0.2972 44.2661 44.7088 44.4875 41.2782 41.4913 41.3847 33.2743 33.6077 33.4410 January 31.9427 32.2513 32.0916 35.5048 35.8599 35.6824 0.2922 0.2951 0.2936 44.0912 44.5321 44.3117 41.8125 41.6314 41.7219 32.9152 33.2462 33.0807 February 32.1731 32.4949 32.3340 35.0892 35.4401 35.2646 0.2923 0.2952 0.2938 44.0639 44.5045 44.2842 41.7372 42.1545 41.9459 32.9389 33.2683 33.1036 March 32.5280 32.8533 32.6906 35.9725 36.3322 36.1523 0.3026 0.3057 0.3041 44.6433 45.0896 44.8665 40.2850 40.6879 40.4864 33.9689 34.3086 34.1387 QIV A 33.8507 34.1890 34.0199 37.2488 37.6213 37.4350 0.3148 0.3179 0.3164 46.3261 46.7892 46.5576 41.9986 42.4190 42.2088 35.1040 35.4551 35.2795 April 33.1908 33.5227 33.3568 36.0868 36.4477 36.2672 0.3077 0.3108 0.3092 45.2638 45.7164 45.4901 41.1722 41.5840 41.3781 34.2023 34.5444 34.3733 May 33.8600 34.1986 34.0293 36.8420 37.2104 37.0262 0.3159 0.3191 0.3175 46.1427 46.6037 46.3732 41.6199 42.0360 41.8279 34.8789 35.2277 35.0533 June 34.5012 34.8458 34.6735 38.8175 39.2057 39.0116 0.3207 0.3239 0.3223 47.5718 48.0475 47.8097 43.2036 43.6369 43.4203 36.2308 36.5931 36.4120 Percentage Change A/B 5.08 5.09 5.09 4.86 6.46 6.45 6.45 4.65 1.75 2.24 1.99 5.50 A/C 17.93 18.00 17.97 15.48 20.58 16.54 13.76 22.65 Source: National Bank of Ethiopia Source: National Bank of Ethiopia

54 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency Jun 2019 Mar 2020 Jun 2020 Percentage Change A B C C/B C/A USD 29.0555 32.9769 35.1571 6.61 21.00 Pound 36.9033 40.9408 43.3066 5.78 17.35 Swedish Kroner 3.1325 3.2902 3.7833 14.99 20.78 Djibouti Frank 0.1630 0.1851 0.1973 6.59 21.01 Swiss Frank 29.7121 34.4191 37.2230 8.15 25.28 Saudi Riyal 7.7471 8.7763 9.3708 6.77 20.96 UAE Dirhams 7.9095 8.9770 9.5705 6.61 21.00 Canadian Dollar 22.1257 23.3349 25.7429 10.32 16.35 Japanese Yen 0.2694 0.3047 0.3280 7.65 21.77 Euro 33.0390 36.3636 39.6713 9.10 20.07 SDR 40.3755 45.0365 48.4571 7.60 20.02 Source: NBE Staff Compilation 5.7.2. Movements in the Real Effective Exchange Rate During the fourth quarter of 2019/20, the Birr showed 9.7 percent real depreciation largely due to the weakening of the nominal effective exchanged rate of the Birr as well as the US dollar vis-à-vis major trading partner currencies. Likewise, the NEERI depreciated by 8.9 percent compared with last year same quarter (Table 5.15). Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2018/19 2019/20 Percentage Change QIV QIII QIV A B C C/B C/A REERI 198.6 186.5 179.4 -3.8 -9.7 NEERI 42.4 38.9 38.6 -0.6 -8.9 Source: NBE Staff Compilation NB: • REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index • A decrease in the REERI and NEERI implies depreciation and vice versa.

Fourth Quarter 2019/20 55 National Bank of Ethiopia Quarterly Bulletin Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate National Bank of Ethiopia Quarterly Bulletin 75 Fourth Quarter 2019/20 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2018/19 2019/20 QIV QIII QIV Percentage Change A B C C/B C/A REERI 198.6 186.5 179.4 -3.8 -9.7 NEERI 42.4 38.9 38.6 -0.6 -8.9 Source: NBE Staff Compilation NB: • REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index • A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 300 QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2013/14 2014/15 201516 2016/17 2017/18 2018/19 2019/20 NEERI REERI Source: Source: NBE Staff Compilation NBE Staff Compilation 5.7.3. Volume of Transactions In the fourth quarter of 2019/20, foreign exchange traded in the inter-bank foreign exchange market reached USD 3 million, which decreased by 1.64 percent compared with that of a year ago. The total amount of foreign exchange was supplied exclusively by the NBE with a view of stabilizing the foreign exchange market (Table 5:10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market National Bank of Ethiopia Quarterly Bulletin 76 Fourth Quarter 2019/20 5.7.3. Volume of Transactions In the fourth quarter of 2019/20, foreign exchange traded in the inter-bank foreign exchange market reached USD 3 million, which decreased by 1.64 percent compared with that of a year ago. The total amount of foreign exchange was supplied exclusively by the NBE with a view of stabilizing the foreign exchange market (Table 5:10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII Q!V 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Mill. USD) Total Amount Traded Amount Traded among CBs Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 90.5 million and sold USD 8.3 million. Hence, the amount of forex purchased and sold decreased by 23.6 percent and 92.6 percent, respectively mainly due to COVID-19 pandemic which severely restricted the movement of people across countries (Table 5.11). Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 90.5 million and sold USD 8.3 million. Hence, the amount of forex purchased and sold decreased by 23.6 percent and 92.6 percent, respectively mainly due to COVID-19 pandemic which severely restricted the movement of people across countries (Table 5.11).

56 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin VI. FEDERAL GOVERNMENT FINANCE During the fourth quarter of 2019/20, total revenue and grants of the federal government grew 41.9 percent compared with the preceding quarter and 25.7 percent over last year same quarter and reached Birr 80.7 Billion (Table 6.1). Likewise, Federal government expenditure depicted a 44.2 percent quarterly and 38.3 percent annual growth during the review period. Consequently, the overall fiscal deficit (including grants) stood at Birr 36.5 billion compared to Birr 20.5 billion deficit a year earlier (Table 6.1).

Fourth Quarter 2019/20 57 National Bank of Ethiopia Quarterly Bulletin Table 6.1 Summary of Quarterly Federal Government Finance (In millions of Birr) National Bank of Ethiopia Quarterly Bulletin 78 Fourth Quarter 2019/20

Table 6.1 Summary of Quarterly Federal Government Finance (In millions of Birr) No Particulars 2018/20 2019/20 Percentage changes Performance rate A B C D D/A D/C D/B QIV Budget QIII QIV 1 Revenue and Grants 64,248.1 271,009.4 56,913.2 80,750.1 25.7 41.9 29.8 1.1 Total Revenue 60,720.0 253,010.6 56,910.9 59,238.1 (2.4) 4.1 23.4 Tax Revenue 51,048.3 224,815.9 54,178.0 49,557.3 (2.9) (8.5) 22.0 Direct tax 15,509.3 67,912.7 13,738.5 14,063.7 (9.3) 2.4 20.7 Indirect tax 35,538.9 156,903.2 40,439.6 35,493.6 (0.1) (12.2) 22.6 Non-Tax Revenue 9,671.7 28,194.7 2,732.9 9,680.8 0.1 254.2 34.3 1.2 Grant & Relief 3,528.0 17,998.8 2.0 21,512 509.7 947,069.5 119.5 2 Current Expenditure 33,357.0 101,656.0 24,028.5 31,978.2 (4.1) 33.1 31.5 3 Current Surplus/Deficit - - Including Grants 30,891.1 169,353.4 32,884.7 48,771.9 57.9 48.3 28.8 Excluding Grants 27,363.0 151,354.6 32,882.4 27,259.9 (0.4) (17.1) 18.0 4 Capital Expenditure 19,354.3 112,260.4 19,994.1 40,212.5 107.8 101.1 35.8 5 Regional Transfers 32,090.7 143,779.6 37,338.0 45,102.4 40.5 20.8 31.4 6 Total Expenditure (2+4+5) 84,802.0 357,696.0 81,360.6 117,293.2 38.3 44.2 32.8 7 Overall Surplus/Deficit - - Including Grants (20,553.9) (86,686.6) (24,447.4) (36,543.1) 77.8 49.5 42.2 Excluding Grants (24,082.0) (104,685.4) (24,449.7) (58,055.1) 141.1 137.4 55.5 8 Total Financing 20,553.9 86,686.6 24,447.4 36,543.1 77.8 49.5 42.2 8.1 Net External Borrowings 17,065.7 30,323.3 6,046.0 37,484.9 119.7 520.0 123.6 External Borrowing 2,930.2 17,746.3 7,401.5 11,677.7 298.5 57.8 65.8 Amortization 1,673.3 7,349.0 2,318.9 1,373.4 (17.9) (40.8) 18.7 8.2 Net Domestic Borrowings 14,397.5 56,363.3 37,723.8 14,485.5 0.6 (61.6) 25.7 Banking System 8,241.7 29,037.8 (2,932.5) (135.6) (110.1) Non-Bank Sources 6,155.8 8,686.0 17,418.0 183.0 100.5 8.3 Privatization receipts - - 8.4 Others and Residuals (10,909.2) 0 (19,322.4) (15,427.3) 41.4 (20.2) Source: Ministry of Finance Source: Ministry of Finance 6.1 Revenue and Grants Total revenue and grant during the review period was Birr 80.7 billion of which revenue from domestic sources accounted for 73.4 percent and grants 26.6 percent. About 83.7 percent of the total domestic revenue was collected from taxes and the remaining 16.3 percent from non-taxes. Grant & relief in the quarter amounted to Birr 21.5 billion. The performance of total revenue and grant against annual plan was 29.8 percent (Table 6.2).

58 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 6.2 Summary of Quarterly Federal Government Revenue by Component (In millions of Birr) National Bank of Ethiopia Quarterly Bulletin 80 Fourth Quarter 2019/20 Table 6.2 Summary of Quarterly Federal Government Revenue by Component (In millions Birr) No Particulars 2018/19 2019/20 Percentage Change Performance Rate QIV Budget QIII QIV A B C D [D/A] [D/C] [D/B] Total Revenue and Grants 64,248.1 271,009.4 56,912.7 80,750.1 25.7 41.9 29.8 Total Domestic Revenue 60,720.0 253,010.6 56,910.7 59,238.1 (2.4) 4.1 23.4 1 Tax Revenue 51,048.3 224,815.9 54,177.9 49,557.3 (2.9) (8.5) 22.0 1.1 Direct Tax 15,509.3 67,912.7 13,738.5 14,063.7 (9.3) 2.4 20.7 1.1.1 Income Taxes 12,794.8 58,776.3 11,540.4 11,523.2 (9.9) (0.1) 19.6

• Personal 2,955.8 11,229.4 3,556.7 3125.6 5.7 (12.1) 27.8
• Business 9,839.0 47,546.9 7,983.7 8397.6 (14.6) 5.2 17.7 1.1.2 Others1 2,714.6 9,136.4 2,198.1 2540.5 (6.4) 15.6 27.8 1.2 Indirect Taxes 35,538.9 156,903.2 40,439.4 35,493.6 (0.1) (12.2) 22.6 1.2.1 Domestic Taxes 15,636.1 65,569.9 13,454.6 13,783.3 (11.8) 2.4 21.0 1.2.2 Foreign Trade Taxes 19,902.8 91,333.3 26,984.7 21,710.3 9.1 (19.5) 23.8
• Import 19,902.8 91,333.3 26,984.7 21,710.3 9.1 (19.5) 23.8 2 Non-Tax Revenue 9,671.7 28,194.7 2,732.9 9680.8 0.1 254.2 34.3 3 Privatization 4 Grants and Relief 3,528.0 17,998.8 2.0 21512.0 509.7 1,075,499.7 119.5 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income

Fourth Quarter 2019/20 59 National Bank of Ethiopia Quarterly Bulletin Fig. VI.1 Quarterly Developments in Major Components of Domestic Revenue of the Federal Government National Bank of Ethiopia Quarterly Bulletin 81 Fourth Quarter 2019/20 Fig. VI.1 Quarterly Developments in Major Components of Domestic Revenue of the Federal Government During the review period, tax revenue mainly originated from indirect taxes, which accounted for 71.6 percent of the total domestic revenue. Revenue from indirect taxes dropped by 0.1 percent to Birr 35.5 billion compared to last year. About 61.2 percent of the indirect tax revenue was from foreign trade taxes. 0 10000 20000 30000 40000 50000 60000 70000 80000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue During the review period, tax revenue mainly originated from indirect taxes, which accounted for 71.6 percent of the total domestic revenue. Revenue from indirect taxes dropped by 0.1 percent to Birr 35.5 billion compared to last year. About 61.2 percent of the indirect tax revenue was from foreign trade taxes. Fig.VI.2 Domestic Revenue of federal government by Major Components during the Fourth Quarter of 2019/20 National Bank of Ethiopia Quarterly Bulletin 82 Fourth Quarter 2019/20 Fig.VI.2 Domestic Revenue of federal government by Major Components during the Fourth Quarter of 2019/20 6.2 Expenditure Total Federal government expenditure (including regional transfers) under the amounted to Birr 117.2 billion, depicting 38.3 annual growth due to higher capital expenditure and regional transfers. Current expenditure at Birr 31.9 billion accounted for 27.3 percent of the total quarterly expenditure. Meanwhile, capital expenditure constituted Birr 40.2 billion or 34.3 percent and regional transfers Birr 45.1 billion or 38.4 percent (Table 6.3). Direct Tax Revenue 23.7 Indirect Taxes 59.9 Non-Tax Revenue 16.3

60 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 6.2 Expenditure Total Federal government expenditure (including regional transfers) under the amounted to Birr 117.2 billion, depicting 38.3 annual growth due to higher capital expenditure and regional transfers. Current expenditure at Birr 31.9 billion accounted for 27.3 percent of the total quarterly expenditure. Meanwhile, capital expenditure constituted Birr 40.2 billion or 34.3 percent and regional transfers Birr 45.1 billion or 38.4 percent (Table 6.3). Tale 6.3 Summary of Federal Government Expenditure by components (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 83 Fourth Quarter 2019/20 Tale 6.3 Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars

2018/19 2019/20 Percentage Change Performance Rate QIV Budget QIII QIV [A] [B] [C] [D] [D/A] [D/B] [D/C] Total Expenditure 84,802.0 357,696.0 81,359.9 117,293.2 38.3 44.2 32.8 1 Current Expenditure 33,357.0 101,656.0 24,027.8 31,978.2 (4.1) 33.1 31.5

• General Services 9,505.4 33,495.5 9,724.1 9,996.6 5.2 2.8 29.8
• Economic Services 1,125.7 5,240.2 1,158.0 3,085.2 174.1 166.4 58.9
• Social Services 17,052.4 31,103.3 8,432.7 16,469.4 (3.4) 95.3 53.0
• Other expenditure 1,473.7 14,409.1 103.0 547 (62.9) 431.1 3.8
• Debt Service 4,199.9 17,407.8 4,610.0 1880.0 (55.2) (59.2) 10.8 2 Capital Expenditure 19,354.3 112,260.4 19,994.1 40,212.5 107.8 101.1 35.8
• Economic Development 11,286.3 79,800.7 14,355.7 28176.4 149.7 96.3 35.3
• Social Development 7,029.0 27,281.2 5,215.0 10765.0 53.2 106.4 39.5
• General Development 1,038.9 5,178.4 423.4 1271.1 22.3 200.2 24.5 3 Regional Transfers 32,090.7 143,779.6 37,338.0 45102.4 40.5 20.8 31.4 Source: Ministry of Finance Fig VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2019/20 Current Expenditure 27.3% Capital Expenditure 34.3% Regional Transfer 38.4% Source: Ministry of Finance Fig VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2019/20 National Bank of Ethiopia Quarterly Bulletin 83 Fourth Quarter 2019/20 Tale 6.3 Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars

2018/19 2019/20 Percentage Change Performance Rate QIV Budget QIII QIV [A] [B] [C] [D] [D/A] [D/B] [D/C] Total Expenditure 84,802.0 357,696.0 81,359.9 117,293.2 38.3 44.2 32.8 1 Current Expenditure 33,357.0 101,656.0 24,027.8 31,978.2 (4.1) 33.1 31.5

• General Services 9,505.4 33,495.5 9,724.1 9,996.6 5.2 2.8 29.8
• Economic Services 1,125.7 5,240.2 1,158.0 3,085.2 174.1 166.4 58.9
• Social Services 17,052.4 31,103.3 8,432.7 16,469.4 (3.4) 95.3 53.0
• Other expenditure 1,473.7 14,409.1 103.0 547 (62.9) 431.1 3.8
• Debt Service 4,199.9 17,407.8 4,610.0 1880.0 (55.2) (59.2) 10.8 2 Capital Expenditure 19,354.3 112,260.4 19,994.1 40,212.5 107.8 101.1 35.8
• Economic Development 11,286.3 79,800.7 14,355.7 28176.4 149.7 96.3 35.3
• Social Development 7,029.0 27,281.2 5,215.0 10765.0 53.2 106.4 39.5
• General Development 1,038.9 5,178.4 423.4 1271.1 22.3 200.2 24.5 3 Regional Transfers 32,090.7 143,779.6 37,338.0 45102.4 40.5 20.8 31.4 Source: Ministry of Finance Fig VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2019/20 Current Expenditure 27.3% Capital Expenditure 34.3% Regional Transfer 38.4% National Bank of Ethiopia Quarterly Bulletin 83 Fourth Quarter 2019/20 Tale 6.3 Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars

2018/19 2019/20 Percentage Change Performance Rate QIV Budget QIII QIV [A] [B] [C] [D] [D/A] [D/B] [D/C] Total Expenditure 84,802.0 357,696.0 81,359.9 117,293.2 38.3 44.2 32.8 1 Current Expenditure 33,357.0 101,656.0 24,027.8 31,978.2 (4.1) 33.1 31.5

• General Services 9,505.4 33,495.5 9,724.1 9,996.6 5.2 2.8 29.8
• Economic Services 1,125.7 5,240.2 1,158.0 3,085.2 174.1 166.4 58.9
• Social Services 17,052.4 31,103.3 8,432.7 16,469.4 (3.4) 95.3 53.0
• Other expenditure 1,473.7 14,409.1 103.0 547 (62.9) 431.1 3.8
• Debt Service 4,199.9 17,407.8 4,610.0 1880.0 (55.2) (59.2) 10.8 2 Capital Expenditure 19,354.3 112,260.4 19,994.1 40,212.5 107.8 101.1 35.8
• Economic Development 11,286.3 79,800.7 14,355.7 28176.4 149.7 96.3 35.3
• Social Development 7,029.0 27,281.2 5,215.0 10765.0 53.2 106.4 39.5
• General Development 1,038.9 5,178.4 423.4 1271.1 22.3 200.2 24.5 3 Regional Transfers 32,090.7 143,779.6 37,338.0 45102.4 40.5 20.8 31.4 Source: Ministry of Finance Fig VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2019/20 Current Expenditure 27.3% Capital Expenditure 34.3% Regional Transfer 38.4%

Fourth Quarter 2019/20 61 National Bank of Ethiopia Quarterly Bulletin Fig.VI.4: Quarterly Developments in Federal Government Expenditure by components National Bank of Ethiopia Quarterly Bulletin 84 Fourth Quarter 2019/20 Fig.VI.4: Quarterly Developments in Federal Government Expenditure by components 6.3 Deficit Financing Federal government fiscal operations resulted in an overall deficit (including grant) of Birr 36.5 billion, which was higher than Birr 20.5 billion deficit registered a year ago. The deficit was financed from net external and domestic borrowing while there was repayment to the banking source. 0 20000 40000 60000 80000 100000 120000 140000 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

62 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 6.3 Deficit Financing Federal government fiscal operations resulted in an overall deficit (including grant) of Birr 36.5 billion, which was higher than Birr 20.5 billion deficit registered a year ago. The deficit was financed from net external and domestic borrowing while there was repayment to the banking source. Fig.VI.5 Federal Government Finance during Second Quarter of F.Y 2019/20 National Bank of Ethiopia Quarterly Bulletin 85 FourthQuarter 2019/20 Fig.VI.5 Federal Government Finance during Second Quarter of F.Y 2019/20 0 20000 40000 60000 80000 100000 120000 140000 160000 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of Birr) Quarters/Years Revenue Including Grants Deficit Expenditure

Fourth Quarter 2019/20 63 National Bank of Ethiopia Quarterly Bulletin VII. Developments in Investment During the fourth quarter of 2019/20, 22 investment projects having investment capital of Birr 219.9 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital slowed down. Virtually, all investment projects were private, of which 95.5 percent were domestic and 4.5 percent foreign. Domestic investment projects had investment capital of Birr 213 million (96.8 percent) while that of foreign investment projects was Birr 7 million (3.2 percent). These investment projects have generated employment opportunities for 80 employees which was 47.4 percent lower than the previous quarter. Of the total employment created during the period, 55 percent was permanent and 45 percent casual (Table 7.1).

64 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) National Bank of Ethiopia Quarterly Bulletin 87 FourthQuarter 2019/20 Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2018/19 2019/20 Percentage Changes QIV QIII QIV A B C Share C/A C/B

1. Total Investment Number of projects 112 7 22 100 -80.4 214.3 Capital 898.4 360.9 219.9 100 -75.5 -39.1 Permanent Employment 4,262 146 44 100 -99.0 -69.9 Temporary Employment 2,392 6 36 100 -98.5 500.0
2. Private Investment Number of projects 112 7 22 100 -80.4 214.3 Capital 898.4 360.9 219.9 100 -75.5 -39.1 Permanent Employment 4,262 146 44 100 -99.0 -69.9 Temporary Employment 2,392 6 36 100 -98.5 500.0 2.1 Domestic Investment Number of projects 108 5 21 95.5 -80.6 320.0 Capital 878.3 339.5 213.0 96.8 -75.8 -37.3 Permanent Employment 720 2 34 77.3 -95.3 1,600.0 Temporary Employment 831 1 31 86.1 -96.3 3,000.0 2.2. Foreign Investment Number of projects 4 2 1 4.5 -75.0 -50.0 Capital 20.1 21.5 7.0 3.2 -65.3 -67.6 Permanent Employment 3,542 144 10 22.7 -99.7 -93.1 Temporary Employment 1,561 5 5 13.9 -99.7 0.0
3. Public Investment Number of projects

---

Capital

---

Permanent Employment

---

Temporary Employment

---

Source: Ethiopian Investment Commission. As for sectoral distribution, manufacturing constituted the lion’s share by accounting for 50 percent of total investment projects followed by construction (22.7 percent), health and social work (13.6 percent), while that of Agriculture, hunting and forestry, Education and Real estate, renting and business activities on their parts constituted 4.5 percent each. Out of the total Birr 219.9 million capitals invested, manufacturing sector received 79.1 percent, health and social work 8.2 percent, construction 6.1 percent, Agriculture, hunting and forestry 4.8 percent and education 1.1 percent. Source: Ethiopian Investment Commission.

Fourth Quarter 2019/20 65 National Bank of Ethiopia Quarterly Bulletin As for sectoral distribution, manufacturing constituted the lion’s share by accounting for 50 percent of total investment projects followed by construction (22.7 percent), health and social work (13.6 percent), while that of Agriculture, hunting and forestry, Education and Real estate, renting and business activities on their parts constituted 4.5 percent each. Out of the total Birr 219.9 million capitals invested, manufacturing sector received 79.1 percent, health and social work 8.2 percent, construction 6.1 percent, Agriculture, hunting and forestry 4.8 percent and education 1.1 percent. With regard to job opportunity, manufacturing sector created about 56.8 percent of the permanent employment, construction 18.2 percent, health and social work 13.6 percent, Agriculture, hunting and forestry 6.8 percent and education 4.5 percent. Similarly, manufacturing sector was the leading sector by employing 58.3 percent of temporary labor force followed by health and social work 16.7 percent, Agriculture, hunting and forestry 13.9 percent while construction and education on their parts constituted 5.6 percent each (Table 7.2). Table 7.2: Investment Distribution by Sector during the Fourth Quarter of 2019/20 National Bank of Ethiopia Quarterly Bulletin 88 FourthQuarter 2019/20 With regard to job opportunity, manufacturing sector created about 56.8 percent of the permanent employment, construction 18.2 percent, health and social work 13.6 percent, Agriculture, hunting and forestry 6.8 percent and education 4.5 percent. Similarly, manufacturing sector was the leading sector by employing 58.3 percent of temporary labor force followed by health and social work 16.7 percent, Agriculture, hunting and forestry 13.9 percent while construction and education on their parts constituted 5.6 percent each (Table 7.2). Table 7.2: Investment Distribution by Sector during the Fourth Quarter of 2019/20 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 1 4.5 10.5 4.8 3 6.8 5 13.9 Construction 5 22.7 13.4 6.1 8 18.2 2 5.6 Education 1 4.5 2.5 1.1 2 4.5 2 5.6 Electricity, gas, steam and water supply - - - - - - - - Health and social work 3 13.6 18.0 8.2 6 13.6 6 16.7 Hotels and restaurants - - - - - - - Manufacturing 11 50.0 173.9 79.1 25 56.8 21 58.3 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 1 4.5 1.6 0.7 - - - - Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others - - - - - - - - Grand Total 22 100 219.9 100 44 100 36 100 Source: Ethiopian Investment Commission. Source: Ethiopian Investment Commission.

66 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin In terms of regional distribution, Addis Ababa account about 95.5 percent of the total projects with 96.8 percent of total investment capital while multiregional projects constitutes 4.5 percent of the total projects with 3.2 percent of total investment capital. In terms of job creation Addis Ababa accounted for 77.3 and 86.1 percent of the total permanent and temporary employments respectively and multiregional projects on their part constitutes (22.7 and (13.9 percent) (Table 7.3).

Fourth Quarter 2019/20 67 National Bank of Ethiopia Quarterly Bulletin Table 7.3: Performance of Operational Investment Projects by Re National Bank of Ethiopia Quarterly Bulletin 90 Table 7.3: Performance of Operational Investment Projects by Re VIII. International Fourth Quarter 2019/20 EconomicDevelopments Region 2018/19 2019/20 Growth Rate QIV QIII QIV C/A C/B A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 96 775.5 599 393 5 339.5 2 1 21 213.0 34 31 95.5 96.8 77.3 86.1 -78.1 -72.5 -94.3 -92.1 320. 0 -37.3 1600.0 3000.0 Afar

Amhara

B.Gumuz

Dire Dawa

Oromia

SNNPR

Gamb

Somali

Harari

Tigray 12 102.9 121 438

Multi -regional 4 20.1 3,54 2 1,561 2 21.5 144 5 1 7.0 10 5 4.5 3.2 22.7 13.9 -75.0 -65.3 -99.7 -99.7 -50.0 -67.6 -93.1 0.0 Grand Total 112 898.4 4,26 2 2,392 7 361 146 6 22 219.9 44 36 100 -80.4 -75.5 -99.0 -98.5 214. 3 -39.1 -69.9 500.0 Source: Ethiopian Investment Commission National Bank of Ethiopia Quarterly Bulletin 90 Table 7.3: Performance of Operational Investment Projects by Re VIII. International Fourth Quarter 2019/20 EconomicDevelopments Region 2018/19 2019/20 Growth Rate QIV QIII QIV C/A C/B A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 96 775.5 599 393 5 339.5 2 1 21 213.0 34 31 95.5 96.8 77.3 86.1 -78.1 -72.5 -94.3 -92.1 320. 0 -37.3 1600.0 3000.0 Afar

Amhara

B.Gumuz

Dire Dawa

Oromia

SNNPR

Gamb

Somali

Harari

Tigray 12 102.9 121 438

Multi -regional 4 20.1 3,54 2 1,561 2 21.5 144 5 1 7.0 10 5 4.5 3.2 22.7 13.9 -75.0 -65.3 -99.7 -99.7 -50.0 -67.6 -93.1 0.0 Grand Total 112 898.4 4,26 2 2,392 7 361 146 6 22 219.9 44 36 100 -80.4 -75.5 -99.0 -98.5 214. 3 -39.1 -69.9 500.0 Source: Ethiopian Investment Commission National Bank of Ethiopia Quarterly Bulletin 90 Table 7.3: Performance of Operational Investment Projects by Re VIII. International Fourth Quarter 2019/20 Economic Developments Region 2018/19 2019/20 Growth Rate QIV QIII QIV C/A C/B A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 96 775.5 599 393 5 339.5 2 1 21 213.0 34 31 95.5 96.8 77.3 86.1 -78.1 -72.5 -94.3 -92.1 320. 0 -37.3 1600.0 3000.0 Afar

---

Amhara

---

B.Gumuz

---

Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia

---

SNNPR

---

Gamb

---

Somali

---

Harari

---

Tigray 12 102.9 121 438 - - - - - - - - - - - - - - - - - - - - Multi-regional 4 20.1 3,54 2 1,561 2 21.5 144 5 1 7.0 10 5 4.5 3.2 22.7 13.9 -75.0 -65.3 -99.7 -99.7 -50.0 -67.6 -93.1 0.0 Grand Total 112 898.4 4,26 2 2,392 7 361 146 6 22 219.9 44 36 100 -80.4 -75.5 -99.0 -98.5 214. 3 -39.1 -69.9 500.0 Source: Ethiopian Investment Commission National Bank of Ethiopia Quarterly Bulletin 90 Table 7.3: Performance of Operational Investment Projects by Re VIII. International Fourth Quarter 2019/20 Economic Developments Region 2018/19 2019/20 Growth Rate QIV QIII QIV C/A C/B A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 96 775.5 599 393 5 339.5 2 1 21 213.0 34 31 95.5 96.8 77.3 86.1 -78.1 -72.5 -94.3 -92.1 320. 0 -37.3 1600.0 3000.0 Afar

---

Amhara

---

B.Gumuz

---

Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia

---

SNNPR

---

Gamb

---

Somali

---

Harari

---

Tigray 12 102.9 121 438 - - - - - - - - - - - - - - - - - - - - Multi-regional 4 20.1 3,54 2 1,561 2 21.5 144 5 1 7.0 10 5 4.5 3.2 22.7 13.9 -75.0 -65.3 -99.7 -99.7 -50.0 -67.6 -93.1 0.0 Grand Total 112 898.4 4,26 2 2,392 7 361 146 6 22 219.9 44 36 100 -80.4 -75.5 -99.0 -98.5 214. 3 -39.1 -69.9 500.0 Source: Ethiopian Investment Commission National Bank of Ethiopia Quarterly Bulletin 90 Table 7.3: Performance of Operational Investment Projects by Re VIII. International Fourth Quarter 2019/20 EconomicDevelopments Region 2018/19 2019/20 Growth Rate QIV QIII QIV C/A C/B A B C Share In (%) Capital No of Proj No of Proj Perm emp Temp emp Capital No of Proj Perm emp Temp emp Capital No of Proj Perm emp Temp emp Capital No of Proj Perm emp Temp emp Capital. No of Proj Perm emp Temp emp Capital. Perm emp Temp emp Addis Ababa 320. 96 775.5 599 393 5 339.5 2 1 21 213.0 34 31 95.5 96.8 77.3 86.1 -78.1 -72.5 -94.3 -92.1 0 -37.3 1600.0 3000.0 Afar

---

Amhara

---

B.Gumuz

---

Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia

---

SNNPR

---

Gamb

---

Somali

---

Harari

---

Tigray 12 102.9 121 438 - - - - - - - - - - - - - - - - - - - - Multi-regional 3,54 4 20.1 2 1,561 2 21.5 144 5 1 7.0 10 5 4.5 3.2 22.7 13.9 -75.0 -65.3 -99.7 -99.7 -50.0 -67.6 -93.1 0.0 Grand Total 4,26 214. 112 898.4 2 2,392 7 361 146 6 22 219.9 44 36 100 -80.4 -75.5 -99.0 -98.5 3 -39.1 -69.9 500.0 Source: Ethiopian Investment Commission Source: Ethiopian Investment Commission National Bank of Ethiopia Quarterly Bulletin 90 Table 7.3: Performance of Operational Investment Projects by Re VIII. International Fourth Quarter 2019/20 Economic Developments Region 2018/19 2019/20 Growth Rate QIV QIII QIV C/A C/B A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 96 775.5 599 393 5 339.5 2 1 21 213.0 34 31 95.5 96.8 77.3 86.1 -78.1 -72.5 -94.3 -92.1 320. 0 -37.3 1600.0 3000.0 Afar

---

Amhara

---

B.Gumuz

---

Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia

---

SNNPR

---

Gamb

---

Somali

---

Harari

---

Tigray 12 102.9 121 438 - - - - - - - - - - - - - - - - - - - - Multi-regional 4 20.1 3,54 2 1,561 2 21.5 144 5 1 7.0 10 5 4.5 3.2 22.7 13.9 -75.0 -65.3 -99.7 -99.7 -50.0 -67.6 -93.1 0.0 Grand Total 112 898.4 4,26 2 2,392 7 361 146 6 22 219.9 44 36 100 -80.4 -75.5 -99.0 -98.5 214. 3 -39.1 -69.9 500.0 Source: Ethiopian Investment Commission

68 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin 8.1. Overview of the World Economy The global economic recovery remains uneven, uncertain and incomplete. The global outlook remains dominated by the evolution of the coronavirus (COVID-19) pandemic. The number of new cases continues to rise globally, particularly in the United States and Latin America, as well as in several other key emerging market economies (e.g. India and South Africa). The global composite output Purchasing Managers’ Index (PMI) excluding the euro area continued to rebound from its April through in June, reaching 47.6. The increase in June was broad-based across all sub-components; the services sector, which had been lagging behind the manufacturing sector in terms of improvement, recovered strongly. These developments were also broad based across almost all major advanced and emerging economies. However, PMIs for everywhere except China have remained in contractionary territory below 50, thereby pointing to continued weak activity levels globally. In United States economic activity remains weak. With lockdowns being gradually lifted, economic activity has resumed and various economic indicators have turned to the upside. Retail sales and food services rebounded sharply in May as household spending benefited from federal stimulus payments, reinforced by the return to work of some employees. Industrial production also rose in May, albeit less strongly. In the United Kingdom, an unprecedented decline in activity is expected in the fourth quarter of FY2019/20 with activity resuming only slowly amid the easing of containment measures. In Japan, the pace of economic activity has started normalizing as containment measures were progressively lifted in May. Following a contraction of 0.6 percent in real GDP in the third quarter, the intensification of containment efforts in Japan triggered a considerable retrenchment in industrial production, external trade and private consumption in April and May. The recovery in China is proceeding despite weak external demand. Amid the easing of containment measures, high-frequency indicators point to a continued normalization of activity in June. In terms of hard data, industrial production growth turned positive in April and gained further momentum in May (up 4.4 percent year-on-year). 8.2. Inflation Developments Global inflation slowed further in May. Annual consumer price inflation in the countries of the Organization for Economic Co-operation and Development (OECD) declined to 0.7 percent in May, driven by a faster decline in energy prices, while food price inflation increased slightly. Meanwhile, inflation excluding food and energy remained stable at 1.6 percent. The slowdown in inflation was broad based across most advanced economies and major non-OECD emerging market economies. Looking ahead, global inflationary pressures are expected to remain subdued as a result of both the fall in oil prices and weak demand. According to Eurostat’s flash estimate, HICP inflation rebounded slightly, increasing to 0.3 percent in June from 0.1 percent in May 2020.This increase mainly reflects a less negative annual rate of change in energy prices, namely -9.4 percent in June instead of -11.9 percent in May. The less negative energy inflation was partly counterbalanced by a further decline in food price inflation to 3.1 percent in June from 3.4 percent in May and 3.6 percent in April. It is important to note that HICP data are still subject to heightened measurement uncertainty due to challenges in price collection. While falling from 22 percent in May to 11 percent in June the share of imputed prices is still higher than usual, especially for services. VIII. International Economic Development

Fourth Quarter 2019/20 69 National Bank of Ethiopia Quarterly Bulletin 8.3. Commodity Price Oil prices have increased by more than 10 percent since the last Governing Council meeting amid a rebound in economic activity and falling supply owing to cuts agreed in early May. Oil prices have been supported by a stronger than expected pick-up in oil demand on the back of the easing of lockdown measures. Oil demand is expected to remain subdued in the fourth quarter of 2019/20, with consumption set to remain below the levels seen in 2019. 8.4. Exchange Rate Developments In foreign exchange markets, the euro broadly strengthened in trade-weighted terms. Over the review period, the nominal effective exchange rate of the euro, as measured against the currencies of 42 of the euro area’s most important trading partners, appreciated by 1.0 percent. This largely reflected a strengthening in particular against the currencies of countries that were more heavily affected by the economic and financial market impact of the COVID-19 pandemic. Specifically, the euro appreciated against a number of emerging market currencies, notably the Brazilian real (by 6.9 percent), the Russian rouble (by 4.2 percent) and the Turkish lira (by 3.6 percent), as well as against both the US dollar (by 1.7 percent) and the pound sterling (by 1.0 percent). At the same time, the euro weakened only very slightly against the Japanese yen (by 0.2 percent) and the Chinese renminbi (by 0.1 percent) and remained virtually unchanged against the Swiss franc. 8.5. Impact of Global Economic Development on Ethiopian Economy During the fourth quarter of 2019/20, global economic has remains uneven, uncertain and incomplete. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area continued to rebound from its April through in June, reaching 47.6. Therefore, PMIs for everywhere except China have remained in contractionary territory below 50, thereby pointing to continued weak activity levels globally. Likewise, global inflationary pressures are expected to remain subdued as a result of both the fall in oil prices and weak demand. During the review quarter, the fast depreciation of Birr outweighed the relative price differential between domestic and trading partners economy, which resulted in the REER to depreciate by 9.7 percent. Thus, it enhances international competitiveness of the country in global market. On the other hand, the decline in crude oil prices helps the country to save additional payments caused by higher oil price and avoided further suppressing impact on current account balance.

70 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin STATISTICAL TABLES

Fourth Quarter 2019/20 71 National Bank of Ethiopia Quarterly Bulletin Table 1(a): Statement of Condition of National Bank of Ethipia: Assets (In Millions of Birr) " End of Period" Foreign Assets Claims on Government Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Others Advance To DBE Silver Coins Other Assets 2007/08 Qtr.I 13,021.85 375.82 102.13 12,080.02 463.88 30,269.27 9,899.27 20,370.00 - - - 2,193.03 Qtr.II 12,829.31 491.81 105.68 11,759.64 472.18 31,995.27 9,899.27 22,096.00 - - - 2,159.20 Qtr.III 10,875.89 502.52 113.69 9,772.72 486.96 33,917.27 9,899.27 24,018.00 - - - 2,109.17 Qtr.IV 8,708.66 5.47 113.96 8,093.97 495.26 41,563.08 9,745.08 31,818.00 - - - 2,451.20 2008/09 Qtr.I 8,636.72 15.01 110.78 8,010.33 500.60 44,270.98 9,692.98 34,578.00 - - - 2,516.61 Qtr.II 9,260.43 81.90 112.13 8,551.39 515.01 42,948.98 9,692.98 33,256.00 - - - 2,567.86 Qtr.III 13,284.94 8.60 120.45 12,580.96 574.93 42,248.98 9,692.98 32,556.00 - - - 2,690.57 Qtr.IV 17,214.61 18.17 127.45 16,488.13 580.86 44,498.73 9,607.73 34,891.00 - - - 2,627.60 2009/10 Qtr.I 22,262.14 120.26 143.91 21,002.66 995.32 44,326.63 9,555.63 34,771.00 - - - 2,664.26 Qtr.II 23,445.68 287.33 144.34 22,018.26 995.76 43,610.83 9,555.63 34,055.20 - - - 2,705.57 Qtr.III 27,285.95 267.70 148.18 24,480.32 2,389.76 45,989.73 9,555.63 36,434.10 - - - 3,048.61 Qtr.IV 27,289.34 443.30 145.70 23,490.22 3,210.12 45,522.78 9,478.68 36,044.10 - - - 3,041.10 2010/11 Qtr.I 35,852.22 490.52 184.31 31,229.17 3,948.22 47,983.68 9,426.58 38,557.10 - - - 3,150.64 Qtr.II 40,042.00 444.17 184.63 34,418.71 4,994.49 50,488.58 9,426.58 41,062.00 - - - 3,269.68 Qtr.III 45,367.31 1,636.24 192.33 38,413.88 5,124.86 51,930.58 9,426.58 42,504.00 - - - 7,413.23 Qtr.IV 51,551.39 1,395.23 195.67 44,738.80 5,221.68 55,614.64 9,349.64 46,265.00 - 6,250.00 - 7,650.19 2011/12 Qtr.I 59,724.20 1,037.56 195.24 53,248.95 5,242.45 55,566.48 9,301.54 46,264.95 - 7,400.00 - 7,928.55 Qtr.II 51,965.40 479.44 193.30 46,056.19 5,236.48 55,562.48 9,297.54 46,264.95 - 10,070.00 - 10,747.88 Qtr.III 40,349.89 669.26 195.77 34,192.43 5,292.44 55,562.48 9,297.54 46,264.95 - 11,870.00 - 10,948.76 Qtr.IV 40,101.45 2,038.08 195.32 32,528.76 5,339.29 55,562.48 9,297.54 46,264.95 - 12,502.00 - 12,951.32 2012/13 Qtr.I 44,307.75 (24.32) 201.51 38,671.89 5,458.67 55,510.38 9,245.44 46,264.95 - 12,502.00 - 16,383.71 Qtr.II 46,620.93 1,964.27 203.98 38,926.61 5,526.08 55,510.38 9,245.44 46,264.95 - 13,307.00 - 20,867.63 Qtr.III 50,358.05 1,310.29 201.42 43,334.32 5,512.02 59,510.38 9,245.44 50,264.95 - 14,807.00 - 25,469.44 Qtr.IV 44,140.03 2,253.17 201.78 36,078.39 5,606.69 64,510.38 9,245.44 55,264.95 - 16,507.00 - 20,560.93 2013/14 Qtr.I 46,471.52 2,656.15 209.91 37,900.27 5,705.18 64,381.33 9,116.39 55,264.95 - 16,807.00 - 25,388.28 Qtr.II 49,513.05 1,522.50 214.30 41,971.87 5,804.38 64,381.33 9,116.39 55,264.95 - 17,207.00 - 28,944.33 Qtr.III 45,838.73 1,333.55 217.05 38,439.61 5,848.52 73,381.33 9,116.39 64,264.95 - 17,507.00 - 26,128.62 Qtr.IV 50,624.47 1,217.59 218.41 43,237.44 5,951.02 73,304.39 9,039.44 64,264.95 - 20,257.00 - 25,566.64 2014/15 Qtr.I 52,555.40 1,217.59 215.08 45,256.47 5,866.25 73,175.34 8,910.39 64,264.95 - 21,957.00 - 26,679.17 Qtr.II 74,840.58 741.24 317.35 67,914.12 5,867.87 78,175.34 8,910.39 69,264.95 - 22,157.00 - 27,953.04 Qtr.III 64,152.02 206.89 307.11 57,837.68 5,800.34 81,175.34 8,910.39 72,264.95 - 22,857.00 - 33,275.33 Qtr.IV 66,817.67 79.30 315.26 60,856.52 5,566.59 92,175.34 8,910.39 83,264.95 - 23,357.00 - 27,477.29 2015/16 Qtr.I 65,085.59 (101.65) 318.69 59,349.29 5,519.27 99,657.34 8,392.40 91,264.95 - 23,857.00 - 27,240.74 Qtr.II 84,226.48 222.87 319.06 78,442.72 5,241.83 104,657.34 8,392.40 96,264.95 - 24,857.00 - 36,166.96 Qtr.III 72,889.54 1,136.99 325.65 66,362.68 5,064.22 104,657.34 8,392.40 96,264.95 - 24,857.00 - 49,245.99 Qtr.IV 74,156.73 1,113.92 331.50 67,851.69 4,859.62 109,080.40 8,315.45 100,764.95 - 25,607.00 - 53,471.19 2016/17 Qtr.I 74,949.60 8.43 336.04 69,963.93 4,641.20 115,640.85 7,875.90 107,764.95 - 25,607.00 - 60,022.94 Qtr.II 72,397.44 1,139.58 326.66 66,561.06 4,370.15 120,640.85 7,875.90 112,764.95 - 26,107.00 - 60,244.19 Qtr.III 70,874.56 1,135.37 337.66 61,851.06 7,550.46 129,640.85 7,875.90 121,764.95 - 26,607.00 - 61,151.48 Qtr.IV 73,874.32 741.33 349.42 68,851.84 3,931.73 135,632.85 7,867.90 127,764.95 - 27,226.00 - 53,200.57 2017/18 Qtr.I 68,636.42 0.01 359.52 64,643.51 3,633.38 150,632.85 7,867.90 142,764.95 - 27,226.00 - 53,714.62 Qtr.II 82,254.04 0.01 420.35 77,584.06 4,249.63 160,128.85 7,863.90 152,264.95 - 28,055.71 - 55,288.17 Qtr.III 85,287.93 81.43 432.67 80,464.52 4,309.30 160,128.85 7,863.90 152,264.95 - 29,992.71 - 54,691.37 Qtr.IV 77,617.37 750.54 418.41 72,217.34 4,231.09 160,128.85 7,863.90 152,264.95 - 47,292.71 - 56,407.16 2018/19 Qtr.I 103,307.08 750.99 422.10 97,678.76 4,455.23 166,685.30 7,420.35 159,264.95 - 46,992.71 - 56,965.81 Qtr.II 110,973.71 750.54 423.72 105,145.06 4,654.41 178,685.30 7,420.35 171,264.95 - 52,092.71 - 57,949.69 Qtr.III 111,651.22 198.87 431.88 106,132.87 4,887.60 182,685.30 7,420.35 175,264.95 - 52,792.71 - 76,825.13 Qtr.IV 98,726.63 804.88 437.79 92,853.80 4,630.17 194,685.30 7,420.35 187,264.95 - 52,142.71 - 95,430.96 2019/20 Qtr.I 69,790.04 15.26 435.36 64,693.13 4,646.29 199,237.75 6,972.80 192,264.95 - 52,142.71 - 106,893.95 Qtr.II 94,289.16 19.38 478.35 88,749.48 5,041.96 204,237.75 6,972.80 197,264.95 - 55,942.71 - 115,902.36 Qtr.III 80,407.49 316.70 488.33 74,412.19 5,190.27 221,237.75 6,972.80 214,264.95 - 55,242.71 - 120,561.48 QIV 112,086.32 3,280.63 525.42 102,412.06 5,868.20 230,237.75 199,237.75 31,000.00 - 58,142.71 - 148,024.70

72 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin End of Period Total Liab.= Assets Currency (Notes + Coins) Deposits Foreign Liabilities Capital Account Other Total Gov't Banker Total Liab. Fund Credit Others 2007/08 Qtr.I 45,484.15 14,847.95 20,238.35 8,032.28 12,206.08 2,674.04 - 2,674.04 3,115.04 4,608.76 Qtr.II 46,983.78 16,355.52 19,216.37 6,740.91 12,475.46 2,761.94 - 2,761.94 3,116.72 5,533.24 Qtr.III 46,902.32 18,958.53 16,917.68 5,966.52 10,951.16 3,621.19 - 3,621.19 2,129.14 5,275.79 Qtr.IV 52,722.94 20,216.39 21,492.02 6,157.32 15,334.70 2,768.01 - 2,768.01 2,124.40 6,122.12 2008/09 Qtr.I 55,424.30 19,640.12 23,365.96 7,222.97 16,143.00 3,660.06 - 3,660.06 3,592.76 5,165.40 Qtr.II 54,777.27 20,870.35 25,148.92 6,215.84 18,933.09 3,123.02 - 3,123.02 2,088.31 3,546.68 Qtr.III 58,224.49 23,303.92 24,710.29 6,682.81 18,027.48 3,713.38 556.02 3,157.36 2,101.15 4,395.76 Qtr.IV 64,340.94 23,836.35 27,942.19 6,671.53 21,270.67 5,380.94 588.35 4,792.59 2,094.84 5,086.60 2009/10 Qtr.I 69,253.03 22,773.23 31,494.51 7,373.32 24,121.19 8,049.53 2,127.19 5,922.33 1,588.53 5,347.24 Qtr.II 69,762.08 25,663.17 28,307.16 7,785.92 20,521.24 8,693.10 2,132.24 6,560.86 1,576.74 5,521.92 Qtr.III 76,324.29 27,277.96 30,107.70 7,036.56 23,071.13 10,995.53 2,188.91 8,806.62 1,576.18 6,366.93 Qtr.IV 75,853.22 28,802.93 26,803.98 6,182.46 20,621.52 11,906.03 2,152.27 9,753.76 1,574.95 6,765.34 2010/11 Qtr.I 86,986.54 29,711.72 31,872.51 8,265.64 23,606.88 12,848.92 2,722.65 10,126.26 2,809.67 9,743.72 Qtr.II 93,800.26 33,949.03 32,141.88 9,369.75 22,772.12 15,062.65 4,769.71 10,292.95 2,757.53 9,889.18 Qtr.III 104,711.13 37,456.68 37,453.93 11,276.68 26,177.25 15,282.84 4,972.05 10,310.80 2,757.53 11,760.16 Qtr.IV 121,066.21 39,100.58 40,233.45 10,290.93 29,942.52 18,695.39 5,058.24 13,637.15 2,749.74 20,287.05 2011/12 Qtr.I 130,619.23 38,732.57 48,523.29 19,133.30 29,389.99 20,368.49 5,047.27 15,321.22 8,848.06 14,146.82 Qtr.II 128,345.76 42,048.13 43,045.28 17,307.05 25,738.23 17,289.74 4,996.96 12,292.78 8,848.06 17,114.54 Qtr.III 118,731.13 44,710.64 29,832.27 11,962.11 17,870.17 15,825.84 5,060.88 10,764.96 8,831.80 19,530.58 Qtr.IV 121,117.25 45,785.24 30,405.78 10,218.40 20,187.38 18,847.12 5,049.31 13,797.81 4,841.48 21,237.65 2012/13 Qtr.I 128,703.84 46,183.34 38,073.19 17,980.48 20,092.72 19,311.91 5,209.14 14,102.77 4,841.92 20,293.48 Qtr.II 136,305.95 50,971.94 36,872.57 12,778.13 24,094.44 20,263.30 5,273.03 14,990.27 4,833.78 23,364.36 Qtr.III 150,144.87 54,292.91 34,503.60 17,952.55 16,551.06 20,750.51 5,181.16 15,569.34 4,833.78 35,764.07 Qtr.IV 145,718.34 54,917.74 29,031.39 9,133.04 19,898.35 19,494.41 5,297.81 14,196.60 4,834.47 37,440.33 2013/14 Qtr.I 153,048.13 50,571.65 37,323.17 16,548.01 20,775.16 23,064.82 5,426.52 17,638.30 4,842.06 37,246.44 Qtr.II 160,045.71 53,864.09 32,759.15 14,339.95 18,419.21 28,216.04 5,456.21 22,759.83 4,842.06 40,364.38 Qtr.III 162,855.69 61,372.47 35,971.75 12,807.36 23,164.39 22,394.73 5,468.90 16,925.83 4,842.06 38,274.68 Qtr.IV 169,752.50 64,355.05 33,760.96 8,793.48 24,967.48 23,910.57 5,685.44 18,225.13 4,849.06 42,876.86 2014/15 Qtr.I 174,366.91 63,714.21 37,053.76 14,407.98 22,645.78 25,489.57 5,577.32 19,912.25 4,849.07 43,260.30 Qtr.II 203,125.95 70,709.06 33,899.35 13,882.20 20,017.15 46,447.12 5,577.32 40,869.81 4,849.07 47,221.36 Qtr.III 201,459.69 74,337.79 42,291.49 21,308.75 20,982.74 36,511.44 5,490.54 31,020.90 4,849.07 43,469.91 Qtr.IV 209,827.30 75,240.70 42,325.60 15,098.54 27,227.06 36,844.30 5,034.04 31,810.26 4,849.07 50,567.64 2015/16 Qtr.I 215,840.68 74,745.66 48,887.10 31,740.19 17,146.91 36,004.39 4,988.41 31,015.98 4,849.20 51,354.33 Qtr.II 249,907.78 77,830.00 49,034.83 25,739.39 23,295.44 61,731.80 4,662.00 57,069.80 4,849.20 56,461.95 Qtr.III 251,649.87 80,258.93 45,004.03 20,077.26 24,926.76 59,027.31 4,479.63 54,547.68 4,849.20 62,510.41 Qtr.IV 262,315.31 82,592.70 50,614.34 14,042.32 36,572.02 63,650.30 4,271.47 59,378.84 4,849.20 60,608.76 2016/17 Qtr.I 276,220.38 85,811.90 54,484.65 18,220.23 36,264.42 71,483.16 4,027.65 67,455.51 4,849.20 59,591.48 Qtr.II 279,389.48 90,247.04 53,908.66 15,628.13 38,280.53 66,855.56 3,645.20 63,210.36 4,849.20 63,529.02 Qtr.III 288,273.88 92,212.49 66,239.19 19,084.80 47,154.39 56,579.86 3,434.90 53,144.96 4,849.20 68,393.15 Qtr.IV 289,933.74 94,245.51 66,754.22 14,741.81 52,012.41 49,897.29 3,296.00 46,601.29 4,849.20 74,187.52 2017/18 Qtr.I 300,209.88 94,962.74 76,379.95 19,337.75 57,042.20 50,984.56 3,036.68 47,947.88 4,849.20 73,033.43 Qtr.II 325,726.77 105,936.80 61,913.44 16,680.94 45,232.50 70,862.22 3,239.47 67,622.75 4,849.20 82,165.11 Qtr.III 330,100.86 112,438.63 68,720.48 18,874.93 49,845.54 59,522.34 2,907.62 56,614.71 4,849.20 84,570.22 Qtr.IV 341,446.08 112,910.96 81,186.45 19,921.99 61,264.46 48,857.99 2,502.21 46,355.78 4,849.20 93,641.49 2018/19 Qtr.I 373,950.89 110,876.51 83,541.82 19,601.81 63,940.01 82,036.37 2,107.92 79,928.45 4,849.20 92,646.99 Qtr.II 399,701.41 120,349.03 73,912.83 23,783.26 50,129.57 99,909.75 1,802.49 98,107.25 4,849.20 100,680.60 Qtr.III 423,954.35 125,298.33 90,171.76 37,661.76 52,510.00 93,865.15 1,705.62 92,159.53 4,849.20 109,769.91 Qtr.IV 440,985.60 121,800.02 101,463.14 22,513.90 78,949.25 94,758.88 1,106.63 93,652.25 4,849.20 118,114.36 2019/20 Qtr.I 428,064.45 123,976.32 83,257.85 20,433.47 62,824.38 94,208.78 805.24 93,403.54 4,849.20 121,772.30 Qtr.II 470,371.98 128,071.58 99,917.83 30,939.51 68,978.32 111,833.99 530.84 111,303.15 4,849.20 125,699.38 Qtr.III 477,449.43 139,106.29 109,747.07 26,131.42 83,615.66 110,558.25 6,560.60 103,997.65 4,849.20 113,188.61 QIV 548,491.47 140,521.13 140,553.83 34,529.59 106,024.24 127,307.32 6,670.16 120,637.16 4,849.20 135,260.00 Table 1(b): Statement of Condition of National Bank of Ethipia: Liabilities (In Millions of Birr)

Fourth Quarter 2019/20 73 National Bank of Ethiopia Quarterly Bulletin Table 2(a): Statement of Condition of Commercial Banks: Assets End of Period Total Reserves Claims on Non-Central Gov't Cash in Deposits Foreign Claims Total Loans Invest- Commercial Other (2+3) Hand with NBE Assets On Gov't (7+8+9) &Adv. ment Banks Assets 1 2 3 4 5 6 7 8 9 10 2007/08 Qtr.I 13,865.27 1,850.51 12,014.76 6,994.50 16,049.88 32,245.60 22,920.83 8,408.81 915.96 20,572.93 Qtr.II 14,355.51 1,909.73 12,445.78 6,364.83 16,073.96 36,227.19 25,761.00 9,393.79 1,072.39 22,652.37 Qtr.III 12,463.60 2,185.95 10,277.65 8,129.78 12,177.81 43,758.44 31,682.65 11,075.06 1,000.74 25,214.98 Qtr.IV 17,795.25 2,562.29 15,232.97 8,026.85 6,648.16 47,826.76 33,600.67 13,292.93 933.17 26,336.28 2008/09 Qtr.I 17,673.90 3,302.53 14,371.38 7,726.62 6,234.94 50,116.36 34,397.64 14,818.58 900.13 26,922.77 Qtr.II 20,659.25 3,437.48 17,221.77 6,950.64 5,547.24 54,252.77 35,946.71 17,436.57 869.49 33,601.83 Qtr.III 21,886.74 4,039.91 17,846.83 8,093.58 5,548.90 57,041.57 37,079.81 18,852.70 1,109.06 31,611.17 Qtr.IV 23,690.72 4,121.34 19,569.38 9,219.66 5,409.36 57,651.07 38,802.03 17,614.51 1,234.53 49,113.08 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.71 27,757.27 28,394.16 3,568.67 110,114.46 61,871.31 45,547.45 2,695.70 49,545.00 2011/12 Qtr.I 34,514.38 6,658.96 27,855.43 22,565.30 4,121.67 118,399.53 64,979.01 50,781.33 2,639.19 51,494.85 Qtr.II 30,154.47 5,773.53 24,380.95 23,089.59 2,857.24 135,328.52 75,725.46 58,171.12 1,431.94 63,801.94 Qtr.III 17,652.45 6,982.96 10,669.49 28,640.04 3,068.28 156,445.50 88,608.28 66,455.73 1,381.50 70,487.48 Qtr.IV 29,039.93 7,248.10 21,791.83 24,017.57 4,421.18 170,379.68 94,617.04 73,472.51 2,290.12 105,360.90 2012/13 Qtr.I 27,882.48 8,265.81 19,616.67 20,182.74 8,511.89 171,722.32 94,081.93 75,849.86 1,790.53 83,987.99 Qtr.II 33,108.11 8,294.92 24,813.19 19,475.22 6,693.03 188,001.68 102,409.08 83,727.13 1,865.48 80,835.23 Qtr.III 32,417.53 9,150.51 23,267.02 23,412.02 5,407.49 208,833.85 113,423.09 92,141.62 3,269.14 103,959.36 Qtr.IV 30,375.31 9,236.07 21,139.24 28,509.18 5,699.97 222,393.59 114,378.39 99,396.97 8,618.23 82,403.13 2013/14 Qtr.I 31,747.72 9,699.16 22,048.56 22,706.08 4,089.11 228,006.18 112,906.99 106,635.50 8,463.70 75,318.88 Qtr.II 29,413.17 9,778.39 19,634.78 20,170.98 3,464.05 253,312.63 127,152.46 117,797.59 8,362.58 68,754.51 Qtr.III 34,921.78 11,397.19 23,524.59 21,162.46 1,753.80 272,894.01 138,291.24 126,344.08 8,258.68 66,924.58 Qtr.IV 35,672.30 11,179.02 24,493.28 27,253.50 1,629.68 288,212.71 141,975.83 136,904.30 9,332.58 70,099.87 2014/15 Qtr.I 38,690.72 12,931.48 25,759.24 19,597.01 1,227.50 297,817.51 144,435.07 144,679.15 8,703.29 69,897.16 Qtr.II 35,148.79 12,580.20 22,568.59 18,800.84 1,246.35 329,512.50 162,570.66 159,004.32 7,937.52 68,417.37 Qtr.III 35,280.66 13,872.76 21,407.90 15,862.13 1,252.35 355,615.38 179,552.27 173,479.03 2,584.09 78,370.49 Qtr.IV 42,342.37 14,779.78 27,562.60 15,924.15 1,256.02 379,393.58 185,501.92 191,246.21 2,645.44 79,584.26 2015/16 Qtr.I 39,809.59 15,337.93 24,471.66 15,463.04 905.43 390,966.45 188,671.02 199,896.80 2,398.62 79,531.91 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.41 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 Qtr.IV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 2018/19 Qtr.I 91,062.85 27,496.50 63,566.35 30,835.45 22,567.12 731,013.59 355,971.41 364,102.91 10,939.27 151,722.28 Qtr.II 85,123.08 28,156.45 56,966.63 28,357.05 22,521.73 779,265.80 392,263.57 378,472.13 8,530.10 165,243.37 Qtr.III 82,819.61 28,223.23 54,596.39 26,880.84 22,952.93 843,659.70 418,777.00 417,474.71 7,408.00 168,443.19 Qtr.IV 118,506.49 29,783.05 88,723.44 28,543.82 23,620.21 898,733.08 443,362.21 447,380.43 7,990.45 170,578.44 2019/20 Qtr.I 116,740.09 32,453.58 84,286.52 25,980.84 22,927.78 928,496.12 463,151.74 456,261.93 9,082.46 211,425.69 Qtr.II 117,120.70 29,406.33 87,714.37 23,973.08 23,123.42 977,370.59 512,299.58 456,233.83 8,837.18 232,194.69 Qtr.III 114,998.82 29,771.00 85,227.82 24,606.29 22,927.78 1,025,047.29 528,438.89 487,766.96 8,841.44 257,616.79 QIV 136,738.41 31,449.32 105,289.09 35,116.52 28,838.49 1,074,869.20 571,811.98 490,492.71 12,564.51 219,185.38 (In Millions of Birr)

74 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin End of Period Total (Liab.= Assets) Non-Central Gov't Deposits Capital Account Other Liab. Total (3+4+5) Demand Time Saving Gov't Depos. Foreign Liab. Total (9+10+11) Capital Legal Reserve Others 1 2 3 4 5 6 7 8 9 10 11 12 2007/08 Qtr.I 89,728.17 45,987.14 17,473.75 3,518.97 24,994.42 8,168.85 2,113.06 7,946.79 6,022.73 695.08 1,228.98 25,512.32 Qtr.II 95,673.86 47,523.93 17,472.88 3,750.36 26,300.69 9,082.98 2,221.78 8,502.57 6,230.90 715.86 1,555.81 28,342.59 Qtr.III 101,744.62 49,881.89 18,402.82 3,649.27 27,829.80 9,410.19 2,384.41 9,480.25 6,372.34 755.06 2,352.85 30,587.89 Qtr.IV 106,633.30 51,175.42 18,343.64 3,354.13 29,477.65 8,978.26 2,301.87 8,692.68 6,650.58 1,160.15 881.95 35,485.08 2008/09 Qtr.I 108,674.58 56,010.62 21,545.78 3,001.17 31,463.68 8,410.60 2,315.51 9,645.17 6,733.48 1,230.03 1,681.66 32,292.69 Qtr.II 121,011.72 59,279.79 23,758.17 2,977.84 32,543.78 10,336.00 2,854.59 10,537.09 7,140.83 1,251.78 2,144.49 38,004.24 Qtr.III 124,181.95 62,157.88 24,447.53 3,051.31 34,659.04 11,766.01 2,801.54 11,577.30 7,188.23 1,251.88 3,137.19 35,879.23 Qtr.IV 145,083.89 64,134.18 23,737.09 3,248.37 37,148.72 10,450.06 3,076.51 10,286.27 7,289.87 1,817.11 1,179.29 57,136.87 2009/10 Qtr.I 143,172.15 69,799.47 26,482.89 3,502.06 39,814.53 10,193.02 3,856.62 11,615.74 7,351.48 1,864.96 2,399.30 47,707.30 Qtr.II 153,698.31 70,853.05 25,540.12 3,498.80 41,814.13 12,446.66 3,690.78 12,382.87 7,779.28 1,999.39 2,604.20 54,324.95 Qtr.III 165,187.35 76,068.96 28,137.85 3,568.66 44,362.45 14,542.87 3,960.93 13,733.68 7,988.50 1,999.39 3,745.79 56,880.92 Qtr.IV 157,925.83 81,081.39 29,083.62 3,956.21 48,041.57 13,742.50 3,254.28 12,410.85 8,104.15 2,627.14 1,679.56 47,436.80 2010/11 Qtr.I 166,996.99 85,850.72 30,488.06 3,901.29 51,461.37 13,830.65 4,246.06 16,074.71 8,251.77 2,800.15 5,022.79 46,994.83 Qtr.II 181,873.22 90,753.82 33,017.73 3,860.06 53,876.03 17,847.47 4,942.59 15,372.02 8,814.85 2,875.59 3,681.59 52,957.32 Qtr.III 210,324.55 101,160.55 36,557.44 4,462.70 60,140.41 22,023.33 5,595.24 17,203.71 8,993.68 2,875.59 5,334.44 64,341.73 Qtr.IV 225,905.26 114,155.42 44,949.45 4,666.41 64,539.56 20,240.72 5,715.48 15,598.31 9,352.31 3,720.04 2,525.97 70,195.32 2011/12 Qtr.I 231,095.73 119,908.86 47,241.19 4,679.92 67,987.76 20,211.73 6,441.17 18,039.70 9,463.93 3,873.96 4,701.81 66,494.27 Qtr.II 255,231.76 120,849.46 44,105.79 5,165.29 71,578.38 27,669.07 8,419.69 20,118.90 10,273.75 4,082.96 5,762.20 78,174.64 Qtr.III 276,293.75 135,663.57 49,133.42 10,136.38 76,393.77 30,994.76 7,392.24 23,505.51 10,588.88 4,082.96 8,833.67 78,737.68 Qtr.IV 333,219.25 152,894.71 58,345.81 12,061.06 82,487.84 28,207.85 5,484.21 26,333.75 10,766.19 4,341.88 11,225.68 120,298.72 2012/13 Qtr.I 312,287.41 154,727.02 55,112.80 12,112.46 87,501.75 29,560.96 5,873.98 22,096.52 10,848.48 5,848.45 5,399.59 100,028.94 Qtr.II 328,113.27 163,882.22 57,818.51 12,930.05 93,133.66 35,693.26 6,078.30 23,819.49 11,410.19 6,095.88 6,313.43 98,639.99 Qtr.III 374,030.25 181,078.62 66,836.46 13,515.66 100,726.49 34,173.15 6,038.08 26,732.87 11,848.34 6,095.79 8,788.74 126,007.54 Qtr.IV 369,381.17 189,762.82 69,253.31 14,278.69 106,230.82 39,111.79 7,515.18 23,668.93 16,207.65 3,737.13 3,724.15 109,322.44 2013/14 Qtr.I 361,867.96 196,546.98 67,873.86 15,611.58 113,061.54 30,347.65 7,787.68 27,244.86 16,648.31 4,289.25 6,307.29 99,940.79 Qtr.II 375,115.34 208,389.34 69,703.14 15,928.74 122,757.46 35,196.57 7,933.50 29,890.38 18,021.29 4,432.14 7,436.95 93,705.55 Qtr.III 397,656.63 223,632.13 71,185.39 17,192.59 135,254.15 41,483.14 7,843.13 34,089.20 19,040.22 4,452.88 10,596.10 90,609.01 Qtr.IV 422,868.05 244,630.10 80,947.33 17,872.27 145,810.51 39,210.84 7,995.09 28,116.57 19,412.60 4,874.11 3,829.87 102,915.44 2014/15 Qtr.I 427,229.91 253,720.44 79,404.57 18,878.38 155,437.49 34,524.85 7,599.61 33,579.69 19,576.17 6,809.31 7,194.22 97,805.31 Qtr.II 453,125.86 267,761.37 82,145.60 21,324.70 164,291.07 41,958.38 7,784.85 35,980.61 20,786.66 7,102.85 8,091.10 99,640.66 Qtr.III 486,381.01 288,748.61 87,992.92 37,731.13 163,024.57 39,876.94 7,985.81 41,100.74 21,089.10 7,150.07 12,861.57 108,668.91 Qtr.IV 518,500.38 310,905.47 94,282.90 41,990.59 174,631.98 47,597.57 8,326.57 46,345.99 21,607.18 7,657.37 17,081.44 105,324.78 2015/16 Qtr.I 526,676.42 321,277.08 94,511.03 44,846.83 181,919.21 44,750.57 8,351.74 40,988.33 21,854.91 10,061.03 9,072.39 111,308.70 Qtr.II 566,305.74 333,108.04 95,784.87 45,039.02 192,284.15 54,814.93 9,418.30 44,605.48 22,365.60 10,260.55 11,979.33 124,358.98 Qtr.III 600,721.98 346,500.77 97,666.68 47,318.84 201,515.25 55,903.51 10,021.13 50,099.86 23,925.73 10,503.55 15,670.58 138,196.72 Qtr.IV 632,985.63 378,580.10 111,923.51 49,622.31 217,034.28 48,275.36 9,880.50 54,282.67 24,741.97 11,066.22 18,474.49 141,967.00 2016/17 Qtr.I 657,560.82 395,283.96 114,563.30 52,113.56 228,607.10 48,122.05 10,224.60 48,306.09 25,430.72 13,555.78 9,319.59 155,624.12 Qtr.II 686,854.36 422,592.69 122,551.62 56,019.12 244,021.95 59,973.04 9,442.47 53,837.72 25,907.50 14,058.71 13,871.51 141,008.44 Qtr.III 739,896.00 459,035.83 134,885.28 59,330.90 264,819.66 59,514.06 9,775.10 58,827.88 28,022.68 14,160.64 16,644.56 152,743.14 Qtr.IV 816,370.77 499,497.48 142,883.04 63,182.74 293,431.70 57,431.90 10,818.77 91,591.79 60,893.89 9,875.33 20,822.57 157,030.82 2017/18 Qtr.I 834,576.37 528,377.97 155,587.95 65,890.63 306,899.39 57,282.65 11,920.65 82,506.03 61,439.56 11,571.16 9,495.31 154,489.07 Qtr.II 872,671.18 557,368.92 161,094.75 71,726.79 324,547.38 65,662.50 15,190.78 82,934.75 62,190.72 12,080.49 8,663.54 151,514.23 Qtr.III 923,402.82 605,324.66 178,222.22 74,478.38 352,624.07 66,838.21 14,436.48 88,987.79 63,762.86 12,299.12 12,925.81 147,815.69 Qtr.IV 989,388.16 654,155.59 194,737.37 76,868.79 382,549.43 60,390.64 14,504.75 95,507.04 66,196.61 12,595.70 16,714.73 164,830.14 2018/19 Qtr.I 1,027,201.29 668,751.40 182,882.17 78,698.46 407,170.77 66,445.07 14,163.89 94,700.64 67,062.59 14,917.55 12,720.51 183,140.28 Qtr.II 1,080,511.02 696,969.21 185,405.32 81,465.14 430,098.75 78,865.30 15,913.29 103,262.58 69,816.60 16,293.97 17,152.00 185,500.64 Qtr.III 1,144,756.26 734,934.84 186,067.65 86,071.53 462,795.66 84,437.25 17,251.34 114,740.74 71,712.80 17,604.93 25,423.00 193,392.10 Qtr.IV 1,239,982.05 794,735.58 216,920.17 90,513.29 487,302.12 85,992.40 18,006.38 123,412.65 73,711.99 17,916.21 31,784.45 217,835.04 2019/20 Qtr.I 1,305,570.51 818,414.16 225,668.94 90,546.90 502,198.32 79,401.21 18,605.21 120,129.32 74,852.82 21,407.51 23,869.00 269,020.62 Qtr.II 1,373,782.48 851,887.36 233,018.82 89,720.91 529,147.63 85,267.44 21,056.84 123,826.12 77,283.99 23,471.46 23,070.67 291,744.72 Qtr.III 1,445,196.96 877,428.13 246,556.75 80,765.27 550,106.12 87,691.14 23,358.51 136,459.58 80,471.39 23,493.66 32,494.53 320,259.61 QIV 1,494,747.98 928,574.53 251,513.71 87,886.77 589,174.06 87,466.56 24,579.24 134,232.91 82,108.81 23,579.76 28,544.34 319,894.74 Table 2(b): Statement of Condition of Commercial Banks: Liabilities (In Millions of Birr)

Fourth Quarter 2019/20 75 National Bank of Ethiopia Quarterly Bulletin Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: Assets End of Period Cash & Banks Foreign Assets Claims on Central Gov't Claims on Non-Central Gov't Other Assets Total Total Assets Public Enterprise Cooper￾atives Private & Individuals 2007/08 Qtr.I 481.15 184.54 80.84 4,893.32 431.94 153.96 4,307.41 824.36 6,464.22 Qtr.II 565.81 157.13 253.93 5,061.27 316.45 227.85 4,516.97 828.84 6,866.96 Qtr.III 444.82 143.95 253.93 5,248.60 397.64 228.90 4,622.06 764.01 6,855.30 Qtr.IV 293.85 194.84 253.93 5,389.25 518.92 200.61 4,669.72 838.10 6,969.97 2008/09 Qtr.I 639.13 226.80 253.93 5,579.55 527.45 178.53 4,873.57 688.57 7,387.97 Qtr.II 320.37 243.70 237.52 5,976.99 535.00 215.62 5,226.37 864.87 7,643.45 Qtr.III 174.66 248.80 219.42 6,246.95 539.70 222.66 5,484.59 834.94 7,724.78 Qtr.IV 137.89 374.59 219.42 6,435.92 546.22 193.14 5,696.57 743.24 7,911.07 2009/10 Qtr.I 205.29 549.70 219.42 7,135.13 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 218.83 7,671.64 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 203.02 8,068.25 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 184.92 8,787.24 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 184.92 8,952.77 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 184.92 9,516.13 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2012/13 Qtr.I 710.96 1,122.00 7,866.42 15,323.90 1,385.16 102.91 13,835.83 1,867.93 26,891.21 Qtr.II 400.61 794.52 7,832.51 16,707.86 1,770.72 147.06 14,790.08 1,341.19 27,076.70 Qtr.III 281.13 190.20 8,814.41 17,657.91 1,910.88 196.39 15,550.65 856.25 27,799.89 Qtr.IV 379.77 457.00 9,819.44 17,928.90 1,660.21 87.79 16,180.91 1,374.79 29,959.90 2013/14 Qtr.I 1,948.03 350.90 8,425.93 18,556.52 1,791.63 78.99 16,685.89 1,723.32 31,004.70 Qtr.II 380.83 1,575.49 9,664.19 20,103.24 1,880.18 152.18 18,070.87 1,905.11 33,628.87 Qtr.III 535.83 1,888.62 9,807.16 18,542.19 1,930.05 108.33 16,503.81 2,545.42 33,319.20 Qtr.IV 1,156.66 1,890.59 11,337.60 21,443.02 2,003.46 63.56 19,376.00 1,971.93 37,799.81 2014/15 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2015/16 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2016/17 Qtr.I 2,434.51 2,430.84 15,836.85 29,770.27 2,838.72 104.12 26,827.43 3,846.72 54,319.19 Qtr.II 1,585.15 2,065.49 15,836.85 30,986.45 3,007.68 106.31 27,872.46 3,940.08 54,414.01 Qtr.III 1,462.81 2,849.59 15,816.87 31,734.09 2,765.88 107.49 28,860.71 4,032.03 55,895.39 Qtr.IV 1,232.72 3,225.53 15,816.87 31,590.85 2,632.74 108.69 28,849.42 5,223.28 57,089.25 2017/18 Qtr.I 824.85 2,902.01 15,816.87 32,396.06 2,605.80 127.06 29,663.20 5,273.55 57,213.34 Qtr.II 888.91 3,223.37 15,816.87 35,413.14 3,992.24 116.26 31,304.64 4,229.09 59,571.38 Qtr.III 1,049.8 4,813.1 15,796.9 37,322.9 4,081.2 108.8 33,132.8 6,278.0 65,260.8 Qtr.IV 2,703.06 4,387.68 32,797.34 39,155.36 4,113.94 438.25 34,603.17 4,804.21 83,847.64 2018/19 Qtr.I 956.91 4,783.60 32,796.90 40,801.82 4,158.57 487.14 36,156.11 4,950.16 84,289.39 Qtr.II 4,779.94 4,389.26 32,794.45 45,856.04 4,341.33 542.46 40,972.25 5,907.38 93,727.06 Qtr.III 3,626.79 5,565.72 32,717.96 44,217.12 4,419.41 620.85 39,176.87 43,323.30 129,450.88 Qtr.IV 2,144.76 5,383.60 31,993.93 47,577.14 4,895.24 310.46 42,371.44 5,623.22 92,722.64 2019/20 Qtr.I 4,681.92 4,548.77 32,110.73 45,107.52 4,996.09 424.00 39,687.43 7,843.40 94,292.34 Qtr.II 8,243.21 2,471.15 26,627.38 47,326.26 5,148.78 532.67 41,644.81 10,844.09 95,512.09 Qtr.III 8,447.33 2,301.93 32,663.59 48,471.20 5,417.10 694.38 42,359.71 10,051.30 101,935.35 QIV 8,022.54 4,718.27 33,036.37 51,103.50 3,519.43 889.98 46,694.08 7,209.88 104,090.56 (In Millions of Birr)

76 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov't Foreign Advance & Loan Other Liability Items Total N.B.E Others 2007/08 Qtr.I 6,464.22 16.49 477.48 1,867.24 1,888.28 381.38 1,506.91 0.73 434.30 1,779.70 Qtr.II 6,866.96 37.08 400.44 1,883.01 2,087.51 381.38 1,706.13 0.73 457.07 2,001.12 Qtr.III 6,855.30 46.45 369.30 1,916.16 2,091.11 381.38 1,709.73 0.73 505.37 1,926.19 Qtr.IV 6,969.97 126.04 374.55 1,910.00 2,102.17 381.38 1,720.80 - 506.10 1,951.11 2008/09 Qtr.I 7,387.97 186.97 379.06 1,915.86 2,338.59 381.38 1,957.21 - 522.99 2,044.51 Qtr.II 7,643.45 141.72 381.25 1,943.46 2,340.03 381.38 1,958.66 - 522.99 2,314.00 Qtr.III 7,724.78 101.98 385.09 1,948.81 2,341.20 381.38 1,959.83 - 647.27 2,300.42 Qtr.IV 7,911.07 124.71 369.44 1,934.17 2,341.61 381.38 1,960.23 - 647.27 2,493.87 2009/10 Qtr.I 8,830.11 123.42 372.51 2,014.71 2,571.28 424.28 2,147.00 - 887.86 2,860.32 Qtr.II 9,893.01 75.21 368.93 1,943.13 3,028.71 424.28 2,604.43 - 900.46 3,576.57 Qtr.III 11,151.83 85.62 369.09 2,084.50 4,228.26 424.28 3,803.98 884.48 3,499.86 Qtr.IV 11,338.08 178.96 376.24 2,124.68 4,618.87 381.38 4,237.49 - 978.67 3,060.66 2010/11 Qtr.I 11,842.07 141.50 382.37 2,357.45 4,799.25 381.38 4,417.87 - 984.95 3,176.56 Qtr.II 11,669.91 235.16 384.03 2,223.63 4,951.89 381.38 4,570.51 - 908.98 2,966.22 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2011/12 Qtr.I 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.II 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2012/13 Qtr.I 26,891.21 374.79 384.09 2,738.96 17,154.13 642.47 16,511.66 - 1,209.71 5,029.53 Qtr.II 27,076.70 376.31 384.43 2,856.36 16,348.79 643.96 15,704.84 - 1,539.14 5,571.66 Qtr.III 27,799.89 355.69 375.75 3,157.21 18,741.44 739.97 18,001.47 - 1,771.24 4,360.49 Qtr.IV 29,959.90 347.35 380.85 3,150.26 20,889.93 610.14 20,279.79 - 2,301.22 2,677.78 2013/14 Qtr.I 31,004.70 298.98 390.46 3,390.94 21,434.53 17,667.54 3,766.99 - 2,371.60 2,922.88 Qtr.II 33,628.87 248.02 377.34 3,620.17 21,340.36 17,792.14 3,548.22 - 2,928.57 5,114.42 Qtr.III 33,319.20 348.34 378.01 3,763.50 21,746.54 18,101.57 3,644.98 - 3,105.66 3,977.49 Qtr.IV 37,799.81 634.91 376.94 3,567.64 27,234.63 20,851.57 6,383.06 - 3,409.38 2,576.31 2014/15 Qtr.I 38,583.28 656.73 380.48 3,895.22 25,430.93 22,551.57 2,879.37 - 3,621.73 4,598.20 Qtr.II 39,460.87 298.59 377.50 4,086.65 25,618.79 22,751.16 2,867.64 - 3,769.99 5,309.35 Qtr.III 41,002.74 300.40 376.13 4,082.93 26,599.74 23,451.57 3,148.17 - 3,880.62 5,762.93 Qtr.IV 44,119.75 427.25 376.39 4,255.64 27,411.00 23,951.57 3,459.43 - 4,030.99 7,618.49 2014/15 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 - 4,018.53 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 - 4,627.47 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 - 4,727.40 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 - 4,726.81 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 - 4,795.67 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 - 4,816.88 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 - 4,826.26 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 - 4,822.20 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 - 5,096.40 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 - 5,226.40 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 - 6,291.98 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 - 6,849.05 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 - 8,111.85 9,471.70 Qtr.II 93,727.06 818.33 128.26 2,718.41 63,592.57 63,529.89 62.69 - 8,195.19 18,274.31 Qtr.III 129,450.88 805.96 123.96 6,315.02 64,040.86 63,982.41 58.45 - 8,552.23 49,612.86 Qtr.IV 92,722.64 770.33 123.73 7,403.15 62,764.43 62,704.89 59.54 - 9,391.53 12,269.47 2019/20 Qrt.I 94,292.34 653.41 121.49 7,873.78 63,285.34 63,225.60 59.74 - 10,467.84 11,890.49 Qtr.II 95,512.09 581.89 121.27 7,023.65 61,046.46 60,986.28 60.18 - 10,476.70 16,262.12 Qrt.III 101,935.35 594.94 121.56 7,049.90 65,982.91 65,922.26 60.65 - 11,096.39 17,089.65 QIV 104,090.56 664.86 125.09 6,922.46 68,416.90 68,355.72 61.18 - 12,025.95 15,935.30 Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr)

Fourth Quarter 2019/20 77 National Bank of Ethiopia Quarterly Bulletin Table 4: Money Supply and its Determinants End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net Currency Outside Banks Net Demand Deposit Money Supply (1+2) Quasi￾Money Total Volume (3+4) Total Credit (7+10) Net Claims on Gov't Claims on Total (8+9) Nat. Bank Comm. Banks Non-Cen Gov't Total (13+12) Nat. Bank Comm. Banks 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2007/08 Qtr.I 12,997.43 16,968.54 29,965.97 28,513.39 58,479.36 61,447.66 30,118.02 22,236.99 7,881.02 31,329.65 15,229.24 10,347.81 4,881.43 18,197.54 Qtr.II 14,445.79 16,652.00 31,097.79 30,051.05 61,148.84 67,400.14 32,245.35 25,254.37 6,990.98 35,154.79 14,210.43 10,067.38 4,143.05 20,461.73 Qtr.III 16,772.57 17,462.77 34,235.35 31,479.07 65,714.42 73,476.09 30,718.38 27,950.75 2,767.63 42,757.71 13,000.07 7,254.70 5,745.37 20,761.74 Qtr.IV 17,654.10 17,696.26 35,350.36 32,831.78 68,182.14 79,969.25 33,075.66 35,405.76 (2,330.10) 46,893.59 11,665.63 5,940.65 5,724.98 23,452.75 2008/09 Qtr.I 16,337.59 20,633.90 36,971.49 34,464.85 71,436.34 84,088.59 34,872.36 37,048.01 (2,175.65) 49,216.23 10,387.77 4,976.66 5,411.11 23,040.02 Qtr.II 17,432.87 22,949.25 40,382.11 35,521.62 75,903.73 85,327.66 31,944.38 36,733.14 (4,788.76) 53,383.28 10,233.46 6,137.41 4,096.05 19,657.39 Qtr.III 19,264.00 23,589.18 42,853.18 37,710.34 80,563.52 85,281.56 29,349.06 35,566.17 (6,217.11) 55,932.51 14,863.60 9,571.56 5,292.04 19,581.64 Qtr.IV 19,715.01 22,397.64 42,112.66 40,397.09 82,509.75 89,203.04 32,786.50 37,827.20 (5,040.70) 56,416.54 17,976.81 11,833.66 6,143.15 24,670.10 2009/10 Qtr.I 18,547.21 25,572.45 44,119.66 43,316.58 87,436.24 92,006.88 32,500.40 36,953.31 (4,452.91) 59,506.48 19,528.96 14,212.62 5,316.34 24,099.60 Qtr.II 21,755.84 24,372.26 46,128.10 45,312.93 91,441.03 92,946.17 28,555.82 35,824.91 (7,269.09) 64,390.35 20,793.03 14,752.59 6,040.45 22,298.18 Qtr.III 23,068.09 26,271.82 49,339.91 47,931.11 97,271.03 98,671.91 30,038.16 38,953.17 (8,915.01) 68,633.76 25,278.62 16,290.43 8,988.19 26,679.50 Qtr.IV 24,206.80 27,727.99 51,934.78 51,997.77 103,932.56 104,350.11 33,013.08 39,340.32 (6,327.24) 71,337.03 27,189.78 15,383.31 11,806.47 27,607.34 2010/11 Qtr.I 23,849.92 29,249.39 53,099.31 55,362.66 108,461.97 104,929.59 31,368.11 39,718.05 (8,349.93) 73,561.48 38,003.21 23,003.30 14,999.91 34,470.83 Qrt II 28,312.32 31,751.83 60,064.16 57,736.08 117,800.24 110,513.95 27,374.22 41,118.83 (13,744.61) 83,139.73 40,230.88 24,979.34 15,251.53 32,944.59 Qtr.III 30,534.69 35,171.96 65,706.66 64,603.11 130,309.77 121,221.73 23,583.78 40,653.91 (17,070.13) 97,637.96 45,638.10 30,084.47 15,553.63 36,550.06 Qtr.IV 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 142,320.42 28,651.65 45,323.71 (16,672.05) 113,668.76 55,534.68 32,856.00 22,678.68 52,478.12 2011/12 Qtr.I 32,073.62 46,068.57 78,142.18 72,667.68 150,809.86 143,503.46 20,343.12 36,433.18 (16,090.06) 123,160.34 55,479.84 39,355.70 16,124.13 48,173.44 Qtr.II 36,274.61 42,879.96 79,154.57 76,743.67 155,898.24 157,410.18 13,443.60 38,255.43 (24,811.83) 143,966.58 49,345.56 34,675.66 14,669.91 50,857.50 Qtr.III 37,727.68 47,246.43 84,974.11 86,530.15 171,504.25 182,607.91 15,673.90 43,600.37 (27,926.47) 166,934.01 45,771.85 24,524.05 21,247.79 56,875.50 Qtr.IV 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 202,148.96 21,557.41 45,344.08 (23,786.67) 180,591.55 39,787.69 21,254.33 18,533.36 52,537.88 2012/13 Qtr.I 37,917.53 54,544.75 92,462.28 99,614.21 192,076.50 198,914.63 16,480.84 37,529.91 (21,049.06) 182,433.79 39,304.60 24,995.84 14,308.76 46,142.73 Qtr.II 42,677.02 57,524.67 100,201.69 106,063.71 206,265.39 213,175.22 13,732.02 42,732.25 (29,000.24) 199,443.21 39,754.55 26,357.64 13,396.92 46,664.38 Qtr.III 45,142.40 66,203.30 111,345.70 114,242.15 225,587.85 233,163.88 12,792.18 41,557.83 (28,765.66) 220,371.71 46,981.49 29,607.54 17,373.94 54,557.52 Qtr.IV 45,681.67 69,052.38 114,734.05 120,509.51 235,243.56 252,247.88 21,965.52 55,377.34 (33,411.82) 230,282.36 45,639.62 24,645.62 20,994.00 62,643.94 2013/14 Qtr.I 40,872.49 67,625.20 108,497.69 128,673.13 237,170.82 257,924.26 21,574.78 47,833.32 (26,258.54) 236,349.48 38,325.10 23,406.69 14,918.40 59,078.54 Qtr.II 44,085.69 69,579.58 113,665.27 138,686.20 252,351.47 280,465.92 18,308.87 50,041.39 (31,732.52) 262,157.05 33,534.49 21,297.01 12,237.48 61,648.94 Qtr.III 49,975.27 71,046.94 121,022.21 152,446.74 273,468.95 302,986.96 20,844.63 60,573.97 (39,729.34) 282,142.33 36,763.33 23,444.00 13,319.32 66,281.33 Qtr.IV 53,176.03 80,887.76 134,063.78 163,682.78 297,746.56 326,066.87 26,929.74 64,510.91 (37,581.17) 299,137.13 45,972.30 26,713.89 19,258.41 74,292.61 2014/15 Qtr.I 50,782.73 79,355.45 130,138.19 174,315.87 304,454.06 336,541.23 25,470.01 58,767.36 (33,297.35) 311,071.22 39,063.23 27,065.83 11,997.40 71,150.40 Qtr.II 58,128.86 82,081.55 140,210.40 185,615.77 325,826.17 367,313.10 23,581.11 64,293.14 (40,712.03) 343,731.98 39,409.45 28,393.45 11,015.99 80,896.38 Qtr.III 60,465.03 87,943.76 148,408.79 200,755.69 349,164.48 397,130.29 21,241.99 59,866.59 (38,624.59) 375,888.30 35,516.90 27,640.58 7,876.32 83,482.71 Qtr.IV 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 430,840.39 30,735.25 77,076.80 (46,341.55) 400,105.14 37,570.95 29,973.37 7,597.57 97,082.42 2015/16 Qtr.I 59,407.73 94,503.33 153,911.06 226,766.04 380,677.10 436,496.83 24,072.01 67,917.15 (43,845.14) 412,424.83 36,192.52 29,081.21 7,111.31 92,012.25 Qtr.II 63,507.06 95,784.79 159,291.85 237,323.17 396,615.02 469,781.03 25,008.45 78,917.95 (53,909.50) 444,772.58 31,444.63 22,494.68 8,949.94 104,610.63 Qtr.III 65,623.75 97,666.63 163,290.39 248,834.10 412,124.48 498,840.49 29,582.00 84,580.08 (54,998.07) 469,258.48 25,157.52 13,862.23 11,295.29 111,873.52 Qtr.IV 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 531,957.89 47,548.36 95,038.07 (47,489.71) 484,409.53 21,524.19 10,506.42 11,017.77 108,215.83 2016/17 Qtr.I 68,485.09 114,563.29 183,048.38 280,720.66 463,769.04 547,900.98 49,852.85 97,420.62 (47,567.77) 498,048.14 14,357.85 3,466.44 10,891.41 98,489.79 Qtr.II 73,702.55 122,551.62 196,254.17 300,041.07 496,295.24 577,812.91 45,593.96 105,012.72 (59,418.76) 532,218.95 16,470.24 5,541.88 10,928.36 97,987.92 Qtr.III 75,177.93 134,885.28 210,063.21 324,150.56 534,213.77 618,691.36 51,572.27 110,556.05 (58,983.78) 567,119.09 25,495.21 14,294.70 11,200.51 109,972.80 Qtr.IV 73,917.75 142,883.04 216,800.79 356,614.44 573,415.22 690,668.59 85,441.85 120,891.04 (35,449.19) 605,226.75 38,034.79 23,977.03 14,057.76 155,288.16 2017/18 Qtr.I 73,927.01 155,587.95 229,514.96 372,790.02 602,304.98 712,905.00 96,221.26 131,295.09 (35,073.83) 616,683.74 30,984.60 17,651.86 13,332.74 141,584.62 Qtr.II 86,784.15 161,094.75 247,878.90 396,274.17 644,153.07 758,470.30 99,972.02 143,447.90 (43,475.88) 658,498.28 22,527.90 11,391.82 11,136.08 136,845.13 Qtr.III 90,594.76 178,222.22 268,816.98 427,102.45 695,919.43 793,412.62 96,602.32 141,253.91 (44,651.59) 696,810.30 35,993.32 25,765.59 10,227.72 133,486.51 Qtr.IV 86,417.30 194,737.37 281,154.67 459,418.22 740,572.89 855,028.77 102,002.83 140,206.86 (38,204.03) 753,025.94 39,376.20 28,759.38 10,616.82 153,832.08 2018/19 Qtr.I 83,380.01 182,882.17 266,262.18 485,869.24 752,131.42 870,272.56 103,205.53 147,083.49 (43,877.95) 767,067.02 37,942.27 21,270.71 16,671.56 156,083.41 Qtr.II 92,192.59 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 Qtr.III 97,075.11 186,067.65 283,142.75 548,867.19 832,009.94 972,583.62 83,539.21 145,023.53 (61,484.32) 889,044.41 27,415.57 17,786.07 9,629.50 167,989.25 Qtr.IV 92,017.0 216,920.17 308,937.14 577,815.41 886,752.54 1,052,684.55 109,799.21 172,171.40 (62,372.19) 942,885.35 14,505.19 3,967.75 10,537.44 180,437.20 2019/20 Qtr.I 91,522.75 225,668.94 317,191.69 592,745.22 909,936.90 1,093,887.22 122,330.84 178,804.28 (56,473.43) 971,556.37 (17,043.11) (24,418.74) 7,375.63 166,907.21 Qtr.II 98,665.25 233,018.82 331,684.07 618,868.54 950,552.61 1,135,630.34 111,154.23 173,298.24 (62,144.01) 1,024,476.11 (14,628.59) (17,544.83) 2,916.24 170,449.14 Qtr.III 109,335.29 246,556.75 355,892.04 630,871.38 986,763.42 1,201,791.53 130,342.97 195,106.33 (64,763.36) 1,071,448.56 (28,902.99) (30,150.76) 1,247.77 186,125.12 QIV 109,071.81 251,513.71 360,585.51 677,060.82 1,037,646.34 1,257,527.48 137,080.08 195,708.16 (58,628.07) 1,120,447.40 (4,683.72) (15,221.00) 10,537.27 215,197.43 (In Millions of Birr)

78 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin "End of Period" Money and Quasi-Money Domestic Credit Currency Net Central Non-Cent. Foreign Outside Demand Money Quasi- Total Gov't Gov't Assets Banks Deposit Supply Money Volume (Net) (Net) 2007/08 Qtr.I 13,712.29 16,510.38 30,222.68 29,425.82 59,648.49 59,174.10 33,710.70 14,665.76 Qtr.II 11,480.07 16,418.87 27,898.94 29,450.03 57,348.97 67,467.54 24,608.36 14,224.64 Qtr.III 16,554.53 17,986.66 34,541.18 30,912.45 65,453.63 76,782.51 32,495.86 13,585.07 Qtr.IV 20,537.02 18,123.44 38,660.46 32,831.78 71,492.24 81,092.02 65,088.31 11,829.42 2008/09 Qtr.I 17,236.16 20,076.78 37,312.94 35,567.72 72,880.66 80,977.31 52,956.66 10,003.42 Qtr.II 13,853.90 22,627.96 36,481.86 34,811.19 71,293.04 85,412.99 37,368.30 10,243.69 Qtr.III 19,013.57 24,296.85 43,310.42 37,031.56 80,341.98 89,119.23 42,508.70 15,532.46 Qtr.IV 22,934.47 22,938.32 45,872.80 40,397.09 86,269.89 90,455.45 78,306.15 18,229.20 2009/10 Qtr.I 19,567.31 24,881.99 44,449.30 44,486.13 88,935.43 88,602.63 64,028.97 18,806.39 Qtr.II 17,289.37 24,031.04 41,320.41 44,406.67 85,727.08 93,039.12 45,073.24 20,813.83 Qtr.III 21,937.76 26,455.72 48,393.48 47,835.25 96,228.73 98,671.91 52,161.65 25,278.62 Qtr.IV 28,159.77 28,397.34 56,557.11 51,997.77 108,554.88 105,815.19 99,015.79 27,571.53 2010/11 Qtr.I 25,161.66 28,459.66 53,621.32 57,134.27 110,755.59 101,047.20 79,152.15 36,597.10 Qrt.II 22,499.80 31,307.31 53,807.11 56,581.36 110,388.47 110,624.46 58,197.81 40,271.11 Qtr.III 30,137.74 36,227.12 66,364.87 63,440.25 129,805.12 126,676.71 74,204.85 47,691.82 Qtr.IV 37,894.35 44,648.53 82,542.89 69,205.97 151,748.85 144,318.59 157,772.24 56,314.38 2011/12 Qtr.I 33,837.67 44,824.71 78,662.38 74,993.04 153,655.42 138,193.83 132,520.53 53,427.08 Qtr.II 28,827.43 42,279.64 71,107.07 75,208.80 146,315.87 157,567.59 100,776.61 49,394.91 Qtr.III 37,237.22 48,663.82 85,901.04 84,972.60 170,873.64 190,825.26 126,869.85 47,831.58 Qtr.IV 44,830.25 57,672.13 102,502.38 94,548.90 197,051.28 204,987.13 250,661.08 40,346.31 2012/13 Qtr.I 40,003.00 53,072.04 93,075.04 102,801.87 195,876.91 191,554.79 196,298.76 37,850.33 Qtr.II 33,915.43 56,719.32 90,634.75 103,942.43 194,577.18 213,388.40 139,610.24 39,794.31 Qtr.III 44,555.55 68,189.40 112,744.94 112,185.79 224,930.74 243,656.26 167,482.50 49,095.65 Qtr.IV 53,141.49 70,719.31 123,860.79 120,509.51 244,370.30 255,789.44 319,631.91 46,280.40 2013/14 Qtr.I 43,120.48 65,799.32 108,919.80 132,790.67 241,710.46 248,381.06 254,312.04 36,907.07 Qtr.II 35,034.90 68,605.47 103,640.37 135,912.48 239,552.84 280,746.38 183,509.94 33,568.03 Qtr.III 49,325.59 73,178.35 122,503.94 149,702.70 272,206.64 316,621.37 214,428.17 38,417.68 Qtr.IV 61,859.67 82,840.39 144,700.06 163,682.78 308,382.84 330,644.85 415,202.34 46,617.75 2014/15 Qtr.I 53,575.78 77,212.86 130,788.64 179,893.98 310,682.62 324,089.21 334,712.63 37,617.89 Qtr.II 46,195.00 80,932.40 127,127.41 181,903.45 309,030.86 367,680.41 240,612.39 39,448.86 Qtr.III 59,678.99 90,582.08 150,261.06 197,142.09 347,403.15 415,001.15 285,675.10 37,115.16 Qtr.IV 70,334.19 96,520.51 166,854.69 216,622.57 383,477.26 436,889.39 555,345.93 38,098.44 2015/16 Qtr.I 62,675.16 91,951.74 154,626.90 234,022.56 388,649.45 420,346.45 443,769.11 34,853.39 Qtr.II 50,469.06 94,443.80 144,912.87 232,576.71 377,489.57 470,250.81 311,340.80 31,476.07 Qtr.III 64,770.64 100,596.63 165,367.28 244,355.08 409,722.36 521,288.31 356,636.45 26,289.61 Qtr.IV 77,576.03 114,625.32 192,201.35 266,656.59 458,857.94 539,426.58 672,360.42 21,826.39 2016/17 Qtr.I 72,251.77 111,470.08 183,721.85 289,703.72 473,425.57 527,628.65 535,899.79 13,826.61 Qtr.II 58,571.42 120,835.90 179,407.32 294,040.25 473,447.56 578,390.72 372,553.27 16,486.71 Qtr.III 74,200.62 138,931.83 213,132.45 318,315.85 531,448.30 646,532.47 431,010.51 26,642.49 Qtr.IV 85,988.51 146,332.24 232,320.75 356,614.44 588,935.19 700,365.58 840,054.73 38,568.80 2017/18 Qtr.I 77,993.00 151,387.08 229,380.07 384,719.30 614,099.37 686,527.51 663,551.70 29,838.17 Qtr.II 68,967.37 158,839.42 227,806.79 388,348.68 616,155.47 759,228.77 460,948.80 22,550.43 Qtr.III 89,417.03 183,568.88 272,985.92 419,414.60 692,400.52 829,116.19 37,613.02 Qtr.IV 100,529.24 199,438.33 299,967.57 459,418.22 759,385.79 867,033.37 1,045,200.01 39,929.04 2018/19 Qtr.I 87,965.91 177,944.35 265,910.26 501,417.05 767,327.31 838,072.47 825,364.12 36,538.41 Qtr.II 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 23,531.23 Qtr.III 95,813.13 191,649.68 287,462.80 538,987.58 826,450.38 1,016,349.89 675,673.75 28,649.27 Qtr.IV 107,043.34 222,156.62 329,199.96 577,815.41 907,015.37 1,067,464.25 1,308,724.86 14,708.85 2019/20 Qtr.I 96,556.50 219,575.88 316,132.37 611,713.06 927,845.44 1,053,413.39 1,045,394.66 (16,412.51) Qtr.II 78,409.27 229,756.55 308,165.83 606,491.17 914,657.00 1,136,765.97 717,133.28 (14,643.22) Qtr.III 107,913.93 253,953.45 361,867.38 619,515.70 981,383.08 1,255,872.15 814,300.90 (30,203.62) QIV 126,883.23 257,585.25 384,468.48 677,060.82 1,061,529.30 1,275,183.17 1,555,180.99 (4,749.48) 1/ Obtained by multiplying each original observation by appropriate index for the month Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr)

Fourth Quarter 2019/20 79 National Bank of Ethiopia Quarterly Bulletin Table 6: International Reserves and Net Foreign Assets of End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia international Reserves Comm. Comm. Banks NBE Total NBE Comm. Gross Banks Reserves NBE Total Gold Foreign Exc. Others Reserve Tranche Posi. Banks Reserve Total Liab. 1=2+6 2=3 to 5 3 4 5 6 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2007/08 Qtr.I 20,016.34 13,021.85 375.82 12,080.02 463.88 102.13 6,994.50 4,787.11 2,113.06 2,674.04 15,229.24 10,347.81 4,881.43 Qtr.II 19,194.15 12,829.31 491.81 11,759.64 472.18 105.68 6,364.83 4,983.72 2,221.78 2,761.94 14,210.43 10,067.38 4,143.05 Qtr.III 19,005.66 10,875.89 502.52 9,772.72 486.96 113.69 8,129.78 6,005.59 2,384.41 3,621.19 13,000.07 7,254.70 5,745.37 Qtr.IV 16,735.51 8,708.66 5.47 8,093.97 495.26 113.96 8,026.85 5,069.87 2,301.87 2,768.01 11,665.63 5,940.65 5,724.98 2008/09 Qtr.I 16,363.33 8,636.72 15.01 8,010.33 500.60 110.78 7,726.62 5,975.57 2,315.51 3,660.06 10,387.77 4,976.66 5,411.11 Qtr.II 16,211.07 9,260.43 81.90 8,551.39 515.01 112.13 6,950.64 5,977.61 2,854.59 3,123.02 10,233.46 6,137.41 4,096.05 Qtr.III 21,378.52 13,284.94 8.60 12,580.96 574.93 120.45 8,093.58 6,514.92 2,801.54 3,713.38 14,863.60 9,571.56 5,292.04 Qtr.IV 26,434.27 17,214.61 18.17 16,488.13 580.86 127.45 9,219.66 8,457.46 3,076.51 5,380.94 17,976.81 11,833.66 6,143.15 2009/10 Qtr.I 31,435.10 22,262.14 120.26 21,002.66 995.32 143.91 9,172.96 11,906.14 3,856.62 8,049.53 19,528.96 14,212.62 5,316.34 Qtr.II 33,176.91 23,445.68 287.33 22,018.26 995.76 144.34 9,731.23 12,383.88 3,690.78 8,693.10 20,793.03 14,752.59 6,040.45 Qtr.III 40,235.07 27,285.95 267.70 24,480.32 2,389.76 148.18 12,949.12 14,956.45 3,960.93 10,995.53 25,278.62 16,290.43 8,988.19 Qtr.IV 42,350.09 27,289.34 443.30 23,490.22 3,210.12 145.70 15,060.75 15,160.31 3,254.28 11,906.03 27,189.78 15,383.31 11,806.47 2010/11 Qtr.I 55,098.19 35,852.22 490.52 31,229.17 3,948.22 184.31 19,245.97 17,094.98 4,246.06 12,848.92 38,003.21 23,003.30 14,999.91 Qrt.II 60,236.11 40,042.00 444.17 34,418.71 4,994.49 184.63 20,194.12 20,005.24 4,942.59 15,062.65 40,230.88 24,979.34 15,251.53 Qtr.III 66,516.18 45,367.31 1,636.24 38,413.88 5,124.86 192.33 21,148.87 20,878.08 5,595.24 15,282.84 45,638.10 30,084.47 15,553.63 Qtr.IV 79,945.54 51,551.39 1,395.23 44,738.80 5,221.68 195.67 28,394.16 24,410.87 5,715.48 18,695.39 55,534.68 32,856.00 22,678.68 2011/12 Qtr.I 82,289.50 59,724.20 1,037.56 53,248.95 5,242.45 195.24 22,565.30 26,809.66 6,441.17 20,368.49 55,479.84 39,355.70 16,124.13 Qtr.II 75,054.99 51,965.40 479.44 46,056.19 5,236.48 193.30 23,089.59 25,709.43 8,419.69 17,289.74 49,345.56 34,675.66 14,669.91 Qtr.III 68,989.93 40,349.89 669.26 34,192.43 5,292.44 195.77 28,640.04 23,218.08 7,392.24 15,825.84 45,771.85 24,524.05 21,247.79 Qtr.IV 64,119.02 40,101.45 2,038.08 32,528.76 5,339.29 195.32 24,017.57 24,331.33 5,484.21 18,847.12 39,787.69 21,254.33 18,533.36 2012/13 Qtr.I 64,490.48 44,307.75 (24.32) 38,671.89 5,458.67 201.51 20,182.74 25,185.88 5,873.98 19,311.91 39,304.60 24,995.84 14,308.76 Qtr.II 66,096.15 46,620.93 1,964.27 38,926.61 5,526.08 203.98 19,475.22 26,341.60 6,078.30 20,263.30 39,754.55 26,357.64 13,396.92 Qtr.III 73,770.07 50,358.05 1,310.29 43,334.32 5,512.02 201.42 23,412.02 26,788.59 6,038.08 20,750.51 46,981.49 29,607.54 17,373.94 Qtr.IV 72,649.20 44,140.03 2,253.17 36,078.39 5,606.69 201.78 28,509.18 27,009.59 7,515.18 19,494.41 45,639.62 24,645.62 20,994.00 2013/14 Qtr.I 69,177.60 46,471.52 2,656.15 37,900.27 5,705.18 209.91 22,706.08 30,852.50 7,787.68 23,064.82 38,325.10 23,406.69 14,918.40 Qtr.II 69,684.03 49,513.05 1,522.50 41,971.87 5,804.38 214.30 20,170.98 36,149.54 7,933.50 28,216.04 33,534.49 21,297.01 12,237.48 Qtr.III 67,001.19 45,838.73 1,333.55 38,439.61 5,848.52 217.05 21,162.46 30,237.86 7,843.13 22,394.73 36,763.33 23,444.00 13,319.32 Qtr.IV 77,877.97 50,624.47 1,217.59 43,237.44 5,951.02 218.41 27,253.50 31,905.67 7,995.09 23,910.57 45,972.30 26,713.89 19,258.41 2014/15 Qtr.I 72,152.41 52,555.40 1,217.59 45,256.47 5,866.25 215.08 19,597.01 33,089.18 7,599.61 25,489.57 39,063.23 27,065.83 11,997.40 Qtr.II 93,641.42 74,840.58 741.24 67,914.12 5,867.87 317.35 18,800.84 54,231.97 7,784.85 46,447.12 39,409.45 28,393.45 11,015.99 Qtr.III 80,014.15 64,152.02 206.89 57,837.68 5,800.34 307.11 15,862.13 44,497.25 7,985.81 36,511.44 35,516.90 27,640.58 7,876.32 Qtr.IV 82,741.82 66,817.67 79.30 60,856.52 5,566.59 315.26 15,924.15 45,170.87 8,326.57 36,844.30 37,570.95 29,973.37 7,597.57 2015/16 Qtr.I 80,548.64 65,085.59 (101.65) 59,349.29 5,519.27 318.69 15,463.04 44,356.12 8,351.74 36,004.39 36,192.52 29,081.21 7,111.31 Qtr.II 102,594.72 84,226.48 222.87 78,442.72 5,241.83 319.06 18,368.24 71,150.10 9,418.30 61,731.80 31,444.63 22,494.68 8,949.94 Qtr.III 94,205.95 72,889.54 1,136.99 66,362.68 5,064.22 325.65 21,316.42 69,048.43 10,021.13 59,027.31 25,157.52 13,862.23 11,295.29 Qtr.IV 95,054.99 74,156.73 1,113.92 67,851.69 4,859.62 331.50 20,898.27 73,530.80 9,880.50 63,650.30 21,524.19 10,506.42 11,017.77 2016/17 Qtr.I 96,065.61 74,949.60 8.43 69,963.93 4,641.20 336.04 21,116.01 81,707.76 10,224.60 71,483.16 14,357.85 3,466.44 10,891.41 Qtr.III 92,768.28 72,397.44 1,139.58 66,561.06 4,370.15 326.66 20,370.84 76,298.03 9,442.47 66,855.56 16,470.24 5,541.88 10,928.36 Qtr.III 91,850.16 70,874.56 1,135.37 61,851.06 7,550.46 337.66 20,975.60 66,354.95 9,775.10 56,579.86 25,495.21 14,294.70 11,200.51 Qtr.IV 98,750.85 73,874.32 741.33 68,851.84 3,931.73 349.42 24,876.54 60,716.07 10,818.77 49,897.29 38,034.79 23,977.03 14,057.76 2017/18 Qtr.I 93,889.81 68,636.42 0.01 64,643.51 3,633.38 359.52 25,253.39 62,905.21 11,920.65 50,984.56 30,984.60 17,651.86 13,332.74 Qtr.II 108,580.90 82,254.04 0.01 77,584.06 4,249.63 420.35 26,326.86 86,053.00 15,190.78 70,862.22 22,527.90 11,391.82 11,136.08 Qtr.III 109,952.13 85,287.93 81.43 80,464.52 4,309.30 432.67 24,664.20 73,958.81 14,436.48 59,522.34 35,993.32 25,765.59 10,227.72 Qtr.IV 102,738.94 77,617.37 750.54 72,217.34 4,231.09 418.41 25,121.57 63,362.74 14,504.75 48,857.99 39,376.20 28,759.38 10,616.82 2017/18 Qtr.I 134,142.53 103,307.08 750.99 97,678.76 4,455.23 422.10 30,835.45 96,200.25 14,163.89 82,036.37 37,942.27 21,270.71 16,671.56 Qtr.II 139,330.76 110,973.71 750.54 105,145.06 4,654.41 423.72 28,357.05 115,823.04 15,913.29 99,909.75 23,507.72 11,063.97 12,443.76 Qtr.III 138,532.05 111,651.22 198.87 106,132.87 4,887.60 431.88 26,880.84 111,116.48 17,251.34 93,865.15 27,415.57 17,786.07 9,629.50 Qtr.IV 127,270.46 98,726.63 804.88 92,853.80 4,630.17 437.79 28,543.82 112,765.27 18,006.38 94,758.88 14,505.19 3,967.75 10,537.44 2019/20 Qtr.I 95,770.88 69,790.04 15.26 64,693.13 4,646.29 435.36 25,980.84 112,813.99 18,605.21 94,208.78 (17,043.11) (24,418.74) 7,375.63 Qtr.II 118,262.24 94,289.16 19.38 88,749.48 5,041.96 478.35 23,973.08 132,890.84 21,056.84 111,833.99 (14,628.59) (17,544.83) 2,916.24 Qtr.III 105,013.78 80,407.49 316.70 74,412.19 5,190.27 488.33 24,606.29 133,916.77 23,358.51 110,558.25 (28,902.99) (30,150.76) 1,247.77 QIV 147,202.83 112,086.32 3,280.63 102,412.06 5,868.20 525.42 35,116.52 151,886.56 24,579.24 127,307.32 (4,683.72) (15,221.00) 10,537.27 (In Millions of Birr)

80 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin End of Period Gross Domestic Credit Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm. Banks Total Loans & Advances Invest- ments 1=2+5 2=3+4 3 4 5=6+7 6 7 2007/08 Qtr.I 77,648.79 46,319.15 30,269.27 16,049.88 31,329.65 22,920.83 8,408.81 Qtr.II 83,224.02 48,069.23 31,995.27 16,073.96 35,154.79 25,761.00 9,393.79 Qtr.III 88,852.79 46,095.09 33,917.27 12,177.81 42,757.71 31,682.65 11,075.06 Qtr.IV 95,104.83 48,211.24 41,563.08 6,648.16 46,893.59 33,600.67 13,292.93 2008/09 Qtr.I 99,722.15 50,505.92 44,270.98 6,234.94 49,216.23 34,397.64 14,818.58 Qtr.II 101,879.50 48,496.21 42,948.98 5,547.24 53,383.28 35,946.71 17,436.57 Qtr.III 103,730.38 47,797.88 42,248.98 5,548.90 55,932.51 37,079.81 18,852.70 Qtr.IV 106,324.63 49,908.09 44,498.73 5,409.36 56,416.54 38,802.03 17,614.51 2009/10 Qtr.I 109,573.22 50,066.74 44,326.63 5,740.11 59,506.48 39,701.38 19,805.10 Qtr.II 113,178.74 48,788.40 43,610.83 5,177.56 64,390.35 44,092.84 20,297.50 Qtr.III 120,251.34 51,617.59 45,989.73 5,627.86 68,633.76 46,900.67 21,733.09 Qtr.IV 124,275.08 52,938.05 45,522.78 7,415.27 71,337.03 47,540.18 23,796.85 2010/11 Qtr.I 127,025.88 53,464.40 47,983.68 5,480.72 73,561.48 48,436.98 25,124.50 Qrt.II 137,731.17 54,591.45 50,488.58 4,102.86 83,139.73 55,653.80 27,485.93 Qtr.III 154,521.74 56,883.78 51,930.58 4,953.20 97,637.96 62,088.83 35,549.12 Qtr.IV 172,852.07 59,183.31 55,614.64 3,568.67 113,668.76 68,121.31 45,547.45 2011/12 Qtr.I 182,848.50 59,688.15 55,566.48 4,121.67 123,160.34 72,379.01 50,781.33 Qtr.II 202,386.30 58,419.72 55,562.48 2,857.24 143,966.58 85,795.46 58,171.12 Qrt.III 225,564.77 58,630.77 55,562.48 3,068.28 166,934.01 100,478.28 66,455.73 Qtr.IV 240,575.21 59,983.66 55,562.48 4,421.18 180,591.55 107,119.04 73,472.51 2012/13 Qtr.I 246,456.06 64,022.27 55,510.38 8,511.89 182,433.79 106,583.93 75,849.86 Qtr.II 261,646.62 62,203.41 55,510.38 6,693.03 199,443.21 115,716.08 83,727.13 Qtr.III 285,289.57 64,917.87 59,510.38 5,407.49 220,371.71 128,230.09 92,141.62 Qtr.IV 300,492.71 70,210.35 64,510.38 5,699.97 230,282.36 130,885.39 99,396.97 2013/14 Qtr.I 304,819.92 68,470.44 64,381.33 4,089.11 236,349.48 129,713.99 106,635.50 Qtr.II 330,002.44 67,845.38 64,381.33 3,464.05 262,157.05 144,359.46 117,797.59 Qtr.III 357,277.46 75,135.14 73,381.33 1,753.80 282,142.33 155,798.24 126,344.08 Qtr.IV 374,071.19 74,934.06 73,304.39 1,629.68 299,137.13 162,232.83 136,904.30 2014/15 Qtr.I 385,474.06 74,402.84 73,175.34 1,227.50 311,071.22 166,392.07 144,679.15 Qtr.II 423,153.67 79,421.69 78,175.34 1,246.35 343,731.98 184,727.66 159,004.32 Qtr.III 458,315.98 82,427.69 81,175.34 1,252.35 375,888.30 202,409.27 173,479.03 Qtr.IV 493,536.50 93,431.36 92,175.34 1,256.02 400,105.14 208,858.92 191,246.21 2015/16 Qtr.I 512,987.60 100,562.77 99,657.34 905.43 412,424.83 212,528.02 199,896.80 Qtr.II 550,335.35 105,562.77 104,657.34 905.43 444,772.58 231,803.76 212,968.82 Qtr.III 574,821.26 105,562.77 104,657.34 905.43 469,258.48 244,256.61 225,001.87 Qtr.IV 594,275.57 109,866.05 109,080.40 785.65 484,409.53 252,456.25 231,953.28 2016/17 Qtr.I 614,243.26 116,195.13 115,640.85 554.28 498,048.14 257,176.06 240,872.08 Qtr.II 653,414.08 121,195.13 120,640.85 554.28 532,218.95 279,303.53 252,915.43 Qtr.III 697,290.22 130,171.13 129,640.85 530.28 567,119.09 299,213.06 267,906.04 Qtr.IV 762,842.31 157,615.56 135,632.85 21,982.71 605,226.75 311,137.51 294,089.24 2017/18 Qtr.I 789,525.40 172,841.67 150,632.85 22,208.82 616,683.74 316,104.52 300,579.22 Qtr.II 840,813.75 182,315.46 160,128.85 22,186.62 658,498.28 336,105.79 322,392.50 Qtr.III 879,125.76 182,315.46 160,128.85 22,186.62 696,810.30 357,928.56 338,881.74 Qtr.IV 935,341.40 182,315.46 160,128.85 22,186.62 753,025.94 393,607.01 359,418.93 2018/19 Qtr.I 956,319.44 189,252.41 166,685.30 22,567.12 767,067.02 402,964.12 364,102.91 Qtr.II 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 Qtr.III 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71 Qtr.IV 1,161,190.85 218,305.50 194,685.30 23,620.21 942,885.35 495,504.92 447,380.43 2019/20 Qtr.I 1,193,721.90 222,165.52 199,237.75 22,927.78 971,556.37 515,294.45 456,261.93 Qtr.II 1,251,837.28 227,361.17 204,237.75 23,123.42 1,024,476.11 568,242.29 456,233.83 Qtr.III 1,315,614.08 244,165.52 221,237.75 22,927.78 1,071,448.56 583,681.60 487,766.96 QIV 1,379,523.63 259,076.23 230,237.75 28,838.49 1,120,447.40 629,954.69 490,492.71 Table 7: Domestic Credit by Sector (In Millions of Birr)

Fourth Quarter 2019/20 81 National Bank of Ethiopia Quarterly Bulletin Table 8: Deposits by Type and Sector End of Period Total Deposits Non-Central Gov't Deposits with CBs Central Gov't Dep. with Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2007/08 Qtr.I 61,683.06 45,481.93 16,968.54 24,994.43 3,518.97 16,201.13 8,032.28 8,168.85 Qtr.II 62,526.95 46,703.07 16,652.00 26,300.71 3,750.36 15,823.89 6,740.91 9,082.98 Qtr.III 64,318.55 48,941.84 17,462.77 27,829.80 3,649.27 15,376.71 5,966.52 9,410.19 Qtr.IV 65,663.61 50,528.03 17,696.26 29,477.65 3,354.13 15,135.58 6,157.32 8,978.26 2008/09 Qtr.I 70,732.30 55,098.74 20,633.90 31,463.68 3,001.17 15,633.56 7,222.97 8,410.60 Qtr.II 75,022.70 58,470.86 22,949.25 32,543.78 2,977.84 16,551.83 6,215.84 10,336.00 Qtr.III 79,748.34 61,299.52 23,589.18 34,659.04 3,051.31 18,448.82 6,682.81 11,766.01 Qtr.IV 79,916.41 62,794.83 22,397.64 37,148.81 3,248.37 17,121.59 6,671.53 10,450.06 2009/10 Qtr.I 86,455.99 68,889.65 25,572.45 39,815.15 3,502.06 17,566.34 7,373.32 10,193.02 Qtr.II 89,917.82 69,685.24 24,372.26 41,814.19 3,498.80 20,232.57 7,785.92 12,446.66 Qtr.III 95,782.45 74,203.02 26,271.82 44,362.54 3,568.66 21,579.43 7,036.56 14,542.87 Qtr.IV 99,652.87 79,727.91 27,727.99 48,043.71 3,956.21 19,924.97 6,182.46 13,742.50 2010/11 Qtr.I 107,047.07 84,950.78 29,584.52 51,464.97 3,901.29 22,096.29 8,265.64 13,830.65 Qrt.II 116,681.78 89,464.56 31,725.01 53,879.49 3,860.06 27,217.22 9,369.75 17,847.47 Qtr.III 132,852.12 99,552.12 34,948.61 60,140.80 4,462.70 33,300.00 11,276.68 22,023.33 Qtr.IV 143,339.26 112,807.61 43,596.12 64,545.08 4,666.41 30,531.65 10,290.93 20,240.72 2011/12 Qtr.I 158,086.94 118,741.91 46,068.57 67,993.43 4,679.92 39,345.03 19,133.30 20,211.73 Qtr.II 164,606.16 119,630.04 42,879.96 71,584.79 5,165.29 44,976.12 17,307.05 27,669.07 Qrt.III 176,742.06 133,785.19 47,246.43 76,402.38 10,136.38 42,956.87 11,962.11 30,994.76 Qtr.IV 189,288.75 150,862.50 56,312.74 82,488.70 12,061.06 38,426.25 10,218.40 28,207.85 2012/13 Qtr.I 201,701.35 154,159.92 54,544.75 87,502.71 12,112.46 47,541.43 17,980.48 29,560.96 Qtr.II 212,060.37 163,588.98 57,524.67 93,134.26 12,930.05 48,471.40 12,778.13 35,693.26 Qtr.III 232,572.14 180,446.45 66,203.30 100,727.49 13,515.66 52,125.69 17,952.55 34,173.15 Qtr.IV 237,807.95 189,563.12 69,052.38 106,232.04 14,278.69 48,244.83 9,133.04 39,111.79 2013/14 Qtr.I 243,194.15 196,298.49 67,625.20 113,061.71 15,611.58 46,895.66 16,548.01 30,347.65 Qtr.II 257,802.58 208,266.07 69,579.58 122,757.75 15,928.74 49,536.52 14,339.95 35,196.57 Qtr.III 277,784.24 223,493.74 71,046.94 135,254.21 17,192.59 54,290.51 12,807.36 41,483.14 Qtr.IV 292,574.89 244,570.57 80,887.76 145,810.54 17,872.27 48,004.32 8,793.48 39,210.84 2014/15 Qtr.I 302,604.19 253,671.36 79,355.45 155,437.52 18,878.38 48,932.83 14,407.98 34,524.85 Qtr.II 323,537.99 267,697.42 82,081.55 164,291.18 21,324.70 55,840.58 13,882.20 41,958.38 Qtr.III 349,885.26 288,699.57 87,943.76 163,024.68 37,731.13 61,185.70 21,308.75 39,876.94 Qtr.IV 373,564.10 310,867.99 94,245.42 174,631.98 41,990.59 62,696.11 15,098.54 47,597.57 2015/16 Qtr.I 397,760.17 321,269.40 94,503.33 181,919.24 44,846.83 76,490.77 31,740.19 44,750.57 Qtr.II 413,662.32 333,107.99 95,784.79 192,284.18 45,039.02 80,554.32 25,739.39 54,814.93 Qtr.III 422,481.50 346,500.73 97,666.63 201,515.25 47,318.84 75,980.77 20,077.26 55,903.51 Qtr.IV 440,897.76 378,580.08 111,923.49 217,034.28 49,622.31 62,317.68 14,042.32 48,275.36 2016/17 Qtr.I 461,626.23 395,283.95 114,563.29 228,607.10 52,113.56 66,342.28 18,220.23 48,122.05 Qtr.II 498,193.86 422,592.69 122,551.62 244,021.95 56,019.12 75,601.17 15,628.13 59,973.04 Qtr.III 537,634.69 459,035.83 134,885.28 264,819.66 59,330.90 78,598.86 19,084.80 59,514.06 Qtr.IV 571,671.19 499,497.48 142,883.04 293,431.70 63,182.74 72,173.71 14,741.81 57,431.90 2017/18 Qtr.I 605,014.07 528,393.66 155,587.95 306,915.08 65,890.63 76,620.40 19,337.75 57,282.65 Qtr.II 639,712.39 557,368.95 161,094.75 324,547.41 71,726.79 82,343.44 16,680.94 65,662.50 Qtr.III 691,047.39 605,334.25 178,222.22 352,633.66 74,478.38 85,713.14 18,874.93 66,838.21 Qtr.IV 734,482.46 654,169.83 194,737.37 382,563.67 76,868.79 80,312.63 19,921.99 60,390.64 2018/19 Qtr.I 754,813.22 668,766.34 182,882.17 407,185.70 78,698.46 86,046.88 19,601.81 66,445.07 Qtr.II 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 Qtr.III 857,091.15 734,992.14 186,067.65 462,852.96 86,071.53 122,099.01 37,661.76 84,437.25 Qtr.IV 903,483.68 794,977.38 216,920.17 487,543.93 90,513.29 108,506.29 22,513.90 85,992.40 2019/20 Qtr.I 918,495.03 818,660.35 225,668.94 502,444.51 90,546.90 99,834.68 20,433.47 79,401.21 Qtr.II 968,377.71 852,170.77 233,018.82 529,431.05 89,720.91 116,206.94 30,939.51 85,267.44 Qtr.III 991,737.27 877,914.72 246,556.75 550,592.71 80,765.27 113,822.55 26,131.42 87,691.14 QIV 1,050,842.01 928,845.86 251,513.71 589,445.39 87,886.77 121,996.15 34,529.59 87,466.56 (In Millions of Birr)

82 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin End of Period Reserve Requir￾ments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Assets Liqui￾dity Ratio Ratio: Loans Adv. to Dep. Debit Bal- ance Turn￾Over of Deposit Total Short Term Long Term 1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2007/08 Qtr.I 5,365.08 13,865.27 8,500.19 6,994.50 2,113.06 2,113.06 - 18,746.71 41.22 42.72 76,830.15 2.32 Qtr.II 5,578.60 14,355.51 8,776.91 6,364.83 2,221.78 2,221.78 - 18,498.56 39.61 46.18 82,185.63 2.53 Qtr.III 5,835.20 12,463.60 6,628.40 8,129.78 2,384.41 2,384.41 - 18,208.97 37.21 54.30 90,495.30 2.76 Qtr.IV 8,925.94 17,795.25 8,869.31 8,026.85 2,301.87 2,301.87 - 23,520.23 46.55 56.47 90,493.46 2.76 2008/09 Qtr.I 9,526.40 17,673.90 8,147.50 7,726.62 2,315.51 2,315.51 - 23,085.01 41.90 54.16 93,429.37 2.58 Qtr.II 10,321.03 20,659.25 10,338.22 6,950.64 2,854.59 2,854.59 - 24,755.30 42.34 52.24 102,943.96 2.61 Qtr.III 10,959.83 21,886.74 10,926.91 8,093.58 2,801.54 2,801.54 - 27,178.78 44.34 50.75 105,249.56 2.50 Qtr.IV 10,986.73 23,690.72 12,703.99 9,219.66 3,076.51 3,076.51 - 29,833.87 47.51 52.98 124,300.65 3.15 2009/10 Qtr.I 11,398.99 27,119.02 15,720.02 9,172.96 3,856.62 3,856.62 - 32,435.36 48.58 51.27 119,082.48 2.93 Qtr.II 11,983.78 24,371.67 12,387.89 9,731.23 3,690.78 3,690.78 - 30,412.11 44.65 53.63 131,681.49 3.04 Qtr.III 12,695.80 26,921.09 14,225.29 12,949.12 3,960.93 3,960.93 - 35,909.28 50.53 54.01 140,393.61 3.01 Qtr.IV 13,973.16 25,217.08 11,243.92 15,060.75 3,254.28 3,254.28 - 37,023.55 47.14 52.64 135,342.10 2.72 2010/11 Qtr.I 14,425.68 28,768.06 14,342.38 19,245.97 4,246.06 4,246.06 - 43,767.97 52.16 50.04 142,217.22 2.86 Qrt.II 15,192.46 27,486.93 12,294.47 20,194.12 4,942.59 4,942.59 - 42,738.46 49.33 51.14 157,805.63 2.92 Qtr.III 17,642.76 31,482.17 13,839.40 21,148.87 5,595.24 5,595.24 - 47,035.80 48.70 51.76 182,812.16 2.73 Qtr.IV 19,025.55 34,282.97 15,257.42 28,394.16 5,715.48 5,715.48 - 56,961.65 53.00 51.32 195,452.30 2.84 2011/12 Qtr.I 20,126.73 34,514.38 14,387.65 22,565.30 6,441.17 6,441.17 - 50,638.52 43.68 52.65 (9,492.66) (0.11) Qtr.II 21,519.95 30,154.47 8,634.53 23,089.59 8,419.69 8,419.69 - 44,824.38 37.92 55.15 (2,172.31) (0.02) Qrt.III 23,815.67 17,652.45 (6,163.22) 28,640.04 7,392.24 7,392.24 - 38,900.24 29.94 60.46 17,694.84 0.19 Qtr.IV 25,253.90 29,039.93 3,786.03 24,017.57 5,484.21 5,484.21 - 47,573.29 33.72 61.61 4,861.45 0.05 2012/13 Qtr.I 26,887.04 27,882.48 995.43 20,182.74 5,873.98 5,873.98 - 42,191.23 27.86 59.18 1,243.93 0.01 Qtr.II 28,886.85 33,108.11 4,221.25 19,475.22 6,078.30 6,078.30 - 46,505.03 29.49 58.13 (393.14) (0.00) Qtr.III 31,682.68 32,417.53 734.85 23,412.02 6,038.08 6,038.08 - 49,791.47 28.61 59.23 9,287.24 0.08 Qtr.IV 33,194.01 30,375.31 (2,818.70) 28,509.18 7,515.18 7,515.18 - 51,369.31 27.80 59.17 17,366.28 0.15 2013/14 Qtr.I 11,141.57 31,747.72 20,606.14 22,706.08 7,787.68 7,787.68 - 46,666.12 23.76 57.70 9,229.02 0.08 Qtr.II 11,623.52 29,413.17 17,789.65 20,170.98 7,933.50 7,933.50 - 41,650.65 20.86 59.24 5,710.64 0.05 Qtr.III 12,841.04 34,921.78 22,080.74 21,162.46 7,843.13 7,843.13 - 48,241.10 22.27 59.34 175.83 0.00 Qtr.IV 13,653.84 35,672.30 22,018.46 27,253.50 7,995.09 7,995.09 - 54,930.71 23.40 58.46 4,339.82 0.03 2014/15 Qtr.I 14,375.89 38,690.72 24,314.83 19,597.01 7,599.61 7,599.61 - 50,688.12 19.88 57.30 2,953.29 0.02 Qtr.II 14,936.11 35,148.79 20,212.68 18,800.84 7,784.85 7,784.85 - 46,164.79 17.77 59.30 6,009.59 0.04 Qtr.III 16,089.21 35,280.66 19,191.45 15,862.13 7,985.81 7,985.81 - 43,156.97 15.51 61.63 18,711.98 0.13 Qtr.IV 17,277.43 42,342.37 25,064.94 15,924.15 8,326.57 8,326.57 - 49,939.95 16.80 60.16 15,260.52 0.10 2015/16 Qtr.I 18,154.75 39,809.59 21,654.84 15,463.04 8,351.74 8,351.74 - 46,920.90 14.65 58.02 12,689.06 0.07 Qtr.II 18,915.62 37,943.40 19,027.78 18,368.24 9,418.30 9,418.30 - 46,893.34 14.39 59.75 21,979.28 0.13 Qtr.III 19,737.07 40,401.93 20,664.86 21,316.42 10,021.13 10,021.13 - 51,697.22 15.38 60.76 21,123.17 0.12 Qtr.IV 21,091.12 50,905.91 29,814.79 20,898.27 9,880.50 9,880.50 - 61,923.67 17.26 59.00 11,998.99 0.07 2016/17 Qtr.I 21,607.98 53,728.78 32,120.80 21,116.01 10,224.60 10,224.60 - 64,620.18 16.58 59.07 9,035.88 0.05 Qtr.II 23,442.03 54,499.76 31,057.72 20,370.84 9,442.47 9,442.47 - 65,428.12 15.95 57.14 1,283.95 0.01 Qtr.III 25,206.43 64,854.52 39,648.09 20,975.60 9,775.10 9,775.10 - 76,055.03 17.20 57.42 6,627.15 0.03 Qtr.IV 26,950.85 75,305.69 48,354.85 24,876.54 10,818.77 10,818.77 - 89,363.46 18.71 56.11 1,282.86 0.01 2017/18 Qtr.I 28,587.02 81,683.92 53,096.91 25,253.39 11,920.65 11,920.65 - 95,016.66 18.28 54.86 (15,668.39) (0.07) Qtr.II 30,398.50 68,091.41 37,692.91 26,326.86 15,190.78 15,190.78 - 79,227.48 14.73 54.20 (443.57) (0.00) Qtr.III 32,735.93 74,352.05 41,616.12 24,664.20 14,436.48 14,436.48 - 84,579.78 14.43 53.77 (1,452.41) (0.01) Qtr.IV 34,423.80 89,611.48 55,187.68 25,121.57 14,504.75 14,504.75 - 100,228.29 16.02 55.08 (7,299.45) (0.03) 2018/19 Qtr.I 36,595.29 91,062.85 54,467.56 30,835.45 14,163.89 14,163.89 0.0 107,734.41 16.13 54.41 (7,494.41) (0.03) Qtr.II 38,073.40 85,123.08 47,049.67 28,357.05 15,913.29 15,913.29 0.0 97,566.83 14.26 55.87 2,464.99 0.01 Qtr.III 39,995.88 82,819.61 42,823.73 26,880.84 17,251.34 17,251.34 - 92,449.11 12.90 57.40 8,337.54 0.03 Qtr.IV 41,140.08 118,506.49 77,366.41 28,543.82 18,006.38 18,006.38 - 129,043.93 17.23 58.71 (26,020.41) (0.09) 2019/20 Qtr.I 43,740.81 116,740.09 72,999.28 25,980.84 18,605.21 18,605.21 - 124,115.72 15.70 57.37 2,290.04 0.01 Qtr.II 45,358.63 117,120.70 71,762.07 23,973.08 21,056.84 21,056.84 - 120,036.93 14.67 60.26 6,788.45 0.02 Qtr.III 47,088.05 114,998.82 67,910.77 24,606.29 23,358.51 23,358.51 - 116,246.59 13.63 62.54 30,715.28 0.09 QIV 49,370.84 136,738.41 87,367.57 35,116.52 24,579.24 24,579.24 - 147,275.68 16.61 62.77 (11,125.89) (0.03)

1. Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency).
2. Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net.
3. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks.
4. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
5. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr)

Fourth Quarter 2019/20 83 National Bank of Ethiopia Quarterly Bulletin Table 10: Circulating Notes and Coins by Denomination End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 100 Total Value (Coins) 1 5 10 25 50 100(coin) 2007/08 Qtr.I 15130.3 14953.0 414.2 122.2 1809.0 2612.7 9994.9 177.3 0.8 28.3 65.6 32.1 50.7 Qtr.II 17852.4 17673.6 454.4 189.8 2415.8 2974.2 11639.3 178.7 0.8 28.5 66.2 32.1 51.1 Qtr.III 19492.3 19309.5 437.6 210.3 2697.2 3519.6 12444.9 182.8 0.8 28.9 66.6 33.4 53.1 Qtr.IV 19780.8 19591.5 414.9 188.2 2574.3 3459.4 12954.8 189.2 0.8 29.8 68.0 34.9 55.7 2008/09 Qtr.I 20388.5 20191.0 417.0 162.8 2456.7 3554.5 13600.0 197.5 0.8 30.4 69.6 37.8 58.9 Qtr.II 22129.9 21926.0 441.7 259.8 2514.7 3757.7 14952.0 203.9 0.8 31.3 71.5 39.4 60.8 Qtr.III 24028.8 23818.7 459.8 268.9 2581.7 3931.9 16576.4 210.1 0.8 32.2 73.0 41.3 62.8 Qtr.IV 24133.9 23918.2 449.0 245.7 2227.0 3897.3 17099.3 215.7 0.8 33.2 74.3 42.8 64.7 2009/10 Qtr.I 23036.3 22815.5 426.3 231.8 2023.7 3521.7 16612.0 220.7 0.9 33.9 75.6 44.1 66.2 Qtr.II 26011.3 25786.8 458.5 258.6 2023.7 3724.2 19321.9 224.5 0.9 34.3 76.8 45.2 67.3 Qtr.III 28333.2 28103.5 466.2 364.7 2943.1 3723.9 20605.6 229.6 0.9 34.8 78.9 45.9 69.2 Qtr.IV 28812.7 28576.9 462.6 356.9 2842.9 3383.9 21530.6 235.8 0.9 35.4 80.6 46.6 72.3 2010/11 Qtr.I 30620.0 30277.1 482.3 366.6 2618.5 3493.4 23316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qrt.II 34074.7 33731.2 404.1 223.3 3124.9 4082.8 25896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 37477.8 37199.9 471.9 310.0 4012.5 4601.5 27803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 39144.3 38848.3 482.9 293.4 3425.0 4283.8 30363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 38781.8 38475.2 486.5 287.1 3526.7 4612.6 29562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 42056.0 41736.3 496.5 287.4 3563.9 5885.1 31503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qrt.III 44718.0 44390.7 661.5 659.5 4605.1 7134.5 31330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 45802.1 45468.4 626.3 514.8 1144.0 2482.0 40701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 46238.6 45991.0 677.6 626.9 1545.6 3113.7 40027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 50982.9 50727.7 700.2 465.3 2533.4 5065.1 41963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 54337.6 54065.5 614.7 513.6 3368.2 6488.9 43080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 54993.7 54632.8 659.6 533.0 3430.7 6602.4 43407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 50591.9 50222.6 683.6 589.5 3222.9 6397.1 39329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 52495.9 52121.9 692.6 609.2 3321.6 6475.1 41023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 64642.3 64230.3 659.9 867.2 2421.4 6669.2 53612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 64472.9 64048.1 634.9 906.9 2368.8 6773.2 53364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 63846.6 63406.6 618.3 964.8 2339.5 6555.3 52928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 70841.5 70384.8 602.5 1097.3 2550.7 7607.6 58526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 74470.2 73989.1 589.0 1161.0 2695.0 7767.3 61776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 75358.8 74846.9 557.8 1177.8 2675.6 7459.8 62975.8 511.9 0.8 40.1 97.1 66.4 107.3 200.1 2015/16 Qtr.I 74863.5 74313.7 538.9 1209.0 2725.7 7304.0 62536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 77947.8 77357.4 507.3 1306.8 2885.2 7573.2 65084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 80376.2 79731.9 479.6 1325.7 2807.1 7367.4 67752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 Qtr.IV 82,765.0 82,067.9 455.8 1,337.4 2,766.9 7,906.8 69,600.9 697.1 0.8 40.7 98.4 68.7 111.5 376.9 2016/17 Qtr.I 85,984.2 85,243.1 439.3 1,355.6 2,793.4 8,911.7 71,743.1 741.0 0.8 40.9 98.7 69.4 112.5 418.7 Qtr.II 90,418.9 89,629.2 425.9 1,456.3 2,925.0 9,417.7 75,404.3 789.6 0.8 41.0 98.9 69.9 113.5 465.6 Qtr.III 92,383.1 91,541.2 411.7 1,461.3 2,982.7 9,615.2 77,070.3 841.8 0.8 41.1 99.1 70.6 114.7 515.5 Qtr.IV 94,415.6 93,527.6 403.8 1,418.7 3,010.1 9,722.2 78,972.8 888.0 0.8 41.2 99.4 71.4 115.8 559.3 2017/18 Qtr.I 95,132.8 94,206.5 396.4 1,396.7 3,025.7 9,678.2 79,709.5 926.3 0.8 41.3 99.6 72.0 116.8 595.8 Qtr.II 106,106.9 105,137.4 393.8 1,506.7 3,423.5 10,701.5 89,111.8 969.5 0.8 41.3 99.7 72.4 117.7 637.6 Qtr.III 112,608.7 111,589.8 388.2 1,507.8 3,487.4 11,017.1 95,189.3 1,018.9 0.8 41.4 99.8 72.7 118.6 685.5 QtrIV 113,081.0 112,020.6 384.1 1,467.8 3,512.8 11,143.4 95,512.5 1,060.4 0.8 41.4 99.8 73.0 118.9 726.5 2018/19 Qtr.I 111,045.7 109,958.3 380.4 1,464.1 3,497.5 10,696.4 93,919.9 1,087.3 0.8 41.4 99.8 73.2 119.9 752.2 Qtr.II 120,517.6 119,396.7 378.1 1,525.6 3,764.1 11,944.2 101,784.7 1,120.9 0.8 41.5 99.7 73.5 120.5 784.9 Qtr.III 125,466.5 124,323.0 375.4 1,533.0 3,747.1 11,896.4 106,771.2 1,143.5 0.8 41.5 99.7 73.4 120.6 807.5 QtrIV 121,967.5 120,805.0 374.5 1,535.7 3,724.9 11,387.5 103,782.4 1,162.5 0.8 41.4 99.6 73.4 120.7 826.5 2019/20 Qtr.I 124,143.8 122,970.8 374.8 1,551.8 3,766.4 11,166.3 106,111.5 1,173.0 0.8 41.5 99.5 73.3 121.0 836.9 Qtr.II 128,238.0 127,057.0 374.2 1,628.5 4,030.4 11,526.2 109,497.7 1,181.0 0.8 41.5 99.5 73.4 121.2 844.6 Qtr.III 139,272.7 138,080.7 376.4 1,709.2 4,226.1 12,431.6 119,337.4 1,192.0 0.8 41.4 99.5 73.3 122.5 854.4 QIV 140,676.8 139,482.2 375.8 1,674.6 4,389.0 12,225.4 120,817.5 1,194.6 0.8 41.5 99.5 73.2 123.1 856.5 (In Millions of Birr)

84 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 11: Interest Rate Structures A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov’t 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 NBE Lending to: Import trade (agricultural inputs) 5 6 7 14.0-15 CBEs/ Discount Rate/ 10.5 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates Particulars Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov’nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 2.Savings deposits Differed by 10 10 ownership and maturity Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum Interest Rates Particulars Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 June 1, 1996- Sep. 15, 1996 Sep.16,1996- Dec. 31,1997 Jan. 1,1998- Mar. 3, 2002 Mar. 4,2002- August-02 Aug. 2002 to 7-Feb-05 8-Feb-05 04- Jul-07 04-Jul-07 30-Nov-10 01-Dec-10 to todate Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3

Fourth Quarter 2019/20 85 National Bank of Ethiopia Quarterly Bulletin End of Period Total Gov't Indebt￾edness National Bank of Ethiopia Commercial Banks Others NBE Total Direct Advance Gov't Bonds Comm. Banks Total Gov't Bonds Treasury Bills Others Total Gov't Bonds Treasury Noninterest Bills bearing Interest bearing 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2008/09 Qtr.I 56,674.45 44,270.98 34,578.00 9,270.88 422.10 6,234.94 3,891.83 2,343.11 6,168.53 430.32 5,738.21 Qtr.II 54,951.33 42,948.98 33,256.00 9,270.88 422.10 5,547.24 3,879.25 1,667.98 6,455.12 413.91 6,041.21 Qtr.III 54,449.46 42,248.98 32,556.00 9,270.88 422.10 5,548.90 3,878.19 1,670.71 6,651.58 370.61 6,280.97 Qtr.IV 56,589.88 44,498.73 34,891.00 9,193.63 414.10 5,409.36 3,741.62 1,667.73 6,681.79 370.61 6,311.18 2009/10 Qtr.I 56,667.53 44,326.63 34,771.00 9,193.63 362.00 5,740.11 3,469.42 2,270.69 6,600.79 370.61 6,230.18 Qtr.II 55,892.60 43,610.83 34,055.20 9,193.63 362.00 5,177.56 3,456.84 1,720.73 7,104.20 354.21 6,749.99 Qtr.III 58,879.96 45,989.73 36,434.10 9,193.63 362.00 5,627.86 3,456.84 2,171.02 7,262.37 310.91 6,951.46 Qtr.IV 59,921.16 45,522.78 36,044.10 9,124.68 354.00 7,415.27 3,319.45 4,095.82 6,983.11 310.91 6,672.20 2010/11 Qtr.I 60,527.51 47,983.68 38,557.10 9,124.68 301.90 5,480.72 3,047.24 2,433.48 7,063.11 310.91 6,752.20 Qtr.II 61,613.17 50,488.58 41,062.00 9,124.68 301.90 4,102.86 2,784.66 1,318.20 7,021.72 269.31 6,752.41 Qtr.III 64,015.49 51,930.58 42,504.00 9,124.68 301.90 4,953.20 2,784.45 2,168.75 7,131.71 269.30 6,862.41 Qtr.IV 69,415.23 55,614.64 46,265.00 9,055.74 293.90 3,568.67 2,670.28 898.39 10,231.92 269.30 9,962.62 2011/12 Qtr.I 71,051.95 55,566.48 46,264.95 9,055.74 245.80 4,121.67 2,424.58 1,697.09 11,363.80 251.20 11,112.60 Qrt.II 71,122.32 55,562.48 46,264.95 9,055.74 241.80 2,857.24 2,423.24 434.00 12,702.60 251.20 12,451.40 Qrt.III 75,502.17 55,562.48 46,264.95 9,055.74 241.80 3,068.28 2,419.19 649.10 16,871.40 200.00 16,671.40 Qtr.IV 77,812.02 55,562.48 46,264.95 9,055.74 241.80 4,421.18 2,419.19 2,001.99 17,828.36 200.00 17,628.36 2012/13 Qtr.I 82,079.07 55,510.38 46,264.95 9,055.74 189.70 8,511.89 2,455.93 6,055.97 18,056.80 200.00 17,856.80 Qtr.II 81,380.81 55,510.38 46,264.95 9,055.74 189.70 6,693.03 2,397.57 4,295.46 19,177.40 200.00 18,977.40 Qtr.III 85,794.00 59,510.38 50,264.95 9,055.74 189.70 5,407.49 2,419.75 2,987.74 20,876.14 200.00 20,676.14 Qtr.IV 93,019.21 64,510.38 55,264.95 9,055.74 189.70 5,699.97 2,380.36 3,319.61 22,808.86 200.00 22,608.86 2013/14 Qtr.I 91,279.30 64,381.33 55,264.95 8,986.79 129.60 4,089.11 1,753.86 2,335.24 22,808.86 200.00 22,608.86 Qtr.II 90,654.24 64,381.33 55,264.95 8,986.79 129.60 3,464.05 1,753.83 1,710.21 22,808.86 200.00 22,608.86 Qtr.III 97,944.00 73,381.33 64,264.95 8,986.79 129.60 1,753.80 1,753.80 - 22,808.86 200.00 22,608.86 Qtr.IV 107,318.52 73,304.39 64,264.95 8,917.84 121.60 1,629.68 1,629.68 - 32,384.46 97.60 32,286.86 2014/15 Qtr.I 109,794.80 73,175.34 64,264.95 8,848.89 61.50 1,227.50 1,227.50 - 35,391.96 97.60 35,294.36 Qtr.II 116,383.35 78,175.34 69,264.95 8,848.89 61.50 1,246.35 1,246.35 - 36,961.66 54.30 36,907.36 Qtr.III 121,824.85 81,175.34 72,264.95 8,848.89 61.50 1,252.35 1,252.35 - 39,397.16 54.30 39,342.86 Qtr.IV 135,190.41 92,175.34 83,264.95 8,848.89 61.50 1,256.02 1,256.02 - 41,759.05 54.30 41,704.76 2015/16 Qtr.I 144,937.83 99,657.34 91,264.95 8,344.40 48.00 905.43 905.43 - 44,375.06 54.30 44,320.76 Qtr.II 154,426.63 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 48,863.86 54.30 48,809.56 Qtr.III 159,157.73 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 53,594.96 72.40 53,522.56 Qtr.IV 163,461.01 109,080.40 100,764.95 8,275.45 40.00 785.65 785.65 - 53,594.96 72.40 53,522.56 2016/17 Qtr.I 161,914.19 107,764.95 107,764.95 - - 554.28 554.28 - 53,594.96 72.40 53,522.56 Qtr.II 171,344.89 120,640.85 112,764.95 7,839.90 36.00 554.28 554.28 - 50,149.76 36.20 50,113.56 Qtr.III 184,406.89 129,640.85 121,764.95 7,839.90 36.00 530.28 530.28 - 54,235.76 36.20 54,199.56 Qtr.IV 230,923.31 135,632.85 127,764.95 7,839.90 28.00 21,982.71 21,982.71 - 73,307.76 36.20 73,271.56 2017/18 Qtr.I 251,943.33 150,632.85 142,764.95 7,839.90 28.00 22,208.82 22,208.82 - 79,101.66 18.10 79,083.56 Qtr.II 264,416.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 82,100.66 18.10 82,082.56 Qtr.III 270,410.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 88,094.66 18.10 88,076.56 Qtr.IV 286,601.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 104,285.66 18.10 104,267.56 2018/19 Qtr.I 306,121.07 166,685.30 159,264.95 7,404.35 16.00 22,567.12 22,567.12 - 116,868.66 18.10 116,850.56 Qtr.II 324,319.68 178,685.30 171,264.95 7,404.35 16.00 22,521.73 22,521.73 - 123,112.66 18.10 123,094.56 Qtr.III 334,556.88 182,685.30 175,264.95 7,404.35 16.00 22,952.93 22,952.93 - 128,918.66 18.10 128,900.56 Qtr.IV 353,340.16 194,685.30 187,264.95 7,404.35 16.00 23,620.21 22,970.35 649.86 135,034.66 18.10 135,016.56 2019/20 Qtr.I 364,447.98 199,237.75 192,264.95 6,968.80 4.00 22,927.78 22,927.78 - 142,282.45 18.10 142,264.36 Qtr.II 376,131.83 204,237.75 197,264.95 6,968.80 4.00 23,123.42 22,927.78 195.65 148,770.66 18.10 148,752.56 Qtr.III 396,116.18 221,237.75 214,264.95 6,968.80 4.00 22,927.78 22,927.78 - 151,950.66 18.10 151,932.56 Qtr.IV 427,516.89 230,237.75 31,000.00 6,968.80 192,268.95 28,838.49 23,385.37 5,453.12 168,440.66 18.10 168,422.56 Table 12: Government Internal Debt by Holder (In Millions of Birr)

86 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Table 13: GeneralGovernment Quarterly Revenue (In Millions of Birr) "Ethiopian fiscal year Fiscal year ending July 7" 2011 2012 2018/19 2019/20 Pre actual Pre actual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 Mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 Mon Qrt.IV Tax revenue 289,521.3 60,080.5 135,807.6 75,727.1 194,642.5 58,834.8 268,457.4 73,815.0 311,067.9 73,522.2 167,547.4 94,025.2 241,294.5 73,747.1 311,476.5 70,181.9 Direct taxes 114,487.6 24,546.3 63,348.8 38,802.4 84,463.6 21,114.8 115,857.8 31,394.2 127,778.3 27,968.8 74,812.5 46,843.7 102,822.5 28,010.0 132,214.5 29,392.1 Income and profits tax 109,067.1 21,177.3 55,766.9 34,589.6 73,750.9 17,984.1 100,609.1 26,858.2 124,751.6 27,315.0 73,381.0 46,066.0 100,643.8 27,262.8 129,479.3 28,835.5 Personal income 36,708.6 8,326.0 19,071.6 10,745.6 27,792.3 8,720.7 41,202.5 13,410.2 44,392.5 9,169.6 22,964.8 13,795.2 35,965.2 13,000.4 49,869.6 13,904.3 Rental income tax 2,488.1 913.8 1,850.1 936.3 1,942.6 92.5 2,137.6 195.0 2,556.5 1,049.6 2,318.6 1,269.0 2,476.5 157.9 2,612.2 135.7 Business profits 57,607.9 12,851.3 36,695.3 23,844.0 45,958.7 9,263.4 59,406.6 13,448.0 65,411.5 14,246.5 42,088.1 27,841.6 52,963.0 10,875.0 64,664.1 11,701.1 Withholding income tax on imports 2,916.9 889.0 1,742.0 853.0 2,654.7 912.7 3,648.5 993.8 3,806.8 1,208.3 2,511.4 1,303.1 3,851.7 1,340.3 4,892.7 1,041.0 Agriculture income 698.1 7.1 59.9 52.8 229.3 169.5 352.2 122.8 565.0 10.7 59.5 48.8 252.6 193.1 365.3 112.7 Other income 7,632.4 449.7 1,550.0 1,100.4 2,218.7 668.7 3,973.9 1,755.2 5,388.2 984.2 2,152.0 1,167.8 2,947.5 795.5 4,347.0 1,399.4 Interest income tax 877.2 370.0 685.0 315.0 1,189.0 504.0 1,689.3 500.3 1,770.5 547.9 1,127.7 579.9 1,663.7 536.0 2,132.2 468.6 Capital gains tax 137.9 58.3 148.1 89.8 242.0 93.9 388.0 146.0 860.6 98.3 159.0 60.7 523.6 364.6 596.3 72.7 Rural land use fee 2,300.4 12.1 70.2 58.1 225.7 155.5 356.0 130.3 560.7 15.3 65.5 50.2 238.5 173.1 358.0 119.5 Urban land lease fee 3,120.0 669.2 1,476.6 807.3 2,010.6 534.0 2,703.3 692.7 2,465.9 638.6 1,366.0 727.4 1,940.1 574.1 2,377.3 437.2 Domestic indirect taxes 83,200.3 17,349.9 36,708.9 19,359.1 55,256.1 18,547.2 77,774.0 22,517.9 91,956.4 20,490.4 41,054.6 20,564.1 59,807.0 18,752.4 78,886.5 19,079.5 Sales/TOT/ excise taxes 40,833.5 7,266.0 15,452.7 8,186.7 24,627.7 9,175.0 35,541.9 10,914.2 45,973.6 9,425.5 18,017.1 8,591.6 26,377.7 8,360.6 35,454.8 9,077.1 Petroleum products 820.3 160.4 386.0 225.5 522.6 136.7 629.1 106.4 688.3 140.9 323.1 182.2 358.2 35.1 398.2 40.0 Alcohol and tobacco 7,638.8 1,459.2 3,504.8 2,045.7 5,947.2 2,442.4 8,408.9 2,461.7 8,826.5 1,988.8 4,661.9 2,673.0 6,485.8 1,824.0 9,657.7 3,171.8 Other goods 32,374.4 5,646.4 11,561.9 5,915.5 18,157.8 6,595.9 26,503.9 8,346.1 36,458.8 7,295.8 13,032.1 5,736.4 19,533.7 6,501.5 25,398.9 5,865.2 Services TOT/ sales tax 38,999.8 9,638.3 19,934.8 10,296.5 28,672.4 8,737.6 39,400.5 10,728.1 43,707.3 10,453.2 21,399.5 10,946.3 31,013.8 9,614.2 40,264.6 9,250.8 Stamp duties 3,367.0 445.5 1,321.4 875.9 1,956.0 634.6 2,831.6 875.6 2,275.4 611.7 1,637.9 1,026.2 2,415.5 777.6 3,167.1 751.5 Import duties and taxes 91,833.5 18,184.3 35,749.9 17,565.6 54,922.7 19,172.8 74,825.6 19,902.8 91,333.3 25,062.9 51,680.4 26,617.4 78,665.1 26,984.7 100,375.4 21,710.3 Custom duties 30,548.3 6,171.2 12,037.4 5,866.2 18,318.8 6,281.4 24,883.6 6,564.8 31,303.5 8,632.5 17,603.9 8,971.4 26,846.9 9,243.0 34,060.5 7,213.6 Sales/excise taxes 43,423.5 8,418.9 16,773.5 8,354.6 25,993.9 9,220.4 35,544.1 9,550.2 42,430.6 11,583.8 24,042.2 12,458.4 36,383.1 12,340.9 46,560.0 10,176.8 Petroleum products 3,088.4 401.5 671.4 269.8 1,502.8 831.4 2,348.5 845.7 2,284.3 726.9 1,584.2 857.3 2,248.8 664.7 3,025.3 776.4 Alcohol and tobacco 648.2 82.2 207.9 125.7 306.0 98.0 430.9 125.0 445.9 124.1 217.8 93.6 309.7 91.9 356.0 46.4 Other imports 39,686.9 7,935.1 15,894.2 7,959.1 24,185.1 8,290.9 32,764.6 8,579.5 39,700.4 10,732.8 22,240.2 11,507.5 33,824.6 11,584.4 43,178.7 9,354.0 Surtax on imports 17,861.7 3,594.2 6,938.9 3,344.8 10,610.0 3,671.1 14,397.9 3,787.9 17,599.1 4,846.6 10,034.3 5,187.7 15,435.1 5,400.8 19,755.0 4,319.9 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 45,812.3 11,306.6 17,819.3 6,512.7 24,861.8 7,042.5 42,860.0 17,998.2 54,136.2 12,795.2 20,049.4 7,254.2 26,681.1 6,631.7 42,836.3 16,155.2 Charges and fees 3,115.8 587.9 1,232.5 644.6 2,172.1 939.6 4,428.6 2,256.5 3,492.5 1,085.0 2,222.8 1,137.7 3,400.7 1,177.9 4,095.2 694.5 Sales of goods & services 6,580.9 922.1 2,218.2 1,296.2 3,720.9 1,502.7 6,872.8 3,151.9 4,474.2 1,201.5 2,580.2 1,378.7 4,195.0 1,614.8 5,794.2 1,599.2 Residual surplus, capital charge, interest payments and state dividend 15,668.4 7,612.2 8,939.2 1,327.0 10,369.0 1,429.7 15,821.6 5,452.7 19,454.4 7,152.5 8,018.9 866.4 8,443.9 425.0 17,488.9 9,045.0

Reimbursement & property sales 323.1 13.1 32.6 19.5 80.9 48.3 245.9 165.0 543.4 25.7 159.1 133.4 178.8 19.7 203.4 24.6 Miscellaneous 9,686.5 885.0 2,363.5 1,478.5 3,475.2 1,111.7 7,197.0 3,721.8 10,619.2 2,003.9 3,677.1 1,673.2 5,889.0 2,211.9 7,199.8 1,310.8 Other extraordinary 0.0 Privatization proceeds 0.0 Other revenue 10,437.6 1,286.3 3,033.2 1,746.9 5,043.7 2,010.5 8,293.9 3,250.2 15,552.5 1,326.5 3,391.3 2,064.8 4,573.7 1,182.3 8,054.9 3,481.2 Total revenue 335,333.7 71,387.1 153,626.9 82,239.9 219,504.3 65,877.3 311,317.4 91,813.1 365,204.1 86,317.4 187,596.8 101,279.5 267,975.7 80,378.8 354,312.8 86,337.1 External grants 19,148.0 3,362.7 8,619.3 5,256.6 26,728.3 18,109.0 33,619.1 6,890.8 36,793.6 4,083.9 9,365.4 5,281.6 14,442.3 5,076.9 40,653.0 26,210.7 Grants in kind/ earmarked 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 15,972.9 3,362.7 18,794.9 3,759.0 8,081.8 4,322.8 13,156.4 5,074.6 17,855.1 4,698.7 Untied cash & CPF/grants 2,334.4 0.0 1,389.5 1,389.5 14,118.1 12,728.7 17,646.2 3,528.0 17,998.8 324.9 1,283.6 958.7 1,285.9 2.3 22,797.9 21,512.0 Total revenue and grants 354,481.7 74,749.8 162,246.2 87,496.4 246,232.6 83,986.4 344,936.5 98,703.9 401,997.7 90,401.2 196,962.3 106,561.1 282,418.0 85,455.7 394,965.8 112,547.8

Fourth Quarter 2019/20 87 National Bank of Ethiopia Quarterly Bulletin Table 14: General Government Quarterly Expenditure "Ethiopian fiscal year Fiscal year ending July 7" 2011 2012 2018-19 2019-20 Pre actual Pre actual Budget 3mon(Qrt.I.Re ) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV A. Capital Expenditure Economic development 120,235.1 17,474.0 40,767.4 23,293.4 67,803.8 27,036.4 106,518.0 38,714.2 145,030.4 22,862.7 51,179.8 28,317.1 78,260.3 27,080.5 132,629.1 54,368.8 Agriculture 19,508.6 1,905.5 5,888.6 3,983.1 13,078.0 7,189.5 22,228.9 9,150.9 20,861.6 3,888.9 8,652.0 4,763.1 13,675.0 5,023.0 22,383.7 8,708.8 Natural Resource 25,213.1 1,442.3 6,064.0 4,621.7 11,202.2 5,138.2 20,563.1 9,360.9 30,003.2 2,726.1 7,153.8 4,427.7 11,280.1 4,126.3 22,116.7 10,836.6 o/w: Water 23,109.2 1,025.2 5,977.3 4,952.1 11,067.2 5,090.0 19,699.8 8,632.6 29,957.3 2,724.0 7,071.8 4,347.8 11,273.4 4,201.6 21,921.9 10,648.5 Mines & Energy 76.5 790.6 781.5 -9.1 778.7 -2.8 788.1 9.4 49.8 2.5 15.6 13.1 23.6 8.0 34.6 11.1 Trade, Industry & Tourism 4,681.0 1,336.2 2,191.5 855.3 4,327.5 2,136.0 6,237.0 1,909.5 6,790.8 155.4 1,011.5 856.1 2,036.2 1,024.7 4,545.6 2,509.3 Urban dev't & housing 13,637.5 2,214.8 5,350.5 3,135.6 6,416.9 1,066.4 12,619.5 6,202.6 25,269.8 4,504.0 10,148.7 5,644.7 15,331.9 5,183.3 26,837.4 11,505.5 Road construction 52,194.7 9,675.7 19,494.8 9,819.2 30,356.7 10,861.9 39,585.9 9,229.1 57,637.5 11,311.1 21,974.5 10,663.4 32,503.1 10,528.6 51,429.1 18,926.0 Transport & communication 4,923.7 108.9 996.5 887.6 1,643.7 647.2 4,495.5 2,851.8 4,417.7 274.7 2,223.8 1,949.1 3,410.4 1,186.6 5,282.0 1,871.5 Social Development 47,525.4 8,921.2 18,585.7 9,664.4 29,144.7 10,559.0 47,891.4 18,746.7 51,314.6 10,759.9 22,661.2 11,901.3 31,965.7 9,304.5 51,316.1 19,350.4 Education 25,729.5 6,099.7 12,374.0 6,274.3 19,077.4 6,703.4 30,109.1 11,031.7 29,380.8 8,207.8 14,312.5 6,104.7 19,854.0 5,541.5 33,203.5 13,349.5 Health 14,470.9 2,274.1 4,798.4 2,524.3 7,868.0 3,069.6 12,863.1 4,995.1 15,626.4 2,116.4 6,882.8 4,766.3 10,354.1 3,471.3 15,019.3 4,665.2 Socail welfare 1,870.9 224.6 380.8 156.2 506.7 125.9 2,591.5 2,084.8 1,445.1 46.9 359.8 312.9 651.7 291.8 989.9 338.2 Culture & sport 5,454.1 322.8 1,032.4 709.6 1,692.6 660.2 2,327.8 635.1 4,862.3 388.7 1,106.1 717.4 1,105.9 2,103.4 997.5 General Development 29,753.4 1,053.4 4,095.2 3,041.8 8,591.2 4,496.0 20,539.8 11,948.6 22,926.5 1,887.6 5,061.0 3,173.4 8,448.4 3,387.4 20,231.0 11,782.5 Compensation payments 0.0 External assistance 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 15,972.9 3,362.7 18,794.9 3,759.0 8,081.8 4,322.8 13,156.4 5,074.6 17,855.1 4,698.7 Sub Total Capital Expenditure 197,513.9 27,448.6 63,448.3 35,999.7 105,539.7 42,091.4 174,949.1 69,409.4 219,271.5 35,510.1 78,902.0 43,391.9 118,674.4 39,772.4 204,176.1 85,501.7 B. Current Expenditure General Services 65,473.6 13,122.9 29,343.0 16,220.2 48,149.1 18,806.1 74,660.4 26,511.3 77,008.6 15,035.1 37,075.7 22,040.7 59,840.1 22,764.4 89,920.2 30,080.1 Organ of the State 9,594.5 1,643.7 4,313.5 2,669.8 7,534.8 3,221.3 12,175.0 4,640.2 12,632.8 2,332.1 5,858.3 3,526.2 9,894.5 4,036.2 15,302.1 5,407.6 Justice 7,215.3 1,331.6 3,427.5 2,095.9 5,399.5 1,972.0 9,295.7 3,896.2 8,575.5 1,590.9 4,808.7 3,217.8 7,926.9 3,118.2 10,377.0 2,450.1 Defence 15,000.0 3,629.9 6,865.6 3,235.7 10,483.6 3,618.0 15,605.0 5,121.4 15,000.0 3,586.8 7,443.2 3,856.4 12,131.0 4,687.7 16,908.2 4,777.3 Public order & security 15,932.4 2,982.2 6,882.5 3,900.2 11,671.8 4,789.4 17,221.1 5,549.3 20,581.8 3,875.7 8,984.3 5,108.6 14,226.8 5,242.5 24,174.2 9,947.4 Other General services 17,731.4 3,535.4 7,854.0 4,318.6 13,059.4 5,205.4 20,363.6 7,304.2 20,218.5 3,649.5 9,981.2 6,331.6 15,661.0 5,679.9 23,158.7 7,497.7 Economic Services 33,618.9 4,710.5 12,622.0 7,911.4 19,554.4 6,932.4 31,233.4 11,679.0 37,281.8 5,523.7 15,131.6 9,607.9 23,563.2 8,431.6 36,323.1 12,759.9

Agriculture&natural resource 21,817.0 2,721.1 7,809.6 5,088.5 12,089.5 4,279.9 20,182.5 8,093.0 24,511.7 3,359.1 9,753.6 6,394.5 14,930.4 5,176.8 23,198.7 8,268.3 Agriculture 17,056.5 2,053.9 5,757.7 3,703.7 9,122.2 3,364.6 15,397.6 6,275.3 19,298.3 2,967.6 7,360.7 4,393.2 11,453.5 4,092.8 17,895.3 6,441.7 Natural resource 4,760.5 667.1 2,052.0 1,384.8 2,967.3 915.3 4,784.9 1,817.7 5,213.4 391.5 2,392.8 2,001.3 3,476.9 1,084.1 5,303.5 1,826.6 o/w: Water 3,947.2 452.9 1,560.2 1,107.3 2,217.6 657.4 3,746.1 1,528.5 5,128.5 349.8 1,760.0 1,410.2 2,577.4 817.4 4,753.4 2,176.0 Trade, Industry & Tourism 5,930.0 1,016.3 2,579.9 1,563.6 4,053.4 1,473.5 6,058.1 2,004.7 6,595.2 1,199.7 3,173.0 1,973.3 5,127.0 1,954.0 7,795.5 2,668.6 Mines & Energy 208.1 36.3 61.0 24.7 103.8 42.8 153.6 49.8 192.4 48.2 102.0 53.8 148.3 46.2 188.8 40.5 Tourism 0.0 Transport & communication 1,622.8 167.9 309.4 141.5 470.2 160.8 684.6 214.4 1,497.1 146.9 355.6 208.7 585.6 230.0 927.3 341.7 Urban devt. & construction 3,456.9 648.5 1,560.1 911.6 2,424.4 864.2 3,474.4 1,050.0 3,387.4 615.3 1,527.1 911.8 2,348.3 821.2 3,667.0 1,318.7 o/w: Road Construction 1,278.4 270.2 765.8 495.7 1,224.9 459.1 1,732.4 507.5 1,361.6 305.4 856.3 550.9 1,298.6 442.4 2,029.5 730.8 Economic development studies 584.1 120.4 301.9 181.5 413.0 111.1 680.2 267.2 1,098.0 154.5 220.3 65.8 423.7 203.4 545.8 122.1 Social Services 103,494.0 17,866.8 43,262.2 25,395.4 68,985.0 25,722.8 112,516.0 43,531.1 114,933.3 22,659.6 54,534.3 31,874.7 84,026.8 29,492.5 130,356.0 46,329.2 Education & training 72,855.0 12,691.2 29,786.4 17,095.2 48,033.0 18,246.5 72,707.2 24,674.2 80,686.1 15,491.1 37,667.7 22,176.6 58,395.8 20,728.1 86,411.4 28,015.7 Culture & sports 3,662.1 598.5 1,516.5 918.0 2,393.2 876.7 3,470.6 1,077.4 3,539.6 563.1 1,251.7 688.6 2,006.2 754.4 2,817.6 811.4 Public health 25,517.3 3,350.5 9,486.4 6,135.9 15,094.0 5,607.7 25,518.5 10,424.5 29,071.1 4,138.9 11,735.4 7,596.5 19,227.6 7,492.2 33,464.7 14,237.1 Labour & social welfare 923.8 163.6 498.0 334.4 803.4 305.5 1,229.3 425.9 1,011.8 240.9 644.7 403.8 1,042.5 397.9 1,878.2 835.6 Rehabilitation 535.7 1,063.1 1,974.9 911.9 2,661.4 686.4 9,590.4 6,929.1 624.7 2,225.6 3,234.8 1,009.2 3,354.7 119.9 5,784.0 2,429.3 Interest & Charges 15,221.9 2,850.7 6,323.5 3,472.8 9,326.0 3,002.4 13,525.8 4,199.9 17,407.8 8,106.3 6,990.8 -1,115.5 11,341.6 4,350.8 13,481.1 2,139.5 Internal debt 7,765.3 1,638.2 3,395.4 1,757.2 5,223.3 1,827.9 7,436.1 2,212.8 9,351.2 6,746.2 3,658.4 -3,087.8 6,376.0 2,717.6 6,366.5 -9.5 External debt 7,456.6 1,212.5 2,928.1 1,715.6 4,102.7 1,174.6 6,089.8 1,987.1 8,056.6 1,360.0 3,332.3 1,972.3 4,965.6 1,633.2 7,114.6 2,149.0 O/w: defence commercial Miscellaneous 21,886.9 652.3 1,966.0 1,313.7 4,481.3 2,515.3 6,221.0 1,739.7 24,422.6 826.2 2,414.4 1,588.2 3,934.1 1,519.6 5,886.6 1,952.5 External assistance * 0.0 Sub Total Current Expenditure 239,695.2 39,203.2 93,516.7 54,313.6 150,495.7 56,979.0 238,156.6 87,660.9 271,054.2 52,150.8 116,146.9 63,996.0 182,705.8 66,559.0 275,967.0 93,261.2 Grand Total Expenditure 437,209.2 66,651.8 156,965.0 90,313.3 256,035.4 99,070.4 413,105.7 157,070.3 490,325.7 87,660.9 195,048.9 107,388.0 301,380.3 106,331.4 480,143.2 178,762.9

88 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin End of Period Gasoline Regular Light Jet Fuel Heavy Jet Fuel Fuel Oil Asphalt Liquified Petroleum Gas Oil Kerosine 160/200 Total Refined** 2008/09 418,890.0 1,533,226.5 307,025.6 3,383,065.0 1,848,967.3 Qtr.I 29,907.1 38,126.2 281,623.3 349,656.6 Qtr.II 177,096.0 722,822.0 94,822.0 1,364,649.0 456,829.0 Qtr.III 171,188.3 680,808.8 133,999.7 1,415,943.2 511,260.2 Qtr.IV 40,698.6 129,595.7 40,077.7 320,849.5 531,221.5 2009/10 155,759.9 489,778.5 111,570.3 1,237,077.2 1,994,185.9 Qtr.I 29,177.6 103,453.7 8,711.0 304,391.2 445,733.4 Qtr.II 50,128.1 146,894.3 38,232.4 323,862.3 559,117.2 Qtr.III 34,311.2 124,473.7 41,446.0 292,199.0 492,429.9 Qtr.IV 42,142.9 114,956.8 23,180.9 316,624.7 496,905.3 2010/11 148,773.9 529,354.7 150,967.9 845,557.1 1,674,653.6 Qtr.I 34,775.1 173,261.4 31,202.1 184,166.3 423,404.9 Qtr.II 48,048.3 153,993.7 23,734.3 297,309.2 523,085.5 Qtr.III 32,966.8 101,025.1 58,800.1 192,791.9 385,583.9 Qtr.IV 32,983.8 101,074.5 37,231.4 171,289.7 342,579.3 2011/12 150,619.0 544,519.6 144,501.3 1,302,451.2 2,142,091.2 Qtr.I 33,381.2 126,523.8 34,684.5 260,608.1 455,197.6 Qtr.II 41,496.3 129,614.7 46,905.1 334,320.7 552,336.8 Qtr.III 40,160.9 144,199.0 16,360.2 338,249.5 538,969.7 Qtr.IV 35,580.7 144,182.1 46,551.5 369,272.7 595,587.0 2012/13 186,517.5 602,427.0 159,297.4 1,266,562.9 2,214,804.8 Qtr.I 48,367.8 148,668.1 51,231.8 285,788.9 534,056.6 Qtr.II 45,607.6 149,611.1 37,442.0 296,204.4 528,865.2 Qtr.III 52,070.4 156,140.9 37,332.8 360,766.1 606,310.2 Qtr.IV 40,471.7 148,006.8 33,290.8 323,803.5 545,572.8 2013/14 211,597.2 701,418.9 152,093.7 1,558,341.1 2,623,450.8 Qtr.I 52,821.0 185,032.1 43,486.4 388,200.8 669,540.3 Qtr.II 49,883.4 162,038.7 36,641.2 306,082.6 554,645.9 Qtr.III 55,536.1 192,607.7 43,928.5 400,794.6 692,867.0 Qtr.IV 53,356.7 161,740.3 28,037.6 463,263.1 706,397.7 2014/15 237,744.0 712,748.0 168,305.6 1,703,260.8 2,822,058.4 Qtr.I 52,223.0 169,004.8 43,174.9 359,514.0 623,916.7 Qtr.II 57,561.0 171,011.2 42,829.3 435,565.0 706,966.5 Qtr.III 64,895.0 207,909.1 42,621.7 369,681.0 685,106.8 Qtr.IV 63,065.0 164,822.9 39,679.7 538,500.8 806,068.3 2015/16 Qtr.I 72,312.7 213,015.5 30,650.2 398,136.4 714,114.9 Qtr.II 71,317.0 161,194.0 31,854.0 497,966.0 762,331.0 Qtr.III 77,271.8 197,134.4 24,995.0 509,229.5 808,630.6 Qtr.IV 77,966.0 164,577.8 19,479.2 496,459.6 758,482.6 2016/17 Qtr.I 82,152.2 206,560.2 18,987.3 468,051.3 775,750.9 Qtr.II 97,258.6 208,282.6 15,579.9 550,034.0 871,155.1 Qtr.III 96,423.6 215,632.5 23,405.8 580,188.0 915,649.9 Qtr.IV 88,010.8 170,307.9 17,310.7 601,081.2 876,710.6 2017/18 Qtr.I 106,706.3 10,763.3 10,241.3 21,004.7 591,077.3 739,793.0 Qtr.II 99,641.2 8,174.2 10,396.3 629,694.8 608,690.1 1,356,596.5 Qtr.III 114,839.2 9,240.3 20,637.6 21,698.1 629,025.2 795,440.4 Qtr.IV 120,355.6 28,177.8 41,275.3 21,995.3 678,879.8 890,683.8 2018/19 Qtr.I 120,069.7 6,646.3 4,500.0 11,146.3 570,182.1 712,544.4 Qtr.II 122,357.9 9,751.8 9,596.8 19,348.6 600,552.3 761,607.4 Qtr.III 135,787.6 5,987.2 9,894.9 19,348.6 690,546.5 861,564.9 QIV 128,524.0 8,695.8 11,076.0 19,771.8 635,440.9 803,508.4 2019/20 QI 159,613.1 8,886.7 14,477.8 23,364.5 616,810.6 823,152.8 QII 133,745.9 10,582.6 8,425.3 19,007.9 648,408.0 820,169.7 QIII 141,900.1 9,393.6 10,290.6 19,684.2 659,674.5 840,942.9 QIV 120,355.6 28,177.8 41,275.3 21,995.3 678,879.8 890,683.8 Table 15: Domestic Refining and Imports of Ptroleum (In Metric Tons)

Fourth Quarter 2019/20 89 National Bank of Ethiopia Quarterly Bulletin Sectors/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 258,637.3 286,869.8 313,975.7 337,502.8 358,944.5 386,339.2 421,172.8 441,832.9 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 Crop 146,545.6 168,479.8 187,053.1 201,996.9 215,075.1 233,879.2 258,009.7 270,881.6 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 Animal Farming and Hunting 84,931.4 89,093.2 96,111.9 103,150.3 110,419.1 117,249.1 126,016.6 132,843.6 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 Forestry 34,883.0 35,814.5 36,846.7 38,393.2 39,595.9 40,906.7 42,138.1 43,440.5 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 Fishing 305.4 280.3 301.9 404.5 511.9 520.3 551.2 668.4 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 Mining and Quarrying 2,598.2 2,784.4 2,355.4 2,859.8 3,225.2 4,649.7 7,333.7 8,265.7 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 Manufacturing 23,177.6 25,633.8 27,772.7 30,636.9 33,417.3 37,292.5 41,815.8 46,752.0 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 Large and Medium Scale Manufacturing 11,623.1 13,209.7 14,462.2 16,280.9 17,955.8 20,398.0 23,282.3 26,985.0 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 Small Scale and Cottage Industries 16,324.3 17,123.4 18,157.6 19,171.7 20,393.7 21,814.3 23,384.1 24,366.4 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 Electricity and Water 4,135.7 4,501.6 5,114.4 5,362.3 5,630.6 5,771.0 6,872.5 7,802.9 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 Construction 33,548.2 37,068.0 41,110.6 45,773.6 51,117.9 56,684.7 63,932.5 84,041.1 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 Whole Sale and Retail Trade 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 Hotels and Restaurants 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 Transport and Communications 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 Financial Intermediation 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 Real Estate, Renting and Business Activities 21,104.9 24,168.3 27,845.9 32,659.3 37,846.4 45,401.8 55,423.4 57,543.4 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 Public Administration and Defense 23,516.8 25,015.9 27,966.7 31,469.5 37,248.7 40,567.8 44,391.8 45,760.0 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 Education 14,508.7 15,757.7 19,105.0 21,925.3 24,773.6 28,976.1 30,247.9 31,596.6 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 Health and Social Work 3,985.6 4,377.5 5,067.3 5,854.2 7,049.6 8,038.8 8,540.0 9,341.3 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 Other Community , Social & Personal Services 7,805.7 8,521.3 9,244.9 10,326.0 10,981.8 11,867.6 12,443.7 13,986.4 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 Private Households with Employed Persons 8,444.9 9,000.3 9,358.5 9,851.6 10,224.1 10,714.0 11,256.4 13,069.3 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 Total 494,086.6 552,177.4 617,397.5 687,588.5 756,824.5 836,539.1 931,759.1 1,011,606.3 1,111,987.7 1,227,058.7 1,355,280.4 1,463,883.2 1,613,519.9 1,739,254.9 1,895,726.7 Less : FISIM 3,323.6 4,663.8 5,294.9 6,884.3 7,747.2 8,334.9 9,258.8 8,274.0 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 Gross Value Added at Constant Basic Prices 490,970.4 547,625.4 612,217.2 680,706.9 749,058.8 828,212.7 922,512.8 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 Taxes on Products 44,257.1 45,442.0 48,711.5 51,420.5 47,148.0 68,567.2 74,437.1 80,410.1 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 GDP at Constant Market Prices 535,033.3 593,002.2 660,936.6 732,242.1 796,697.6 896,687.5 996,921.8 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 Source: MoF Table 16: GDP By Economic Activity at Constant Prices (In Millions of Birr)

90 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Industry/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 13.5 10.9 9.4 7.5 6.4 7.6 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 Crop 19.5 15.0 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 Animal Farming and Hunting 5.9 4.9 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 Forestry 2.4 2.7 2.9 4.2 3.1 3.3 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 Fishing 8.6 -8.2 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 Mining and Quarrying 4.1 7.2 -15.4 21.4 12.8 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 Manufacturing 12.8 10.6 8.3 10.3 9.1 11.6 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 Large and Medium Scale Manufacturing 11.6 13.7 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 Small Scale and Cottage Industries 15.0 4.9 6.0 5.6 6.4 7.0 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 Electricity and Water 7.9 8.8 13.6 4.8 5.0 2.5 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 Construction 7.5 10.5 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 Whole Sale and Retail Trade 13.1 17.5 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 Hotels and Restaurants 11.6 19.5 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 Transport and Communications 19.2 5.7 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 Financial Intermediation 24.2 28.7 15.1 28.1 16.5 -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 Real Estate, Renting and Business Activities 7.4 14.5 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 Public Administration and Defense 11.6 6.4 11.8 12.5 18.4 8.9 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 Education 12.6 8.6 21.2 14.8 13.0 17.0 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 Health and Social Work 16.9 9.8 15.8 15.5 20.4 14.0 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 Other Community , Social & Personal Services 8.0 9.2 8.5 11.7 6.4 8.1 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 Private Households with Employed Persons 3.2 6.6 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 Total 12.7 11.8 11.8 11.4 10.1 10.5 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 Less : FISIM 16.5 40.3 13.5 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 Gross Value Added at Constant Basic Prices 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9 Taxes on Products 3.1 2.7 7.2 5.6 -8.3 45.4 8.6 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 GDP at Constant Market Prices 11.8 10.8 11.5 10.8 8.8 12.6 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 Source: MoF Table 17 : Growth Rate of GDP by Economic Activity at Constant Prices ( In percent)

Fourth Quarter 2019/20 91 National Bank of Ethiopia Quarterly Bulletin Table 18: GDP by Economic Activity at Current Prices Industry/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 45,752 58,423 75,872 117,112 160,639 165,642 220,095 343,066 370,012 422,902 484,026 542,700 616,843 684,644 910,589 Crop 27,155 35,218 48,112 79,596 111,154 108,553 143,154 234,212 238,052 272,201 309,349 346,294 393,324 427,193 587,216 Animal Farming and Hunting 12,418 16,100 19,185 25,474 34,425 40,539 56,584 82,070 101,728 113,693 132,287 146,960 164,730 191,867 247,337 Forestry 6,681 7,434 8,954 12,646 15,416 16,737 19,713 24,326 30,470 36,789 42,608 49,447 58,788 65,584 76,036 Fishing 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 2,351 3,021 Mining and Quarrying 503 608 572 828 1,142 2,226 7,062 9,645 10,045 8,986 6,259 6,117 4,840 4,053 3,368 Manufacturing 7,679 9,073 11,701 15,170 19,370 22,663 27,661 37,272 46,803 61,744 83,370 89,247 113,387 128,200 150,531 Large and Medium Scale Manufacturing 4,299 5,226 6,997 9,197 11,054 12,970 15,403 21,448 28,787 40,111 58,040 61,687 74,763 84,791 104,723 Small Scale and Cottage Industries 4,250 4,759 5,671 7,126 10,344 12,036 15,460 19,541 21,088 23,844 24,972 27,559 38,624 43,410 45,807 Electricity and Water 2,388 2,833 3,836 4,259 4,547 5,374 6,402 8,079 9,604 10,752 10,560 11,015 13,714 15,026 18,726 Construction 5,547 6,967 9,330 12,080 16,180 15,988 20,183 31,459 48,338 88,410 148,198 237,545 300,209 452,978 495,283 Whole Sale and Retail Trade 13,046 17,211 23,695 34,184 52,092 58,526 73,175 105,914 117,028 151,450 187,022 202,241 225,076 275,513 360,656 Hotels and Restaurants 941 1,263 1,940 2,883 4,546 6,521 9,558 13,355 18,004 24,954 33,841 41,601 44,922 53,441 66,597 Transport and Communications 5,898 5,933 6,853 8,078 11,035 13,815 21,385 31,954 41,221 49,215 57,579 70,453 77,659 82,947 99,884 Financial Intermediation 1,693 2,290 2,768 3,767 5,984 6,133 8,961 14,214 19,936 24,206 32,684 39,769 51,810 69,359 85,044 Real Estate, Renting and Business Activities 6,006 7,317 10,736 16,035 19,494 29,063 40,755 47,776 54,746 60,283 63,825 67,063 70,793 79,553 106,157 Public Administration and Defense 7,771 9,030 10,516 13,878 17,111 20,226 26,346 29,967 35,401 41,309 51,521 62,259 80,817 94,614 103,262 Education 4,167 5,292 6,740 8,641 10,311 12,336 13,862 17,092 21,637 28,739 35,388 42,386 61,123 75,776 85,739 Health and Social Work 1,477 1,697 2,068 2,748 3,326 3,942 4,931 5,966 7,593 9,881 12,917 15,669 18,770 24,100 27,328 Other Community , Social & Personal Services 1,504 1,843 2,357 3,295 4,754 5,281 6,540 9,618 13,303 14,779 16,721 18,371 20,568 23,634 28,141 Private Households with Employed Persons 1,290 1,706 1,974 2,694 3,587 3,879 5,105 7,678 9,443 12,024 15,327 16,064 19,879 25,428 31,181 Total 101,350 126,266 165,345 239,463 327,394 366,976 491,051 711,975 824,684 1,009,521 1,238,088 1,463,883 1,722,669 2,091,618 2,575,507 Less : FISIM 476 702 837 1,156 1,775 1,962 2,576 3,091 6,335 7,796 11,628 14,486 18,870 26,829 31,884 Gross Value Added at Current Basic Prices 101,034 125,712 164,742 238,672 326,026 365,483 489,127 710,012 818,870 1,002,351 1,226,637 1,449,397 1,703,798 2,064,789 2,543,623 Taxes on Products 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,755 137,583 152,600 GDP at Current Market Prices 110,102 136,128 177,851 256,766 346,824 395,991 528,580 766,915 889,645 1,088,632 1,331,984 1,568,097 1,832,554 2,202,373 2,696,223 Source: MoF (In Millions of Birr)

92 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Sectors/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 30.8 27.7 29.9 54.4 37.2 3.1 32.9 55.9 7.9 14.3 14.5 12.1 13.7 11.0 33.0 Crop 38.3 29.7 36.6 65.4 39.6 -2.3 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 37.5 Animal Farming and Hunting 25.9 29.7 19.2 32.8 35.1 17.8 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 28.9 Forestry 9.3 11.3 20.5 41.2 21.9 8.6 17.8 23.4 25.3 20.7 15.8 16.1 18.9 11.6 16.2 Fishing 33.8 24.5 17.4 43.3 30.5 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 28.5 Mining and Quarrying 18.4 20.8 -6.0 44.9 37.9 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 Manufacturing 11.1 18.2 29.0 29.6 27.7 17.0 22.1 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 Large and Medium Scale Manufacturing 6.6 21.6 33.9 31.4 20.2 17.3 18.8 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 Small Scale and Cottage Industries 20.4 12.0 19.2 25.7 45.1 16.4 28.5 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 Electricity and Water 7.7 18.7 35.4 11.0 6.8 18.2 19.1 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 Construction 19.1 25.6 33.9 29.5 33.9 -1.2 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 9.3 Whole Sale and Retail Trade 20.8 31.9 37.7 44.3 52.4 12.4 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 32.4 Hotels and Restaurants 17.4 34.2 53.6 48.6 57.7 43.5 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 25.1 Transport and Communications 36.2 0.6 15.5 17.9 36.6 25.2 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 20.4 Financial Intermediation 22.2 35.2 20.8 36.1 58.9 2.5 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 22.6 Real Estate, Renting and Business Activities 10.8 21.8 46.7 49.4 21.6 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 33.4 Public Administration and Defense 14.3 16.2 16.5 32.0 23.3 18.2 30.3 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 Education 15.7 27.0 27.4 28.2 19.3 19.6 12.4 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 Health and Social Work 22.3 14.9 21.9 32.9 21.0 18.5 25.1 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 Other Community , Social & Personal Services 15.4 22.5 27.9 39.8 44.3 11.1 23.8 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 Private Households with Employed Persons 6.5 32.2 15.7 36.5 33.1 8.1 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 22.6 Total 24 25 31 45 37 12 34 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 Less : FISIM 15 47 19 38 54 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 Gross Value Added at Current Basic Prices 24 24 31 45 37 12 34 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 Taxes on Products 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 GDP at Current Market Prices 23 24 31 44 35 14 33 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 Source: MoF Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%)

Fourth Quarter 2019/20 93 National Bank of Ethiopia Quarterly Bulletin Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices Description / Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010 /11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Gross Value Added at Current Basic Prices 101,034.4 125,711.9 164,741.5 238,672.2 326,026.2 365,482.5 489,127.3 710,011.5 818,870.1 1,002,350.9 1,226,637.4 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 Taxes on Products, net 8,467.0 9,698.0 12,186.0 16,785.0 19,139.0 28,412.0 39,431.0 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 GDP at Current Market Prices 110,101.9 136,128.5 177,851.4 256,766.1 346,823.9 395,991.2 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 Incomes from ROW, net 107.3 (9.5) 263.8 316.1 (329.3) (712.8) (1,120.2) (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) Gross National Income at Current Basic Prices 101,141.7 125,702.3 165,005.3 238,988.4 325,696.9 364,769.7 488,007.1 708,351.7 816,927.4 999,436.3 1,221,362.3 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 Gross National Income at Current Market Prices 110,209.2 136,118.9 178,115.2 257,082.3 346,494.7 395,278.4 527,459.6 765,255.7 887,702.1 1,085,717.2 1,326,708.6 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 Current Transfers from ROW, net 15,334.7 18,162.9 25,444.4 34,193.9 44,191.0 59,484.8 74,261.2 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 Gross National Disposable Income 125,543.9 154,281.8 203,559.7 291,276.2 390,685.7 454,763.1 601,720.8 852,105.6 981,057.2 1,192,074.5 1,455,109.4 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 Government Final Consumption Expenditure 19,960.7 24,310.8 27,321.4 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 Private Final Consumption Expenditure 76,792.6 96,680.0 122,685.3 186,181.4 252,692.2 291,473.3 374,882.4 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 Gross Capital Formation (Investment) 31,895.7 41,836.6 47,975.7 70,003.5 96,074.6 119,166.6 164,525.7 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 Exports of Goods and Services 16,076.9 18,205.4 21,853.7 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 Imports of Goods and Services 37,776.3 48,092.4 55,087.8 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 Resource Balance (21,699.4) (29,887.0) (33,234.1) (48,246.8) (61,052.1) (74,151.0) (76,536.7) (133,497.3) (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) Gross Domestic Savings 13,348.6 15,137.6 27,844.7 33,750.0 49,064.2 54,797.0 91,351.3 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 Gross National Savings 28,790.6 33,291.0 53,553.0 68,260.1 92,926.0 113,568.9 164,492.3 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 Mid-year Population (In Million) 71.5 73.1 74.0 74.9 76.9 78.9 80.7 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 Per Capita Nominal GDP (In Birr) 1,540.9 1,862.3 2,404.1 3,428.1 4,510.5 5,016.2 6,551.5 9,268.6 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 Per Capita Real GDP (In Birr) 7,487.9 8,112.3 8,934.3 9,777.1 10,363.0 11,367.2 12,356.3 13,090.3 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 Average Exchange Rate (Birr/USD) 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 Real GDP (In USD) 61,840.7 68,310.4 75,155.1 79,219.4 76,474.6 69,615.8 61,852.2 62,777.3 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 Nominal GDP (In USD)(Million) 12,725.9 15,681.2 20,223.5 27,776.2 33,285.4 30,720.8 32,794.8 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 Per Capita Nominal GDP (In USD) 178.1 214.5 273.4 370.8 432.9 389.2 406.5 537.2 573.7 656.4 744.1 814.6 875.8 883.3 985.0 Per Capita Real GDP (In USD) 865.5 934.5 1,015.9 1,057.7 994.6 881.9 766.6 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 GDP Deflator 0.21 0.23 0.27 0.35 0.44 0.44 0.53 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 Source: Planning Commission (In Millions of Birr)

94 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Description / Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 GDP at Current Basic Prices 1.2 (2.0) 10.4 16.1 23.8 24.4 31.0 44.9 36.6 12.1 33.8 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 Taxes on Products, net 14.0 (3.6) 9.4 43.0 13.3 14.5 25.7 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 GDP at Current Market Prices 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 Incomes from ROW, net (37.6) 25.4 (10.2) (44.9) 132.1 (108.9) 2,862.9 19.8 (204.1) (116.5) (57.1) (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) Gross National Income at Current Basic Price 1.1 (1.9) 10.4 16.0 24.4 24.3 31.3 44.8 36.3 12.0 33.8 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 Gross National Income at Current Market Price 2.0 (2.1) 10.3 17.9 23.4 23.5 30.9 44.3 34.8 14.1 33.4 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 Current Transfers from ROW, net 13.8 3.1 41.5 0.5 62.5 18.4 40.1 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 Gross National Disposable Income 2.9 (1.6) 13.1 16.0 27.2 22.9 31.9 43.1 34.1 16.4 32.3 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 Government Final Consumption Expenditure (16.4) (0.9) (0.2) 14.9 16.7 21.8 12.4 34.8 22.4 10.3 25.4 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 Private Final Consumption Expenditure 5.2 2.8 15.1 7.2 33.8 25.9 26.9 51.8 35.7 15.3 28.6 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 Gross Capital Formation (Investment) 8.3 9.6 1.6 40.9 10.1 31.2 14.7 45.9 37.2 24.0 38.1 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 Exports of Goods and Services 1.7 3.0 16.6 32.0 24.5 13.2 20.0 29.6 24.4 48.1 64.8 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 Imports of Goods and Services 1.0 9.9 13.7 35.9 38.0 27.3 14.5 39.0 25.8 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 Resource Balance (0.2) (17.0) (11.1) (39.6) (50.1) (37.7) (11.2) (45.2) (26.5) (21.5) (3.2) (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) Gross Domestic Savings 27.3 (26.3) 1.7 101.0 (11.7) 13.4 83.9 21.2 45.4 11.7 66.7 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 Gross National Savings 21.4 (14.6) 20.7 45.2 18.9 15.6 60.9 27.5 36.1 22.2 44.8 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 Mid-year Population (in Million) 2.9 2.8 2.6 2.6 2.3 2.3 1.2 1.2 2.7 2.7 2.2 2.6 2.5 2.5 2.4 2.3 2.2 Per Capita GDP (Birr) (Nominal) (0.8) (4.8) 7.5 15.0 20.1 20.9 29.1 42.6 31.6 11.2 30.6 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 Per Capita GDP (Birr) (Real) 5.2 (1.2) (4.6) 10.7 9.3 8.3 10.1 9.4 6.0 9.7 8.7 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 Average Exchange Rate (Birr/USD) 2.3 2.5 0.5 0.6 0.3 0.3 1.3 5.1 12.7 23.7 25.0 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 Real GDP (USD) 5.8 (1.0) (2.6) 12.9 11.5 10.5 10.0 5.4 (3.5) (9.0) (11.2) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 GDP at Current Market Prices(USD) (0.3) (4.6) 9.8 17.3 22.6 23.2 29.0 37.3 19.8 (7.7) 6.8 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.9 Per Capita GDP (USD) (Nominal) (3.1) (7.1) 7.0 14.4 19.8 20.4 27.4 35.7 16.7 (10.1) 4.4 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 Per Capita GDP (USD) (Real) 2.8 (3.6) (5.1) 10.1 9.0 8.0 8.7 4.1 (6.0) (11.3) (13.1) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) Percentage Change in GDP Deflator (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 Source:Planning commission Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings (Inpercent)

Fourth Quarter 2019/20 95 National Bank of Ethiopia Quarterly Bulletin Table 22(A): National Non-Food Consumer Price Index, December 2016=100 Period General Index Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2007/08 Q.I 26.3 28.0 24.5 21.8 27.6 24.0 32.6 42.7 104.6 29.1 40.0 24.0 32.3 27.1 Q.II 27.4 28.6 24.7 22.6 28.2 25.2 33.0 42.5 107.7 29.4 41.5 24.1 32.7 27.7 Q.III 29.7 30.4 26.8 23.6 29.9 27.7 34.1 46.2 108.1 30.1 42.7 25.4 34.2 29.4 Q.IV 35.1 32.8 29.4 25.0 32.8 30.1 35.6 48.2 107.0 30.6 44.1 27.7 36.3 31.8 2008/09 Q.I 42.5 35.3 35.7 26.9 35.1 32.2 37.1 48.2 107.4 31.6 47.5 30.5 38.6 34.1 Q.II 40.6 36.8 36.8 28.9 36.3 33.5 38.0 52.1 106.4 33.5 49.0 31.7 39.1 35.5 Q.III 38.9 37.4 38.6 30.8 36.2 34.6 38.8 46.5 105.3 35.3 49.6 32.8 40.3 36.1 Q.IV 39.6 38.7 39.8 32.4 37.1 36.1 41.1 48.4 104.1 37.1 51.4 33.7 42.7 37.4 2009/10 Q.I 40.9 40.9 40.7 34.4 39.3 37.9 42.5 55.0 103.4 39.4 53.9 35.2 45.2 39.6 Q.II 41.1 43.0 41.3 36.3 41.6 39.5 43.9 60.2 104.8 39.9 55.6 36.9 47.4 41.6 Q.III 41.8 44.9 42.8 38.8 43.1 41.9 46.4 62.4 103.0 40.8 57.3 37.8 49.3 43.4 Q.IV 42.5 46.3 44.8 40.4 44.3 43.6 47.8 65.3 101.1 43.2 57.7 38.8 50.3 44.8 2010/11 Q.I 43.4 47.8 45.4 42.3 45.7 45.2 47.9 65.7 100.4 44.6 61.3 39.6 51.7 46.1 Q.II 45.9 51.4 50.1 45.7 48.8 49.0 50.2 72.5 100.7 49.5 72.3 42.4 56.5 49.7 Q.III 50.0 55.4 52.0 50.4 52.9 51.4 51.5 83.8 100.3 52.8 72.3 43.9 60.3 53.4 Q.IV 56.9 58.7 57.2 54.2 54.9 54.7 52.9 96.6 100.0 54.3 74.5 48.9 63.3 56.8 2011/12 Q.I 60.7 60.6 61.4 56.7 55.5 58.1 54.2 97.2 99.5 58.9 77.8 53.1 67.8 58.9 Q.II 63.5 63.3 62.2 61.7 56.7 61.2 55.6 94.7 99.2 61.9 82.7 56.3 72.8 61.3 Q.III 67.5 67.6 66.1 67.3 60.6 65.5 56.8 96.9 99.1 66.2 82.6 59.6 76.7 65.3 Q.IV 71.5 69.6 65.5 70.9 62.0 68.5 58.0 97.5 99.1 67.5 85.1 63.1 78.5 67.2 2012/13 Q.I 73.7 72.0 64.9 73.1 65.7 69.9 59.4 97.1 99.1 69.5 84.1 66.2 80.9 69.6 Q.II 74.3 74.7 68.0 73.7 68.4 73.6 70.3 98.5 99.2 72.4 84.1 68.9 82.6 72.2 Q.III 74.5 75.7 70.8 75.9 68.5 74.7 71.1 95.6 99.1 73.4 85.3 70.6 85.0 73.2 Q.IV 76.2 77.3 70.7 78.0 70.0 77.1 73.3 95.0 99.1 74.6 86.7 72.9 86.2 74.7 2013/14 Q.I 79.2 79.8 71.9 80.9 73.3 78.4 72.0 94.6 99.1 77.1 86.7 76.1 88.0 77.1 Q.II 80.3 81.8 76.9 82.9 74.4 79.9 77.7 96.7 99.1 79.3 86.7 78.1 89.0 79.0 Q.III 80.6 84.4 81.9 84.7 77.6 82.4 80.2 98.5 99.1 77.9 86.7 78.8 89.1 81.5 Q.IV 82.9 85.8 82.1 86.4 79.5 83.8 82.9 99.2 99.1 75.5 86.9 80.3 89.2 82.9 2014/15 Q.I 84.5 86.7 85.0 88.2 79.5 84.8 82.5 99.0 99.3 76.5 87.7 81.3 90.0 83.7 Q.II 85.3 88.2 86.2 91.2 81.1 86.1 83.8 99.3 99.1 79.0 87.0 81.7 91.5 85.2 Q.III 87.2 90.6 92.9 93.6 83.4 87.8 86.7 96.3 99.6 78.0 87.1 83.3 92.7 87.5 Q.IV 91.0 92.8 96.2 94.5 86.7 89.7 86.1 94.8 101.2 78.4 87.2 85.4 93.9 89.7 2015/16 Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 2019/20 QI 149.5 156.6 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 141.4 QII 153.1 158.5 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 146.8 QIII 159.6 164.5 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 153.9 QIV 171.2 179.2 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 161.9 Source: Central Statistical Agency(CSA) and NBE Staff Compilation.

96 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2007/08 Q.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Q.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Q.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Q.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Q.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Q.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Q.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Q.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Q.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Q.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 QIII 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 QIV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 QI 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Q.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Q.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Q.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 Source: CSA and NBE Staff Compilation. Table 22 (B): National Food Consumer Price Index,

Fourth Quarter 2019/20 97 National Bank of Ethiopia Quarterly Bulletin Table 22 (C): Addis Ababa Non-Food Consumer Price Index , December 2016=100 Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foo-twear Hosing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2006/07 Q.I 25.4 20.8 24.0 18.8 38.3 23.1 32.3 42.8 41.9 35.1 31.2 18.7 25.2 29.6 Q.II 26.6 22.0 24.2 19.2 39.3 23.8 33.1 45.6 44.7 38.2 34.0 19.4 25.0 30.7 Q.III 27.3 23.0 25.0 20.2 39.1 25.0 35.3 45.0 44.1 36.4 32.4 21.2 25.1 30.9 Q.IV 28.5 24.8 25.6 20.7 39.6 26.6 37.5 45.0 44.1 36.7 32.6 21.0 25.5 31.6 2007/08 Q.I 29.7 26.9 26.2 21.6 39.6 27.1 38.3 45.1 44.1 37.7 33.5 21.4 26.2 32.0 Q.II 30.3 27.0 27.1 24.4 38.6 29.6 40.3 44.8 43.9 38.9 34.5 22.6 26.9 32.9 Q.III 32.8 29.5 29.8 25.8 41.4 34.0 42.4 48.1 47.1 40.4 35.9 23.0 28.2 35.5 Q.IV 37.5 36.3 31.9 27.0 45.7 36.7 43.9 49.7 48.7 42.0 37.3 26.4 30.5 38.0 2008/09 Q.I 41.9 43.8 37.0 29.3 46.4 38.0 47.3 49.7 48.6 41.9 37.2 28.6 32.5 39.4 Q.II 42.4 42.7 39.2 31.0 48.0 39.4 48.3 55.4 54.2 45.5 40.4 29.8 33.0 41.5 Q.III 41.4 40.8 43.2 32.7 46.3 40.4 48.2 51.8 50.7 48.1 42.8 30.2 33.8 41.4 Q.IV 42.8 42.2 43.4 34.1 47.2 41.7 49.8 53.8 52.7 49.7 44.2 32.1 36.5 42.8 2009/10 Q.I 44.8 43.6 43.7 35.6 49.8 42.6 52.3 61.9 60.6 50.2 44.6 34.2 38.9 45.3 Q.II 46.1 44.2 44.3 36.4 51.6 45.4 52.9 67.1 65.7 52.0 46.2 37.4 41.3 47.3 Q.III 46.2 43.2 45.1 37.7 52.3 47.4 52.9 68.5 67.1 53.6 47.7 40.2 42.6 48.5 Q.IV 48.3 45.5 47.6 39.1 54.1 49.7 55.0 72.3 70.8 53.8 47.8 42.5 43.3 50.4 2010/11 Q.I 50.5 48.2 49.7 42.8 54.4 51.6 55.3 71.9 70.4 56.6 50.3 44.9 44.9 52.0 Q.II 53.8 49.4 55.9 47.9 59.9 56.1 56.8 80.0 78.3 65.0 57.8 46.8 48.6 57.3 Q.III 56.1 49.5 54.3 51.1 65.6 59.7 57.3 88.3 86.5 66.0 58.6 47.6 55.3 61.6 Q.IV 61.1 55.4 57.9 55.3 68.2 64.2 60.2 98.7 96.6 65.8 58.5 50.7 59.2 65.7 2011/12 Q.I 64.6 60.1 62.7 58.9 69.6 65.2 62.2 98.6 96.5 68.6 61.0 54.4 62.9 67.9 Q.II 67.3 64.2 65.6 64.5 69.2 68.5 65.3 99.1 97.1 75.1 66.8 57.3 66.4 70.6 Q.III 70.6 67.0 71.4 70.5 70.6 72.4 67.1 102.2 100.0 75.6 67.1 59.0 70.4 73.4 Q.IV 74.0 73.3 71.7 72.1 71.8 73.8 69.6 102.2 100.0 76.7 72.2 59.0 72.4 74.6 2012/13 Q.I 76.5 75.8 72.0 75.8 77.4 75.6 71.3 101.3 100.0 78.2 70.2 59.0 74.6 77.0 Q.II 77.4 74.4 72.4 80.9 80.1 76.8 73.1 101.3 100.0 81.0 70.2 64.8 77.3 79.7 Q.III 77.8 73.2 79.0 82.6 81.5 79.5 76.5 101.3 100.0 82.4 72.6 66.8 80.6 81.4 Q.IV 79.6 75.7 81.1 84.8 81.5 81.8 80.9 101.2 100.0 84.0 75.0 68.8 82.0 82.5 2013/14 Q.I 82.8 78.9 84.0 86.2 85.7 83.4 74.9 101.4 100.0 86.9 75.1 78.3 83.6 85.8 Q.II 83.8 77.6 88.6 87.4 88.7 84.8 77.2 106.0 100.0 94.4 75.1 82.8 85.6 88.6 Q.III 84.6 76.7 87.6 90.3 91.5 88.3 79.6 110.2 100.0 96.4 75.1 82.3 86.0 90.6 Q.IV 86.7 79.6 92.4 93.3 91.9 90.8 85.5 110.4 100.0 98.3 75.1 85.8 85.6 92.1 2014/15 Q.I 88.6 83.9 94.0 93.5 91.2 90.0 90.7 110.3 100.0 100.9 75.1 86.9 88.8 92.3 Q.II 88.9 84.2 94.1 94.0 91.3 90.6 94.3 109.6 100.0 97.9 75.1 87.0 89.3 92.5 Q.III 90.9 87.7 95.9 94.8 92.8 93.1 95.3 101.2 100.0 98.1 75.1 91.2 93.8 93.4 Q.IV 95.1 95.4 94.8 97.4 95.2 95.5 96.0 98.8 100.0 97.4 75.1 92.8 96.3 94.8 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 Source: Central Statisical Agency (CSA) and NBE Staff Compilation.

98 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2006/07 Q.I 20.7 22.4 19.9 16.7 19.3 17.5 16.3 38.6 20.5 19.2 Q.II 21.9 23.9 20.5 17.2 21.3 18.4 17.2 36.7 21.6 19.4 Q.III 22.9 24.5 20.9 17.8 23.8 21.5 20.0 36.7 28.9 20.7 Q.IV 24.7 25.5 22.5 20.2 27.1 20.9 19.5 37.0 44.3 21.0 2007/08 Q.I 26.7 26.3 23.0 20.9 29.2 23.4 21.9 36.1 71.8 22.3 Q.II 26.9 26.9 23.3 21.2 31.4 26.5 24.8 34.5 62.7 24.8 Q.III 29.3 29.6 23.9 22.1 34.9 36.1 33.7 39.8 63.0 26.3 Q.IV 36.1 40.5 27.3 25.0 41.9 39.8 37.2 41.3 75.1 27.5 2008/09 Q.I 43.5 52.1 31.4 29.8 40.9 42.0 39.2 50.6 80.2 27.4 Q.II 42.4 52.8 31.7 31.3 39.1 39.9 37.3 50.2 61.1 26.9 Q.III 40.6 50.5 30.7 31.5 37.2 43.7 40.8 61.7 41.2 26.7 Q.IV 41.9 51.4 32.2 33.2 40.0 48.6 45.4 66.3 32.1 26.9 2009/10 Q.I 43.3 53.8 33.7 36.6 39.6 42.3 39.5 67.7 33.5 32.7 Q.II 43.9 53.5 33.7 36.2 39.4 40.9 38.2 74.2 45.3 37.4 Q.III 42.9 50.4 34.3 35.9 39.9 41.3 38.6 72.8 45.2 37.0 QIV 45.2 51.0 36.9 37.3 40.6 45.2 42.2 73.9 62.7 35.7 2010/11 Q.I 47.9 50.7 38.6 38.5 42.9 53.9 50.4 78.7 70.3 39.7 Q.II 49.1 50.6 39.2 39.5 50.8 56.8 53.0 82.2 55.6 50.7 Q.III 49.2 49.4 38.9 40.9 54.3 60.3 56.3 72.5 60.5 65.4 Q.IV 55.0 54.8 40.1 42.6 74.4 62.1 58.0 74.1 87.9 78.1 2011/12 Q.I 59.7 58.2 47.5 46.9 77.1 54.1 50.5 74.4 102.7 81.1 Q.II 63.8 61.2 52.4 52.0 74.1 57.3 53.5 75.6 95.7 88.4 Q.III 66.6 64.1 57.0 55.8 75.5 63.3 63.3 76.7 91.6 89.7 Q.IV 72.8 71.7 68.6 58.5 79.3 65.0 68.5 77.6 95.2 86.7 2012/13 Q.I 75.4 77.3 70.9 63.4 77.9 71.8 71.8 77.6 88.6 84.6 Q.II 74.0 79.7 69.1 67.3 77.6 73.1 66.8 77.6 76.6 82.7 Q.III 72.7 78.5 73.3 69.4 79.0 80.4 59.7 77.6 73.0 79.7 Q.IV 75.2 79.8 74.3 70.1 81.6 84.0 67.8 77.6 70.9 76.4 2013/14 Q.I 78.5 82.3 75.7 71.8 81.6 83.5 75.6 77.6 76.3 78.0 Q.II 77.1 84.0 75.4 71.5 81.1 79.1 67.2 77.8 79.4 78.7 Q.III 76.2 78.1 77.6 71.6 81.2 86.3 70.4 78.0 73.4 80.3 Q.IV 79.1 78.9 81.1 73.4 83.6 87.2 69.9 82.7 95.6 89.6 2014/15 Q.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Q.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Q.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Q.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Q.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Q.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 QIII 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 QIV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 Source: Central Statistical Agency & NBE staff Compilation Table 22(D): Addis Ababa Food Consumer Price Index

Fourth Quarter 2019/20 99 National Bank of Ethiopia Quarterly Bulletin Table 22 (E1): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AFAR 2007/08 Q.I 25.2 24.7 22.6 28.1 23.7 14.1 26.7 41.4 32.0 58.1 35.7 50.3 20.9 52.1 Q.II 25.8 25.6 23.0 28.2 23.8 14.5 26.7 41.6 32.2 58.4 37.5 52.7 21.0 54.6 Q.III 26.8 26.8 23.9 28.5 24.8 14.9 29.0 42.4 34.3 62.3 38.6 54.4 22.1 54.8 Q.IV 30.4 32.4 24.8 29.7 25.6 15.1 32.4 43.3 35.1 63.7 38.6 54.3 25.8 55.6 2008/09 Q.I 35.6 40.9 25.9 34.8 27.6 15.3 34.6 41.6 35.1 63.7 40.1 56.5 30.6 58.2 Q.II 34.5 39.7 25.8 35.5 27.4 15.0 35.3 47.0 31.9 58.0 42.6 60.0 31.5 59.0 Q.III 33.4 38.3 25.8 36.5 28.4 14.7 36.0 46.0 26.2 47.6 46.3 65.2 31.8 60.1 Q.IV 34.3 39.7 26.5 38.0 28.4 15.0 38.7 49.4 27.7 50.2 46.6 65.7 32.5 61.4 2009/10 Q.I 36.3 41.7 28.6 39.1 30.4 17.0 39.4 52.1 31.9 57.8 45.5 64.1 33.5 62.6 Q.II 38.8 43.7 31.5 39.9 32.0 19.5 44.8 52.0 35.3 64.0 45.6 64.2 36.6 63.0 Q.III 39.6 43.6 33.1 41.3 33.6 20.7 47.3 54.4 37.1 67.3 44.5 62.7 36.9 63.4 Q.IV 40.6 43.9 34.1 44.0 33.5 21.9 47.8 54.4 38.2 69.4 47.1 66.3 37.7 64.8 2010/11 Q.I 41.7 44.8 35.5 44.8 33.6 23.9 48.6 50.5 37.1 67.3 49.1 69.1 38.7 64.4 Q.II 44.3 47.1 38.7 50.7 36.5 26.6 50.5 51.0 42.3 76.8 55.7 78.4 42.7 67.7 Q.III 47.6 50.6 41.9 54.9 38.3 29.6 53.8 56.2 49.1 89.1 55.7 78.4 44.6 68.7 Q.IV 52.1 54.4 45.8 55.9 40.9 34.0 52.8 61.8 59.0 107.0 57.1 80.4 48.4 70.1 2011/12 Q.I 56.0 58.6 48.4 61.8 46.1 34.3 59.7 58.4 60.9 110.4 59.6 83.8 52.8 73.0 Q.II 58.3 64.5 48.4 63.4 50.7 32.0 63.3 60.4 53.9 97.7 65.6 92.4 54.1 73.5 Q.III 60.9 71.1 50.4 68.2 52.1 32.7 66.5 65.3 57.2 100.0 70.2 0.0 54.1 75.7 Q.IV 64.5 75.6 53.2 70.1 54.4 36.8 63.6 69.9 60.3 100.0 69.8 0.0 59.7 79.4 2012/13 Q.I 67.5 79.7 55.1 67.6 59.1 40.3 60.0 71.8 65.1 100.0 72.1 0.0 61.8 79.9 Q.II 70.8 79.7 60.9 66.6 75.0 45.0 64.7 73.8 69.3 100.0 74.8 0.0 65.9 80.8 Q.III 71.2 77.0 64.0 61.7 80.2 51.3 66.2 76.8 69.3 100.0 74.0 0.0 65.9 81.5 Q.IV 75.1 78.4 69.7 57.0 83.4 64.2 68.9 81.3 69.3 100.0 74.7 0.0 68.6 83.9 2013/14 Q.I 80.4 84.4 74.3 67.6 87.2 67.6 72.3 94.5 79.4 100.0 76.3 0.0 71.6 87.3 Q.II 81.2 84.3 75.7 72.4 87.3 68.7 71.7 98.7 79.4 100.0 84.8 0.0 72.7 89.8 Q.III 79.1 82.9 73.2 66.1 91.0 61.0 73.3 106.4 79.4 100.0 86.2 0.0 74.2 92.3 Q.IV 76.2 85.8 65.7 59.1 91.3 42.0 74.8 105.8 83.2 100.0 85.5 0.0 78.3 95.0 2014/15 Q.I 77.0 87.7 65.5 60.9 91.1 38.7 77.0 108.3 92.0 100.0 87.9 0.0 77.6 108.5 Q.II 77.9 87.3 67.5 60.5 94.0 42.8 79.0 112.5 91.8 100.0 88.6 0.0 78.6 93.1 Q.III 81.4 87.6 73.5 73.6 91.0 55.0 78.6 111.6 94.7 100.0 87.6 0.0 80.5 94.6 Q.IV 87.8 94.0 79.5 87.3 91.4 63.0 87.9 114.7 95.8 100.0 87.1 0.0 83.4 93.7 2015/16 Q.I 92.2 103.7 79.6 90.0 96.2 57.6 91.0 115.8 93.2 100.0 95.4 0.0 87.5 97.0 Q.II 92.5 101.8 81.6 83.0 96.8 61.9 94.7 121.8 99.3 100.0 95.7 0.0 93.1 97.6 Q.III 96.9 99.6 94.1 106.9 92.6 87.1 99.8 125.7 96.2 100.0 99.2 0.0 92.3 97.4 Q.IV 101.2 101.6 100.7 99.9 98.6 103.0 100.7 122.6 96.9 100.0 100.5 0.0 94.4 95.2 2016/17 QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 QIV 158.7 174.6 143.2 134.0 156.7 125.6 169.5 101.2 222.3 104.6 192.7 127.2 153.7 150.3 Source: Central Statistical Agency

100 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AMHARA 2007/08 Q.I 28.0 28.7 27.2 26.0 28.3 26.8 22.1 36.2 49.6 52.1 35.9 46.8 23.8 34.0 Q.II 28.9 30.5 27.3 25.8 27.9 26.6 23.4 37.1 50.0 52.5 36.7 47.9 25.0 35.3 Q.III 30.1 31.7 28.5 28.2 29.1 27.5 25.4 39.9 55.4 58.2 38.0 49.6 26.5 37.4 Q.IV 34.0 38.6 29.6 31.9 29.8 28.0 27.5 42.2 58.2 61.1 39.4 51.5 28.6 39.7 2008/09 Q.I 41.2 50.7 32.2 41.9 31.4 30.0 29.6 41.3 58.2 61.1 41.0 53.5 32.2 41.3 Q.II 40.4 48.2 32.9 42.9 33.8 30.3 30.6 40.8 59.0 62.0 42.6 55.6 33.8 40.9 Q.III 38.2 43.1 33.5 43.1 35.7 30.3 32.8 43.3 54.0 56.7 44.6 58.3 34.7 42.0 Q.IV 38.6 42.3 35.0 45.4 38.1 31.5 34.3 45.8 55.0 57.8 48.3 63.1 35.1 43.8 2009/10 Q.I 40.5 43.8 37.3 45.4 40.3 34.3 35.7 47.2 58.1 61.1 50.4 65.8 36.7 46.5 Q.II 41.3 42.9 39.7 45.3 42.9 37.0 37.1 51.2 58.3 61.3 52.1 68.1 38.3 48.9 Q.III 41.7 42.2 41.2 46.0 46.3 38.1 38.5 54.2 60.9 64.0 52.6 68.7 39.4 50.5 Q.IV 42.5 42.8 42.1 50.1 48.7 38.5 39.7 55.5 63.5 66.6 54.3 70.8 39.4 51.0 2010/11 Q.I 43.8 43.6 43.9 51.1 50.7 40.6 40.8 56.2 62.2 65.3 58.4 76.3 40.3 52.5 Q.II 46.7 44.8 48.4 54.9 56.0 45.4 43.7 57.6 65.6 68.9 66.7 87.1 42.7 57.7 Q.III 49.7 47.0 52.2 55.9 61.5 49.3 46.2 57.8 81.7 85.8 67.1 87.6 44.2 61.0 Q.IV 55.4 56.6 54.3 61.4 66.4 50.1 49.2 58.8 90.2 94.7 69.7 91.0 47.5 63.1 2011/12 Q.I 59.8 63.0 56.6 66.9 70.8 51.2 52.3 59.3 90.6 95.2 73.0 95.3 51.7 70.3 Q.II 62.6 66.7 58.6 62.5 76.1 52.2 54.4 58.0 82.9 87.1 75.9 99.1 54.9 73.8 Q.III 65.1 68.6 61.5 64.7 79.7 55.1 56.4 58.8 84.0 87.0 79.4 100.0 57.8 74.9 Q.IV 68.7 74.4 63.2 69.7 81.6 55.3 58.4 60.1 83.9 87.0 84.2 100.0 60.4 76.5 2012/13 Q.I 71.9 79.1 64.9 73.1 82.7 56.4 59.4 61.6 85.2 87.0 84.2 100.0 63.4 77.5 Q.II 73.2 78.5 68.0 74.9 83.9 59.1 68.8 63.4 88.5 87.0 81.1 100.0 65.3 84.5 Q.III 73.6 78.1 69.3 76.1 84.6 59.0 72.2 68.8 86.6 87.0 82.3 100.0 68.4 85.8 Q.IV 75.6 80.3 71.0 78.6 87.5 59.9 73.8 73.3 83.2 87.0 84.3 100.0 71.2 87.3 2013/14 Q.I 77.7 83.6 72.0 81.1 88.7 60.2 74.3 76.0 78.7 87.0 84.1 100.0 73.4 88.1 Q.II 79.1 83.0 75.17197753 86.8 88.8 64.1 76.3 82.5 81.7 87.0 86.5 100.0 76.6 89.9 Q.III 79.5 81.5 77.36613529 89.6 91.3 67.2 78.5 85.6 83.8 87.0 87.7 100.0 77.3 90.6 Q.IV 80.8 82.7 78.7695656 89.1 92.1 69.3 82.3 87.6 84.1 87.0 87.8 100.0 77.9 91.3 2014/15 Q.I 81.6 83.8 79.4 90.7 93.9 68.9 82.8 89.0 84.3 88.4 88.1 108.3 79.3 91.6 Q.II 82.4 84.0 80.7 91.7 99.1 69.7 83.6 92.6 85.9 87.0 88.0 100.0 80.2 91.9 Q.III 83.7 84.7 82.6 92.7 101.9 72.4 85.4 93.5 86.0 90.0 89.2 100.0 81.3 92.6 Q.IV 85.8 86.3 85.1 96.3 101.3 75.9 88.1 89.5 85.5 99.5 89.8 100.0 83.9 93.4 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 Source: Central Statistical Agency Table 22 (E2): Regional States’ Consumer Price Indices (Non-Food)

Fourth Quarter 2019/20 101 National Bank of Ethiopia Quarterly Bulletin Table 22 (E3): Regional States’ Consumer Price Indices (Non-Food) December 2016= 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity,Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods BENISHANGUL GUMUZ 2007/08 Q.I 28.9 27.1 32.3 22.7 18.7 49.8 23.6 45.8 64.7 68.5 39.2 47.4 28.4 35.0 Q.II 31.0 29.9 33.6 23.3 19.8 51.9 24.1 49.0 64.0 67.8 39.8 48.2 30.2 36.1 Q.III 33.6 33.8 34.8 24.8 21.7 51.6 25.5 51.0 63.6 67.4 43.0 52.0 32.3 38.6 Q.IV 37.3 39.1 36.7 26.5 23.1 53.7 27.6 54.4 63.6 67.4 44.3 53.6 35.3 41.0 2008/09 Q.I 48.7 57.2 40.3 31.3 24.1 56.8 32.7 61.0 63.6 67.4 56.0 67.7 38.4 43.2 Q.II 46.0 51.0 41.7 31.1 26.4 57.3 34.5 63.0 67.7 71.7 58.7 71.0 39.1 44.2 Q.III 42.8 44.4 42.6 32.5 27.4 58.2 35.8 67.8 61.7 65.4 59.1 71.6 41.4 45.3 Q.IV 43.8 45.4 43.6 34.5 27.1 61.2 35.9 67.1 62.1 65.8 61.1 74.0 42.6 46.0 2009/10 Q.I 46.8 49.5 45.4 34.8 27.7 62.6 40.4 68.3 66.6 70.6 61.5 74.5 45.3 48.3 Q.II 45.6 45.1 48.0 34.5 31.3 66.5 42.1 68.0 71.5 75.8 63.3 76.7 47.6 50.0 Q.III 43.6 40.8 48.9 37.0 35.1 63.4 43.8 71.6 74.5 78.9 64.4 77.9 50.9 52.0 Q.IV 43.6 39.5 50.4 40.4 35.7 65.7 45.0 69.7 76.2 80.8 65.4 79.2 56.1 53.2 2010/11 Q.I 43.3 38.1 51.6 40.4 39.4 62.8 49.0 68.5 75.4 79.9 67.5 81.7 58.1 53.1 Q.II 46.2 39.2 56.6 43.8 45.1 67.3 56.1 71.7 80.5 85.3 72.8 88.1 59.4 59.8 Q.III 49.4 44.0 58.0 44.7 49.4 64.0 57.9 73.0 86.8 91.9 73.4 88.9 53.8 64.0 Q.IV 59.6 60.5 60.9 51.5 52.2 65.1 61.2 71.4 99.1 105.0 76.0 92.0 67.9 70.5 2011/12 Q.I 66.0 70.9 62.6 50.4 55.1 60.8 66.7 62.4 99.1 105.0 79.1 95.7 73.9 77.3 Q.II 70.8 76.5 65.6 49.6 63.0 60.3 69.1 65.7 92.8 98.3 82.1 99.3 72.5 81.2 Q.III 74.2 76.1 71.8 53.3 68.7 70.2 74.9 66.0 98.4 100.0 83.7 0.0 73.8 84.2 Q.IV 79.0 81.1 76.2 58.8 73.7 75.8 78.7 66.6 106.4 100.0 82.9 0.0 75.6 88.7 2012/13 Q.I 82.1 84.6 78.8 62.1 73.5 82.2 78.9 67.3 106.5 100.0 85.0 0.0 77.6 89.2 Q.II 82.2 83.4 80.6 69.9 79.9 81.2 80.2 71.0 99.5 100.0 86.9 0.0 78.6 90.9 Q.III 81.4 79.9 83.3 71.5 80.6 89.6 78.7 72.6 96.4 100.0 88.6 0.0 79.6 91.3 Q.IV 81.7 79.6 84.5 69.4 80.7 92.7 79.4 79.3 97.1 100.0 89.8 0.0 81.0 91.0 2013/14 Q.I 86.6 87.2 85.9 69.5 82.0 93.4 81.5 81.7 97.8 100.0 90.4 0.0 84.4 93.4 Q.II 91.3 92.7 89.4 80.0 82.8 97.0 83.8 91.0 100.7 100.0 90.5 0.0 86.3 94.7 Q.III 89.2 85.0 94.7 87.4 89.1 108.4 83.7 92.3 102.9 100.0 90.9 0.0 86.4 95.4 Q.IV 89.9 85.4 95.9 94.0 92.6 106.4 84.2 92.4 103.2 100.0 91.1 0.0 89.6 96.5 2014/15 Q.I 88.0 83.9 93.6 89.4 93.4 99.1 87.5 91.6 101.9 100.0 91.0 0.0 88.3 95.8 Q.II 88.4 84.9 93.2 83.9 94.8 98.5 87.9 83.4 100.5 100.0 92.0 0.0 91.8 94.9 Q.III 89.1 88.1 90.5 85.5 97.6 85.7 91.0 83.9 100.3 100.0 92.4 0.0 92.0 95.7 Q.IV 91.2 90.6 91.9 87.7 98.4 87.9 91.7 84.5 99.5 100.0 93.0 0.0 93.9 95.0 2015/16 Q.I 97.2 99.9 93.7 84.1 100.0 93.6 94.9 85.9 99.8 100.0 93.8 0.0 92.2 95.8 Q.II 98.4 99.9 96.4 88.6 101.5 97.6 97.0 94.3 100.1 100.0 94.0 0.0 92.1 98.3 Q.III 96.1 94.6 98.0 92.5 101.5 98.0 99.7 96.8 103.3 100.0 96.1 0.0 95.2 98.7 Q.IV 96.6 95.9 97.5 92.8 101.7 91.6 101.0 134.6 99.1 100.0 96.6 0.0 94.4 101.4 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 2019/20 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 Source: Central Statistical Agency

102 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods DIRE DAWA 2007/08 Q.I 27.3 28.0 28.8 17.8 24.9 29.3 30.2 35.9 62.6 76.7 44.9 60.1 16.0 39.8 Q.II 28.1 28.7 30.0 18.1 26.0 29.8 33.6 40.5 62.6 76.7 45.8 61.3 18.1 40.2 Q.III 30.5 32.3 31.1 18.7 27.0 30.1 36.3 42.9 65.3 80.0 48.2 64.5 18.0 41.3 Q.IV 34.5 38.5 32.8 19.3 28.5 33.0 38.3 43.1 65.6 80.4 49.5 66.1 18.5 41.3 2008/09 Q.I 39.6 47.2 34.4 22.8 28.6 35.6 40.0 47.4 64.0 78.4 51.8 69.3 22.7 42.7 Q.II 40.2 47.4 35.4 23.1 30.9 35.5 42.7 48.4 62.2 76.2 54.5 72.9 28.5 43.2 Q.III 40.0 46.6 35.9 23.3 32.1 35.0 44.7 49.5 60.5 74.2 56.5 75.6 29.3 43.6 Q.IV 40.7 46.7 37.3 24.3 33.3 36.4 48.0 49.3 61.6 75.5 56.7 75.9 32.3 45.4 2009/10 Q.I 41.5 47.5 38.3 25.3 34.1 38.1 48.0 50.7 62.8 77.0 57.4 76.8 31.8 47.4 Q.II 41.8 46.6 40.0 26.4 36.2 38.7 51.2 52.3 64.5 79.0 63.5 85.0 31.3 48.0 Q.III 42.6 47.5 40.9 26.5 36.9 38.9 54.2 53.6 65.5 80.3 64.1 85.8 33.2 49.5 Q.IV 43.3 48.3 41.3 28.8 35.9 39.6 56.5 52.7 66.0 80.8 64.6 86.4 34.1 50.6 2010/11 Q.I 43.9 48.3 42.8 31.0 37.1 41.2 60.5 55.1 66.2 81.1 61.3 82.0 33.0 51.9 Q.II 46.9 50.9 46.4 33.1 39.6 45.8 65.1 55.4 69.4 85.0 70.3 94.1 37.4 52.5 Q.III 49.0 53.5 48.2 37.6 42.9 49.4 61.6 57.6 73.0 89.4 68.7 91.9 39.8 53.3 Q.IV 54.4 62.4 50.0 38.5 44.4 52.0 60.3 64.0 85.3 104.5 65.8 88.0 45.5 54.2 2011/12 Q.I 57.7 68.0 51.0 43.5 46.0 52.7 62.4 61.1 82.3 100.8 66.0 88.3 50.7 56.0 Q.II 59.1 69.6 52.2 44.4 47.3 51.9 64.0 70.6 81.8 100.2 74.4 99.5 49.1 58.7 Q.III 61.4 71.4 55.2 43.5 53.8 53.6 65.7 79.8 84.8 100.0 74.4 100.0 56.2 62.4 Q.IV 63.5 75.3 56.0 38.2 57.5 55.7 67.2 80.1 91.2 100.0 75.7 100.0 63.4 64.0 2012/13 Q.I 64.8 77.8 56.7 33.4 59.0 60.8 69.7 79.7 91.2 100.0 75.7 100.0 65.8 64.1 Q.II 67.5 77.7 61.1 45.5 65.0 61.1 70.0 81.7 93.2 100.0 77.7 100.0 66.3 64.2 Q.III 68.2 76.0 63.4 48.8 65.8 63.0 73.0 87.7 99.0 100.0 76.8 100.0 68.2 65.1 Q.IV 68.3 78.3 62.1 33.1 69.9 70.4 73.7 88.7 100.0 100.0 79.8 100.0 72.1 66.7 2013/14 Q.I 73.5 84.6 66.6 34.9 70.5 85.2 74.6 91.0 98.4 100.0 80.5 100.0 69.9 68.9 Q.II 79.9 84.4 77.1 53.6 76.8 97.2 76.3 93.3 100.0 100.0 84.7 100.0 76.6 71.2 Q.III 80.2 81.4 79.5 62.4 78.0 92.6 83.7 93.7 97.4 100.0 86.5 100.0 78.8 75.9 Q.IV 80.7 81.6 80.2 65.6 77.7 91.9 85.3 94.4 96.2 100.0 86.5 100.0 79.0 76.5 2014/15 Q.I 84.6 88.0 82.4 67.7 78.9 93.8 86.6 100.0 99.5 100.0 92.1 100.0 82.6 79.3 Q.II 83.8 89.7 80.2 61.9 79.6 93.9 87.4 100.2 103.0 100.0 92.1 100.0 75.9 80.6 Q.III 87.7 89.7 86.4 80.5 83.1 94.3 88.6 96.3 98.9 100.0 92.4 100.0 78.0 84.7 Q.IV 92.7 90.7 94.0 108.5 82.9 94.8 89.9 95.7 96.2 100.0 94.0 100.0 73.7 86.1 2015/16 Q.I 90.6 90.4 90.7 84.8 89.3 97.4 95.0 96.5 95.7 100.0 97.9 100.0 85.8 87.6 Q.II 90.4 91.2 89.9 79.0 93.6 95.6 94.6 96.1 94.3 100.0 97.9 100.0 93.2 87.1 Q.III 97.0 92.4 99.8 111.4 94.0 95.7 95.2 97.9 96.2 100.0 97.8 100.0 94.0 93.3 Q.IV 97.2 97.7 96.9 97.2 95.9 95.2 99.4 99.1 96.2 100.0 97.8 100.0 99.1 95.0 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 Source: Central Statistical Agency Table 22 (E4): Regional States’ Consumer Price Indices (Non-Food)

Fourth Quarter 2019/20 103 National Bank of Ethiopia Quarterly Bulletin Table 22 (E5): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods GAMBELLA 2007/08 Q.I 26.9 23.8 33.0 34.2 26.3 49.1 24.8 29.7 38.5 55.6 20.8 33.8 26.9 39.0 Q.II 27.9 25.1 33.3 33.5 27.6 49.4 25.8 29.9 38.5 55.6 21.0 34.0 28.1 39.5 Q.III 29.3 26.3 35.2 35.5 29.5 50.7 29.2 30.3 42.1 60.9 21.7 35.2 29.8 39.2 Q.IV 33.6 31.4 37.8 36.4 31.0 56.1 34.4 31.6 43.9 63.5 22.2 36.0 31.3 39.7 2008/09 Q.I 50.2 52.7 45.1 45.9 35.8 66.5 40.8 32.7 43.9 63.5 23.3 37.7 36.5 43.4 Q.II 47.2 46.2 48.9 50.9 38.4 72.9 40.4 33.9 43.4 62.8 27.5 44.6 36.4 43.4 Q.III 42.2 39.5 47.3 50.7 37.0 68.1 40.0 33.9 42.6 61.6 28.5 46.2 36.4 43.0 Q.IV 44.3 42.1 48.3 52.5 37.3 70.0 39.6 36.1 43.1 62.3 30.4 49.2 36.5 43.6 2009/10 Q.I 47.0 45.4 49.9 53.4 37.6 75.3 38.8 38.6 43.8 63.3 32.0 51.9 36.6 44.6 Q.II 43.7 40.6 49.7 54.7 38.5 69.9 41.7 40.2 50.6 73.2 31.9 51.7 37.3 45.8 Q.III 43.5 39.2 51.7 56.8 39.0 74.4 43.2 40.7 54.1 78.1 34.6 56.1 39.6 46.0 Q.IV 43.7 38.4 53.9 59.7 38.7 79.5 44.8 42.3 54.4 78.7 37.5 60.8 39.7 46.5 2010/11 Q.I 44.6 39.4 54.6 57.5 40.4 80.9 47.5 42.6 55.2 79.7 42.0 68.2 41.6 46.5 Q.II 47.2 41.6 58.0 61.2 44.1 85.8 50.2 44.8 56.5 81.6 45.2 73.2 48.0 48.3 Q.III 49.3 43.4 60.9 66.1 45.6 87.4 55.5 47.6 56.6 81.9 48.6 78.7 43.3 49.8 Q.IV 56.8 52.9 64.3 72.5 48.6 88.5 60.8 48.6 61.6 89.1 51.6 83.7 48.6 51.5 2011/12 Q.I 63.5 60.7 68.7 82.9 51.3 88.5 65.6 48.2 64.1 92.7 54.7 88.6 50.8 55.6 Q.II 67.9 66.3 70.7 80.8 53.1 92.9 67.2 49.1 66.1 95.5 58.7 95.1 54.7 58.7 Q.III 71.2 71.3 71.9 81.7 57.7 88.8 70.2 50.4 71.1 100.0 61.5 0.0 59.8 62.1 Q.IV 75.5 76.9 74.6 83.1 64.0 90.3 72.2 50.3 75.5 100.0 62.6 0.0 64.7 64.9 2012/13 Q.I 77.9 78.8 77.6 92.8 65.8 93.9 75.0 52.4 77.0 100.0 62.8 0.0 66.4 64.1 Q.II 76.8 75.0 79.7 94.0 70.5 92.2 77.6 56.5 78.0 100.0 67.8 0.0 69.4 70.8 Q.III 77.0 74.1 81.2 90.9 72.0 93.5 78.4 58.8 78.9 100.0 73.5 0.0 70.3 81.5 Q.IV 80.0 78.1 83.1 86.3 73.5 93.0 85.9 64.1 79.8 100.0 78.4 0.0 71.0 85.7 2013/14 Q.I 83.5 81.4 86.8 90.0 78.6 104.4 85.1 65.6 80.8 100.0 82.8 0.0 71.3 85.8 Q.II 84.7 82.3 88.4 93.9 82.0 105.0 86.2 67.9 81.3 100.0 82.5 0.0 74.0 86.2 Q.III 84.9 81.7 89.5 94.1 83.2 103.4 90.4 69.9 81.3 100.0 83.7 0.0 75.2 89.0 Q.IV 87.9 85.9 91.2 95.6 82.9 110.0 88.9 74.0 79.3 100.0 82.5 0.0 78.3 89.3 2014/15 Q.I 89.3 86.6 93.4 97.8 79.8 121.3 87.8 74.4 83.0 100.0 84.3 0.0 76.5 88.7 Q.II 86.1 84.0 89.5 97.7 80.7 102.1 87.8 75.3 84.3 100.0 85.2 0.0 79.0 86.0 Q.III 87.9 87.1 89.7 95.8 84.8 96.9 88.9 79.2 85.9 100.0 86.9 0.0 80.7 90.1 Q.IV 90.0 88.8 92.4 102.8 87.6 103.3 90.5 78.5 86.1 100.0 82.2 0.0 79.6 91.2 2015/16 Q.I 95.9 96.8 95.8 114.9 94.0 103.3 91.6 81.2 86.5 100.0 87.3 0.0 83.3 94.7 QII 94.9 93.2 97.9 111.0 92.3 106.2 92.8 82.0 100.5 100.0 89.9 0.0 89.0 98.0 QIII 94.7 93.1 97.6 105.4 92.0 105.6 95.9 84.4 100.7 100.0 90.0 0.0 92.3 90.4 QIV 97.9 98.0 97.7 111.6 93.0 100.9 98.6 87.9 91.3 100.0 91.5 0.0 92.5 92.4 2016/17 QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 QIII 149.0 159.3 137.2 190.5 153.0 124.0 140.0 89.3 151.3 121.7 152.2 163.0 160.4 116.6 QIV 165.7 181.3 147.8 250.2 159.3 132.4 151.9 94.0 148.7 120.0 144.8 145.2 150.6 118.6 Source: Central Statistical Agency

104 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods HARARI 2007/08 Q.I 24.6 19.2 31.8 21.0 24.9 54.7 31.0 33.5 56.6 60.6 27.1 51.4 23.4 27.4 Q.II 25.2 19.7 32.4 21.3 27.2 54.0 32.1 34.0 56.6 60.6 27.3 51.7 23.8 27.9 Q.III 27.0 21.5 34.3 21.1 28.6 58.2 33.7 33.3 64.6 69.1 27.1 51.3 25.8 28.2 Q.IV 32.9 28.4 38.1 22.4 31.3 67.6 36.8 31.9 68.6 73.4 28.5 54.0 29.9 30.2 2008/09 Q.I 38.8 35.7 40.7 28.0 35.0 70.2 38.7 32.8 73.8 79.0 29.5 56.0 35.4 32.2 Q.II 39.1 35.2 42.2 29.3 36.6 72.9 40.2 35.7 73.9 79.1 31.0 58.8 37.6 33.6 Q.III 38.7 34.1 42.5 35.2 39.1 69.8 42.1 35.7 67.2 71.9 32.0 60.6 37.6 33.7 Q.IV 39.6 34.7 43.6 37.4 40.8 69.6 44.4 35.2 67.6 72.3 33.8 64.0 37.9 34.0 2009/10 Q.I 40.6 35.0 46.0 37.9 42.7 73.1 46.5 67.2 72.5 77.6 35.7 67.7 38.8 34.8 Q.II 41.1 35.1 46.9 38.8 43.8 71.5 49.7 83.6 74.1 79.3 37.9 71.8 39.2 35.1 Q.III 42.2 36.4 47.6 39.4 43.7 74.2 50.9 84.5 72.4 77.5 38.1 72.3 40.5 35.6 Q.IV 43.0 36.8 49.0 39.3 44.6 77.9 51.4 84.1 72.6 77.7 40.6 77.0 42.1 35.4 2010/11 Q.I 44.4 38.2 50.3 41.2 46.5 79.8 51.9 85.0 72.4 77.5 42.0 79.5 43.9 35.8 Q.II 47.6 40.8 54.3 45.3 50.2 87.1 54.3 87.5 80.4 86.0 44.5 84.3 45.2 37.6 Q.III 51.3 44.8 56.9 47.1 51.1 95.4 52.7 96.5 80.6 86.3 46.4 88.0 46.0 45.1 Q.IV 55.7 48.8 61.3 49.3 53.6 104.1 58.3 92.8 85.2 91.3 49.3 93.4 50.5 56.7 2011/12 Q.I 58.7 52.4 62.4 52.9 56.2 100.7 60.2 95.2 92.6 99.1 50.6 95.9 60.9 62.0 Q.II 61.0 54.8 65.6 52.9 59.8 100.5 61.5 95.2 93.0 99.6 52.2 99.0 62.3 70.3 Q.III 65.8 61.2 70.8 55.3 63.4 100.3 64.2 102.6 93.4 100.0 49.8 100.0 65.0 74.4 Q.IV 69.4 67.9 71.1 54.4 64.9 100.7 65.6 96.9 96.2 100.0 48.7 100.0 70.3 74.7 2012/13 Q.I 70.1 70.1 70.0 50.8 66.9 100.2 65.2 96.2 98.3 100.0 50.6 100.0 75.0 78.2 Q.II 71.3 71.1 71.7 52.4 71.2 100.3 68.9 106.3 103.8 100.0 51.4 100.0 74.9 78.0 Q.III 72.9 69.1 76.9 63.0 74.4 100.2 71.0 115.4 103.8 100.0 52.9 100.0 76.8 79.0 Q.IV 71.3 73.2 69.3 43.5 77.2 99.9 74.3 138.5 100.0 100.0 55.6 100.0 77.8 80.3 2013/14 Q.I 76.2 78.7 73.5 51.4 77.8 102.0 76.4 105.3 100.0 100.0 60.1 100.0 83.7 81.7 Q.II 77.9 78.4 77.3 55.7 80.1 109.0 77.8 100.0 61.9 100.0 84.4 83.5 Q.III 81.2 76.9 85.8 71.9 82.1 113.3 78.7 100.0 102.1 100.0 61.9 100.0 86.3 87.0 Q.IV 80.7 79.2 82.4 61.8 83.9 115.1 82.9 93.3 98.8 100.0 61.6 100.0 88.5 87.2 2014/15 Q.I 82.8 84.8 80.6 56.9 83.7 116.1 84.1 100.0 59.7 100.0 87.6 87.6 Q.II 83.3 85.8 80.6 57.4 84.8 114.4 83.4 86.6 100.0 100.0 59.9 100.0 90.6 89.2 Q.III 87.4 86.2 88.6 77.4 88.5 109.7 82.6 80.0 100.0 100.0 60.1 100.0 93.2 90.0 Q.IV 87.9 90.0 85.6 70.7 89.2 107.9 85.3 80.0 100.0 100.0 61.2 100.0 92.8 91.8 2015/16 Q.I 87.6 90.6 84.5 65.3 91.0 107.9 90.3 80.0 100.0 100.0 80.9 100.0 97.1 93.8 Q.II 89.4 92.1 86.4 68.7 91.6 107.8 94.4 106.0 100.0 100.0 61.1 100.0 97.6 98.0 QIII 105.6 92.7 119.4 145.9 93.2 102.6 96.8 120.2 100.0 100.0 97.8 100.0 95.3 104.1 QIV 96.1 97.3 94.8 90.0 94.3 100.1 98.5 100.0 99.6 100.0 96.8 99.1 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 Source: Central Statistical Agency Table 22 (E6): Regional States’ Consumer Price Indices (Non-Food)

Fourth Quarter 2019/20 105 National Bank of Ethiopia Quarterly Bulletin Table 22 (E7): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods OROMIA 2007/08 Q.I 25.3 24.7 26.3 25.8 20.8 28.7 24.5 29.5 52.6 50.0 27.2 40.4 23.4 30.2 Q.II 26.6 26.4 26.9 26.0 21.9 28.9 25.4 30.3 53.3 50.7 28.4 42.1 23.6 30.2 Q.III 29.3 29.5 28.9 28.4 22.9 31.3 28.2 32.0 55.2 52.5 29.4 43.5 25.0 31.6 Q.IV 35.3 37.5 31.7 31.8 24.4 34.9 30.5 33.9 57.0 54.1 30.3 44.9 27.3 34.6 2008/09 Q.I 42.9 47.9 34.5 37.9 26.0 37.4 32.3 36.5 57.1 54.2 32.9 48.9 29.5 37.3 Q.II 40.3 43.0 35.8 39.4 27.8 38.5 33.4 37.9 60.1 57.1 33.8 50.1 30.7 38.1 Q.III 39.1 40.3 37.0 42.2 29.9 39.1 34.5 38.7 52.6 50.0 33.9 50.3 32.5 39.2 Q.IV 39.8 40.8 38.2 43.2 31.5 40.2 35.6 41.6 54.9 52.2 35.1 52.1 33.8 41.8 2009/10 Q.I 40.6 41.0 40.0 43.7 33.5 41.9 37.6 42.6 59.9 56.9 37.4 55.5 35.0 44.4 Q.II 40.1 39.3 41.6 44.3 35.1 43.8 39.0 43.4 65.1 61.9 38.4 56.9 36.5 44.7 Q.III 41.2 39.7 43.8 45.7 38.0 46.1 41.8 46.1 68.8 65.4 40.8 60.5 36.9 46.7 Q.IV 41.9 39.9 45.3 47.0 39.4 47.5 43.8 47.5 69.9 66.4 42.0 62.3 38.5 48.5 2010/11 Q.I 42.9 40.6 46.8 47.9 40.9 49.4 45.3 47.8 70.7 67.2 43.6 64.7 39.2 50.2 Q.II 45.7 43.2 50.0 53.4 43.5 51.5 50.1 50.4 77.3 73.4 52.5 77.8 42.6 54.9 Q.III 50.3 48.2 54.1 55.9 48.8 55.8 51.7 52.4 93.2 88.5 54.7 81.2 44.0 58.7 Q.IV 57.4 61.0 51.8 58.0 55.5 53.3 108.0 102.6 56.2 83.4 48.6 61.5 2011/12 Q.I 61.1 62.1 59.5 63.6 53.5 58.4 59.5 55.6 108.8 103.4 60.9 90.4 52.5 66.0 Q.II 64.1 65.1 62.5 65.3 59.1 59.1 62.9 57.4 104.2 99.0 65.0 96.4 55.9 72.9 Q.III 69.1 70.3 67.8 70.8 66.4 63.9 68.8 58.5 105.8 100.0 66.8 100.0 58.3 77.5 Q.IV 73.5 76.1 70.6 67.5 71.3 67.0 72.5 59.5 106.4 100.0 67.3 100.0 64.3 78.9 2012/13 Q.I 74.2 76.4 71.9 63.1 72.7 69.6 72.9 60.2 105.6 100.0 69.2 100.0 67.9 82.8 Q.II 74.1 75.0 73.0 67.8 69.9 70.3 75.6 67.9 106.5 100.0 63.0 100.0 69.9 84.5 Q.III 74.3 74.7 73.9 71.4 72.8 70.7 75.8 70.8 98.6 100.0 60.4 100.0 70.3 86.0 Q.IV 75.4 75.7 75.1 68.4 74.2 72.8 77.9 73.5 98.9 100.0 60.3 100.0 72.6 86.3 2013/14 Q.I 78.6 79.2 77.9 68.5 78.6 76.5 79.6 70.2 98.7 100.0 75.3 100.0 75.5 88.3 Q.II 79.9 81.3 78.4 74.3 82.0 73.3 80.7 77.7 98.9 100.0 78.5 100.0 76.0 89.1 Q.III 80.1 79.0 81.4 81.7 83.2 77.4 83.7 79.9 100.9 100.0 74.5 100.0 76.6 89.0 Q.IV 83.0 82.4 83.6 79.6 85.0 82.2 84.9 83.3 101.6 100.0 67.9 100.0 78.9 89.6 2014/15 Q.I 86.0 87.0 84.8 84.6 87.6 81.8 86.4 80.8 101.5 100.0 78.5 100.0 79.6 90.1 Q.II 87.3 87.7 86.9 87.8 90.9 84.5 88.2 81.1 101.1 100.0 79.2 100.0 80.0 91.4 Q.III 91.0 91.3 90.7 97.8 93.4 89.1 90.3 84.3 99.8 100.0 80.2 100.0 82.1 92.6 Q.IV 96.0 98.3 93.4 99.0 95.0 94.3 91.9 84.0 98.9 100.0 81.0 100.0 84.5 93.9 2015/16 Q.I 100.0 105.6 93.6 95.6 96.6 93.5 93.3 87.1 99.1 102.4 83.5 100.0 87.3 94.6 Q.II 99.6 104.0 94.7 97.3 97.5 93.3 95.2 93.9 98.8 100.0 88.7 100.0 89.8 96.1 QIII 98.8 100.5 96.9 102.7 98.9 95.0 98.7 93.9 99.1 100.0 92.0 100.0 91.7 97.2 QIV 100.7 102.7 98.4 90.9 99.8 101.2 99.1 98.1 96.1 100.0 95.4 100.0 94.3 98.8 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 2018/19 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 Source: Central Statistical Agency

106 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SNNPR 2007/08 Q.I 24.5 22.4 26.9 24.0 20.9 28.0 26.3 29.4 45.1 61.7 37.8 58.2 27.0 36.4 Q.II 25.7 23.4 28.2 24.3 21.8 30.1 27.9 28.5 44.7 61.1 37.9 58.2 23.9 37.2 Q.III 28.2 26.3 30.1 26.7 22.8 32.4 29.8 29.1 52.2 71.3 38.6 59.4 25.1 38.2 Q.IV 34.7 34.4 33.4 29.1 24.7 37.3 33.5 30.7 55.3 75.6 39.2 60.3 27.3 39.6 2008/09 Q.I 41.8 43.6 36.6 35.3 26.9 39.9 35.9 30.6 55.3 75.6 40.0 61.6 29.4 41.4 Q.II 38.9 38.0 38.5 36.2 29.2 42.0 37.7 31.3 56.5 77.2 42.7 65.7 30.3 42.4 Q.III 37.4 35.5 38.7 36.5 31.2 40.8 38.7 32.5 51.4 70.3 46.2 71.1 31.2 43.5 Q.IV 38.6 36.8 39.8 37.9 32.6 41.3 41.3 34.2 52.5 71.8 47.4 72.9 31.8 44.9 2009/10 Q.I 39.8 37.2 42.3 39.0 34.6 44.6 43.3 34.8 56.7 77.4 50.0 76.9 33.2 47.6 Q.II 40.7 37.0 45.1 39.7 36.5 48.4 45.0 36.0 61.1 83.5 51.4 79.0 35.0 54.4 Q.III 41.2 36.8 46.7 41.9 38.8 49.5 47.5 38.4 63.6 86.9 49.8 76.6 35.9 58.0 Q.IV 41.2 35.8 48.5 46.2 40.4 51.3 49.4 40.0 65.1 88.9 50.9 78.3 37.3 58.6 2010/11 Q.I 41.8 35.9 49.9 44.8 42.8 52.5 51.6 39.2 64.9 88.7 53.2 81.9 37.9 59.3 Q.II 44.6 38.2 53.3 50.4 46.0 56.4 54.3 41.5 68.9 94.1 57.3 88.2 41.1 64.1 Q.III 50.2 44.6 57.1 51.8 49.9 61.4 58.6 42.4 74.0 101.1 58.0 89.2 43.3 67.8 Q.IV 58.5 55.5 60.8 58.8 54.1 64.4 61.2 44.2 84.5 115.5 58.9 90.6 50.7 71.7 2011/12 Q.I 63.7 59.5 67.8 66.1 56.1 64.0 64.3 45.4 340.0 464.6 61.6 94.8 55.1 75.0 Q.II 63.8 61.0 65.4 64.1 59.5 66.9 67.8 46.1 82.1 112.1 63.8 98.1 59.0 78.1 Q.III 68.9 66.4 70.0 65.7 63.6 72.6 71.0 46.9 81.8 112.4 67.7 99.0 64.2 82.5 Q.IV 73.3 72.9 71.1 66.2 66.4 72.4 73.8 48.3 82.0 112.4 68.8 99.0 68.0 84.6 2012/13 Q.I 76.3 74.7 75.9 69.7 70.4 79.7 77.2 50.8 80.3 112.5 72.6 99.0 70.9 85.8 Q.II 77.7 73.8 80.6 71.1 73.9 86.2 78.9 78.9 83.3 112.8 75.8 99.0 72.5 81.9 Q.III 78.2 74.4 80.9 73.6 75.6 85.1 80.2 71.7 86.1 112.7 78.7 99.0 73.2 87.5 Q.IV 79.8 76.1 82.2 76.1 77.9 85.5 81.9 70.2 87.3 112.4 79.9 100.0 75.4 89.9 2013/14 Q.I 83.3 79.2 86.1 78.0 80.2 92.3 83.3 71.7 91.3 112.4 80.6 100.0 77.7 90.9 Q.II 84.0 78.7 88.8 78.6 81.5 97.2 84.0 75.0 89.5 112.4 82.0 100.0 78.9 91.8 Q.III 85.2 79.6 90.3 80.1 83.1 99.0 86.5 77.3 86.5 112.4 80.0 100.0 80.2 92.5 Q.IV 86.9 81.6 91.6 83.0 99.3 89.0 77.9 88.5 112.4 81.4 100.0 81.0 93.0 93.0 2014/15 Q.I 87.3 81.8 91.8 84.9 98.3 89.5 79.6 85.6 112.4 86.5 100.0 82.3 93.3 93.3 Q.II 87.0 81.3 91.6 85.3 89.2 96.3 90.9 80.5 87.8 112.4 90.3 100.0 82.8 94.8 Q.III 88.7 83.7 92.8 88.3 91.6 97.2 91.4 84.2 82.3 112.4 88.4 100.0 83.3 95.3 Q.IV 91.3 90.5 92.0 90.4 92.1 94.1 92.7 85.4 78.1 112.8 87.9 100.0 84.5 95.7 2015/16 Q.I 92.9 92.4 93.2 89.9 92.1 95.6 94.3 84.3 81.6 113.8 96.5 100.0 89.1 96.4 Q.II 92.1 88.9 94.8 92.6 93.5 96.7 96.5 87.1 84.4 112.9 91.8 100.0 91.5 97.1 QIII 94.2 91.5 96.3 93.8 95.0 98.9 98.1 89.3 84.2 104.2 95.5 100.0 91.8 98.3 QIV 97.9 96.3 99.3 95.1 95.0 103.9 99.8 93.6 86.4 112.4 96.3 100.0 94.1 98.3 2016/17 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2018/19 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 Source: Central Statistical Agency Table 22 (E8): Regional States’ Consumer Price Indices (Non-Food)

Fourth Quarter 2019/20 107 National Bank of Ethiopia Quarterly Bulletin Table 22 (E9): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SOMALI 2007/08 Q.I 21.9 22.8 22.5 21.78 28.4 17.2 26.4 29.4 39.6 49.9 25.9 50.9 25.1 29.4 Q.II 22.7 23.6 23.1 22.54 29.7 17.6 26.9 31.2 39.2 49.4 26.0 51.2 24.3 30.1 Q.III 24.7 26.4 24.1 22.50 31.1 18.6 28.1 31.3 41.6 52.4 27.5 54.0 25.3 30.6 Q.IV 28.6 32.0 25.4 22.23 33.6 19.3 32.4 32.3 43.2 54.5 27.3 53.7 27.7 31.2 2008/09 Q.I 35.9 43.4 26.4 24.92 33.6 19.7 35.7 35.2 44.6 56.2 26.9 52.9 32.4 35.4 Q.II 34.5 39.7 28.6 26.66 34.9 22.3 37.7 37.3 46.0 58.0 28.5 56.1 32.9 37.6 Q.III 34.7 40.0 28.8 26.84 36.2 21.9 41.1 30.4 46.1 58.1 28.3 55.7 33.2 38.6 Q.IV 36.2 41.7 30.0 28.18 37.6 22.7 44.2 32.1 46.3 58.3 30.4 59.7 36.0 39.4 2009/10 Q.I 36.9 42.3 31.2 30.95 38.8 23.1 44.6 35.8 47.1 59.4 33.6 66.1 37.5 39.5 Q.II 37.9 42.7 33.2 31.31 42.5 24.7 46.2 41.9 49.0 61.8 35.0 68.8 41.2 41.6 Q.III 39.0 43.1 35.6 32.02 44.2 27.7 48.2 48.4 52.0 65.5 35.9 70.5 42.2 44.9 Q.IV 39.1 42.9 36.1 33.99 44.7 28.1 48.1 49.7 53.6 67.5 36.4 71.7 43.0 45.5 2010/11 Q.I 39.7 43.3 37.2 34.80 46.5 29.2 49.3 49.1 54.6 68.8 36.9 72.7 44.0 46.2 Q.II 44.8 50.2 39.6 35.80 50.8 30.6 52.9 50.6 56.8 71.6 43.3 85.2 46.2 52.4 Q.III 47.6 54.0 41.3 36.11 53.5 31.5 56.5 54.1 62.5 78.7 48.2 94.8 48.8 54.8 Q.IV 52.5 59.8 44.8 37.47 58.3 35.0 61.6 57.9 75.9 95.7 48.7 95.9 54.4 54.6 2011/12 Q.I 55.0 62.5 47.4 44.58 61.0 36.3 62.5 60.4 77.9 98.1 50.8 99.9 56.3 56.5 Q.II 57.3 64.5 50.4 46.46 64.4 39.5 69.2 56.5 77.7 97.9 49.0 96.3 63.2 57.8 Q.III 62.4 70.3 54.6 52.88 71.2 42.0 72.6 58.6 79.3 100.0 51.7 100.0 68.0 67.5 Q.IV 63.8 73.5 54.3 46.65 74.1 42.5 81.2 60.4 79.3 100.0 51.5 100.0 69.8 67.0 2012/13 Q.I 65.8 74.5 57.2 44.01 78.7 48.2 87.2 61.4 79.3 100.0 56.8 100.0 71.4 71.3 Q.II 69.7 78.0 61.6 45.37 82.4 54.7 91.6 70.7 87.5 100.0 69.5 100.0 75.9 73.3 Q.III 69.3 77.5 61.2 46.37 82.8 52.8 91.0 74.0 87.3 100.0 72.3 100.0 76.0 77.4 Q.IV 71.7 78.8 64.7 56.28 85.3 52.9 92.3 75.2 90.3 100.0 75.2 100.0 80.7 80.5 2013/14 Q.I 72.6 80.3 65.1 54.09 83.8 55.3 91.6 77.2 89.3 100.0 77.8 100.0 81.8 85.3 Q.II 76.2 82.2 70.4 62.01 84.4 60.7 98.7 77.5 100.0 100.0 75.8 100.0 82.5 84.0 Q.III 78.9 83.5 74.4 72.32 83.0 64.6 94.4 81.6 103.2 100.0 73.1 100.0 82.5 83.5 Q.IV 79.5 83.0 76.1 76.87 83.1 66.1 92.3 89.4 97.2 100.0 74.4 100.0 86.4 84.4 2014/15 Q.I 81.1 85.8 76.5 77.58 83.0 66.5 92.0 86.1 100.0 100.0 75.3 100.0 86.4 84.8 Q.II 81.3 86.3 76.5 74.99 86.1 67.0 92.7 93.5 100.0 100.0 79.8 100.0 87.8 84.5 Q.III 84.6 87.0 82.2 86.71 89.2 72.4 90.3 94.7 100.0 100.0 81.3 100.0 88.1 87.9 Q.IV 90.5 89.6 91.4 101.60 90.8 84.0 90.5 98.4 104.6 100.0 80.0 100.0 89.5 89.2 2015/16 Q.I 90.7 89.3 92.0 96.54 94.6 86.7 96.4 111.6 95.4 100.0 83.3 100.0 89.6 93.1 Q.II 88.4 91.3 85.5 91.42 96.6 73.5 93.4 107.2 100.0 100.0 81.4 100.0 90.1 98.1 QIII 92.0 93.4 90.7 109.44 98.7 73.4 94.7 105.6 100.0 100.0 82.7 100.0 90.9 97.1 QIV 91.5 93.2 89.9 101.42 100.8 74.6 100.4 107.8 100.0 100.0 87.3 100.0 92.3 100.1 2016/17 QI 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 QII 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 QIII 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 QIV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2019/20 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 Source: Central Statistical Agency

108 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods TIGRAY 2007/08 Q.I 25.7 30.5 21.7 24.2 17.6 19.2 21.3 44.4 51.1 50.5 24.7 45.5 24.4 32.5 Q.II 27.1 32.7 22.4 23.4 17.9 20.4 22.6 42.8 49.8 49.3 25.3 46.7 26.6 31.9 Q.III 28.7 35.3 22.8 25.4 18.1 20.4 23.9 42.5 54.4 53.8 25.3 46.7 27.8 33.2 Q.IV 34.0 43.9 24.7 28.9 19.9 21.8 26.7 43.3 56.4 55.8 26.0 47.9 30.2 34.5 2008/09 Q.I 42.9 58.9 27.1 35.8 22.3 24.0 28.4 43.1 56.5 55.8 26.8 49.3 34.0 36.4 Q.II 41.8 55.5 28.5 35.0 24.3 25.2 29.6 43.0 58.7 58.0 27.3 50.4 34.9 37.3 Q.III 39.0 50.0 28.6 35.5 25.5 24.7 29.7 44.2 51.0 50.4 26.8 49.5 35.8 38.4 Q.IV 39.0 48.8 30.1 39.5 26.9 25.5 31.6 45.6 51.0 50.3 28.5 52.5 36.2 43.3 2009/10 Q.I 40.3 49.3 32.3 44.5 29.2 26.8 33.5 46.4 59.9 59.1 30.7 56.5 39.4 47.6 Q.II 41.0 49.6 33.6 44.8 30.9 27.5 35.4 48.6 65.9 65.1 29.5 54.3 40.6 49.3 Q.III 40.8 48.4 34.5 47.7 32.0 27.7 37.9 52.1 69.2 68.4 30.7 56.6 41.6 49.8 Q.IV 42.1 49.9 35.5 47.5 33.7 28.3 38.6 54.3 71.7 70.9 32.0 59.0 42.7 50.1 2010/11 Q.I 42.2 49.9 35.8 49.1 35.3 27.4 38.9 52.9 71.2 70.4 34.1 62.8 43.2 51.1 Q.II 42.9 48.9 38.3 50.1 38.9 28.4 40.7 56.2 77.0 76.1 37.8 69.6 45.0 58.1 Q.III 44.7 50.5 40.6 50.0 41.9 29.9 43.0 56.9 84.6 83.6 38.4 70.9 46.5 60.1 Q.IV 50.4 58.5 44.0 55.0 47.0 31.6 45.8 60.3 98.3 97.2 41.6 76.7 53.7 63.7 2011/12 Q.I 54.7 64.6 46.5 65.1 49.9 33.0 48.8 58.4 98.6 97.4 43.0 79.2 59.2 67.7 Q.II 57.5 67.0 49.8 69.5 55.0 34.1 53.3 63.2 94.8 93.7 45.7 84.3 62.2 74.5 Q.III 60.2 69.8 52.8 70.8 59.3 34.9 57.4 69.0 95.9 94.7 47.3 84.0 69.3 79.0 Q.IV 63.9 76.2 54.6 72.2 63.0 35.7 60.0 66.7 98.5 94.7 47.8 84.0 71.8 82.2 2012/13 Q.I 68.1 81.0 58.4 73.8 66.1 40.0 63.1 70.6 99.2 94.7 50.6 84.0 78.8 83.3 Q.II 68.6 78.9 60.8 75.6 69.3 41.9 63.3 70.2 99.1 94.7 64.3 84.0 85.3 83.9 Q.III 68.6 77.9 61.5 81.2 72.2 41.9 62.3 68.5 99.1 94.7 64.2 84.0 86.0 86.3 Q.IV 72.1 81.9 64.6 83.1 76.3 44.8 70.5 73.5 94.5 94.7 65.9 84.0 86.7 87.6 2013/14 Q.I 76.0 89.7 65.6 86.0 78.5 44.9 70.8 71.3 90.7 94.7 67.8 84.0 90.8 90.8 Q.II 75.4 86.9 66.6 87.0 80.7 45.2 72.2 74.0 101.4 94.7 66.6 84.0 90.1 90.8 Q.III 74.6 82.0 69.0 86.7 82.5 48.9 76.2 78.0 100.5 94.7 67.4 84.0 91.5 89.9 Q.IV 74.9 84.4 67.7 91.7 83.0 46.0 72.8 81.3 103.4 94.7 66.2 86.8 92.9 86.9 2014/15 Q.I 76.5 85.9 69.3 95.9 84.9 50.7 72.5 80.2 104.7 94.7 66.2 89.1 82.1 91.2 Q.II 79.9 86.5 74.9 98.0 86.8 58.9 74.3 86.5 105.8 94.7 68.1 90.3 91.7 94.2 Q.III 78.3 83.8 74.1 99.6 88.8 55.1 76.8 94.5 104.7 94.7 69.2 91.8 92.6 94.3 Q.IV 80.6 85.1 77.2 98.1 88.4 61.5 80.1 86.3 102.3 94.7 70.3 93.4 93.4 95.5 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 Source: Central Statistical Agency Table 22 (E10): Regional States’ Consumer Price Indices (Non-Food)

Fourth Quarter 2019/20 109 National Bank of Ethiopia Quarterly Bulletin Table 22 (F1): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2007/08 Q.I 24.7 25.3 16.0 23.2 37.8 23.5 23.5 30.3 64.5 25.0 Q.II 25.6 26.0 16.7 24.0 41.6 25.4 25.4 28.8 62.8 25.2 Q.III 26.8 27.7 17.6 23.5 46.0 30.8 30.8 29.8 59.2 26.5 Q.IV 32.4 38.6 19.6 28.7 52.4 31.5 31.5 33.9 67.4 29.1 2008/09 Q.I 40.9 53.0 21.7 32.6 53.5 40.0 40.0 37.8 76.4 34.0 Q.II 39.7 51.4 20.7 31.4 50.3 38.3 38.3 40.2 58.2 34.8 Q.III 38.3 48.8 20.8 32.3 50.8 38.7 38.7 46.9 41.0 34.4 Q.IV 39.7 50.3 25.7 31.6 49.6 46.1 46.2 52.7 29.6 39.9 2009/10 Q.I 41.7 52.6 24.1 35.6 49.0 43.9 43.9 57.3 30.4 41.4 Q.II 43.7 53.1 24.4 41.6 48.3 40.8 40.8 59.6 37.2 43.3 Q.III 43.6 52.0 26.7 40.8 50.0 38.2 38.2 63.7 38.1 47.8 Q.IV 43.9 50.9 28.1 40.8 54.4 44.1 44.2 65.4 53.6 47.5 2010/11 Q.I 44.8 52.0 30.9 41.0 54.9 51.8 51.8 62.2 57.1 46.8 Q.II 47.1 50.6 33.0 42.8 63.8 53.3 53.3 65.3 48.9 55.4 Q.III 50.6 54.3 32.6 49.1 68.7 52.8 52.8 60.6 46.7 69.6 Q.IV 54.4 62.6 36.3 44.8 70.5 57.3 57.3 63.5 76.2 74.5 2011/12 Q.I 58.6 67.8 41.4 45.7 67.3 58.2 58.2 68.1 93.6 76.0 Q.II 64.5 74.8 41.1 55.8 67.5 55.4 55.5 74.6 91.3 85.0 Q.III 71.1 78.1 44.9 57.4 67.5 57.1 64.1 74.5 84.7 99.8 Q.IV 75.6 81.4 56.7 61.4 68.6 56.9 76.6 80.0 95.2 93.5 2012/13 Q.I 79.7 85.6 64.7 69.6 69.0 60.6 79.2 84.3 86.1 95.9 Q.II 79.7 86.3 62.4 75.2 68.5 61.9 71.1 80.6 82.0 92.0 Q.III 77.0 83.0 66.9 74.5 68.2 65.2 59.4 83.9 85.0 86.6 Q.IV 78.4 85.2 75.9 74.8 71.1 72.4 66.1 85.4 72.9 83.7 2013/14 Q.I 84.4 91.9 75.3 78.6 70.3 71.8 87.9 86.3 74.3 81.5 Q.II 84.3 96.1 73.5 81.7 70.4 73.3 64.6 86.0 80.3 83.4 Q.III 82.9 91.5 76.5 80.4 71.4 77.0 66.5 86.3 78.3 87.8 Q.IV 85.8 90.5 79.7 81.2 75.7 78.1 76.0 84.4 96.6 97.4 2014/15 Q.I 87.7 90.5 78.9 79.5 80.5 85.5 76.1 94.8 124.9 100.4 Q.II 87.3 88.9 81.4 79.0 74.7 83.9 81.3 105.9 111.2 104.2 Q.III 87.6 89.5 82.9 80.3 82.1 86.2 80.1 102.4 108.8 99.3 Q.IV 94.0 88.0 83.6 87.2 92.1 88.6 87.6 95.9 185.9 98.8 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 Source: Central Statistical Agency

110 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2007/08 Q.I 28.7 30.4 20.9 20.6 29.9 17.4 28.6 36.6 36.6 23.4 Q.II 30.5 32.7 22.2 21.4 33.2 20.0 32.8 35.2 37.0 27.6 Q.III 31.7 34.7 23.5 21.6 36.5 21.7 35.6 38.7 34.2 30.4 Q.IV 38.6 44.4 24.6 24.3 41.5 22.9 37.5 45.6 41.0 30.8 2008/09 Q.I 50.7 62.3 26.2 29.8 41.4 26.9 44.2 57.1 46.3 30.6 Q.II 48.2 61.5 27.3 30.4 40.2 25.0 41.0 63.4 36.6 31.7 Q.III 43.1 56.9 28.0 31.7 38.9 28.8 47.3 74.1 23.5 31.4 Q.IV 42.3 56.2 30.3 33.3 39.5 32.5 53.4 75.6 18.0 31.8 2009/10 Q.I 43.8 57.6 29.9 34.8 39.1 31.1 51.1 76.2 20.1 34.3 Q.II 42.9 56.3 30.9 36.1 36.8 29.2 47.9 77.9 22.4 42.2 Q.III 42.2 53.4 32.7 36.7 37.5 31.4 51.6 78.5 24.7 45.0 Q.IV 42.8 53.1 33.5 37.2 34.3 32.1 52.8 80.3 32.8 44.4 2010/11 Q.I 43.6 52.5 33.9 37.8 42.8 35.5 58.2 79.3 37.3 45.3 Q.II 44.8 51.5 34.5 41.2 51.3 40.2 66.0 80.6 35.9 50.9 Q.III 47.0 53.2 32.4 42.1 55.7 42.8 70.2 78.0 36.9 67.4 Q.IV 56.6 59.4 37.3 44.8 76.4 43.2 70.9 81.3 52.8 87.5 2011/12 Q.I 63.0 65.1 45.2 47.3 78.8 42.4 69.5 80.5 61.9 90.2 Q.II 66.7 70.6 49.9 50.1 72.9 44.0 72.2 81.6 62.6 95.6 Q.III 68.6 74.9 54.8 53.1 71.8 49.7 80.5 82.0 50.4 99.1 Q.IV 74.4 82.0 64.6 56.0 76.4 50.7 83.9 82.3 57.9 93.0 2012/13 Q.I 79.1 87.7 70.1 57.5 76.1 53.3 87.0 81.8 66.4 87.7 Q.II 78.5 88.4 70.6 66.5 74.3 63.0 81.8 81.7 67.8 84.5 Q.III 78.1 87.2 72.0 70.1 74.0 64.6 80.3 81.6 68.3 81.3 Q.IV 80.3 90.6 73.1 72.3 77.9 64.3 80.2 81.6 72.9 79.5 2013/14 Q.I 83.6 96.6 75.2 73.0 77.6 67.3 83.8 81.5 75.0 79.6 Q.II 83.0 98.4 75.0 74.5 77.2 70.9 79.0 81.5 74.1 80.7 Q.III 81.5 88.3 76.4 74.9 77.0 70.7 86.0 82.1 73.4 80.5 Q.IV 82.7 90.2 76.5 75.9 80.2 71.2 82.4 82.5 76.8 88.3 2014/15 Q.I 83.8 93.9 77.9 78.6 84.6 74.7 80.9 81.8 74.6 95.7 Q.II 84.0 92.2 77.4 79.0 86.2 71.1 84.2 82.0 73.5 99.3 Q.III 84.7 88.9 79.8 82.1 93.4 76.7 88.5 82.5 73.1 99.6 Q.IV 86.3 91.5 82.6 89.9 100.7 79.0 86.9 82.3 75.2 94.8 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 Source: Central Statistical Agency Table 22 (F2): Regional States’ Consumer Price Index (Food)

Fourth Quarter 2019/20 111 National Bank of Ethiopia Quarterly Bulletin Table 22 (F3): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2007/08 Q.I 27.1 34.4 27.4 22.3 29.3 16.5 29.6 38.9 31.3 25.6 Q.II 29.9 37.5 26.8 22.6 31.2 16.6 29.7 37.6 39.0 26.0 Q.III 33.8 44.1 27.7 23.2 34.8 18.7 33.4 42.6 40.0 27.0 Q.IV 39.1 53.4 31.3 25.0 38.8 19.2 34.3 44.6 39.7 28.3 2008/09 Q.I 57.2 82.9 37.1 31.7 40.1 24.3 43.5 56.1 47.7 29.5 Q.II 51.0 78.6 38.1 33.6 41.9 26.0 46.5 61.2 36.6 28.2 Q.III 44.4 70.2 36.9 35.0 40.1 26.1 46.8 69.4 29.4 26.3 Q.IV 45.4 71.4 36.6 35.9 44.6 25.4 45.4 72.4 22.6 27.8 2009/10 Q.I 49.5 75.8 38.9 39.1 41.8 25.6 45.9 73.0 21.2 33.4 Q.II 45.1 68.1 35.2 40.7 40.5 24.6 44.0 75.3 23.0 43.6 Q.III 40.8 59.7 34.4 44.8 42.9 24.2 43.3 79.7 29.1 41.3 Q.IV 39.5 53.6 37.7 43.3 45.7 25.8 46.2 81.7 39.0 41.0 2010/11 Q.I 38.1 51.4 37.9 45.4 43.5 28.7 51.3 79.2 33.2 47.8 Q.II 39.2 49.7 42.0 47.4 45.8 28.2 50.6 83.1 35.2 57.8 Q.III 44.0 55.4 37.3 48.8 68.8 32.9 58.9 76.0 35.8 71.7 Q.IV 60.5 72.3 42.3 51.7 86.9 37.5 67.2 86.8 51.6 100.7 2011/12 Q.I 70.9 88.7 50.4 55.6 76.5 35.6 63.8 85.2 55.1 106.9 Q.II 76.5 96.0 53.7 61.8 87.3 38.2 68.5 88.5 69.4 106.3 Q.III 76.1 92.1 56.1 65.1 90.5 54.1 79.5 90.4 53.0 85.1 Q.IV 81.1 98.9 65.2 68.0 90.1 70.7 80.6 95.7 61.8 80.6 2012/13 Q.I 84.6 102.1 72.4 69.4 93.7 70.9 86.4 98.9 61.2 80.7 Q.II 83.4 103.3 73.0 75.0 98.0 75.0 77.4 99.0 62.4 80.1 Q.III 79.9 95.5 76.7 88.5 103.2 74.5 68.9 97.3 62.0 77.9 Q.IV 79.6 96.7 73.6 93.8 96.9 70.8 69.5 94.9 61.9 77.1 2013/14 Q.I 87.2 118.1 75.6 95.8 95.7 63.0 76.8 94.7 58.8 76.1 Q.II 92.7 134.5 77.7 92.7 96.4 73.8 73.8 94.6 62.1 81.2 Q.III 85.0 107.3 75.1 91.7 99.3 83.2 75.7 92.1 61.3 85.5 Q.IV 85.4 103.0 77.4 96.1 97.3 68.8 77.9 95.8 63.9 94.8 2014/15 Q.I 83.9 101.2 77.7 84.0 94.8 57.9 76.3 90.3 62.1 97.3 Q.II 84.9 95.5 76.3 88.1 98.8 67.8 82.2 89.0 66.6 102.0 Q.III 88.1 97.9 79.9 88.8 99.0 71.7 92.1 92.2 70.1 86.5 Q.IV 90.6 92.3 85.5 91.9 104.6 70.5 94.0 89.9 85.4 84.0 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 129.3 132.6 183.3 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 144.7 161.1 208.5 123.0 271.6 127.6 Source: Central Statistical Agency

112 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2007/08 Q.I 28.0 30.3 20.1 17.5 41.3 23.2 20.6 53.0 47.8 23.9 Q.II 28.7 30.9 20.5 18.2 48.1 24.4 21.6 53.3 44.1 24.9 Q.III 32.3 36.7 21.0 19.8 55.1 37.0 32.8 58.7 44.8 25.9 Q.IV 38.5 47.2 23.6 25.0 61.9 42.6 37.8 64.2 55.4 26.9 2008/09 Q.I 47.2 62.7 25.5 27.5 65.5 42.0 37.3 67.1 58.6 28.6 Q.II 47.4 66.3 25.5 29.9 61.5 38.7 34.3 67.8 46.1 31.0 Q.III 46.6 64.4 25.5 30.6 61.5 45.7 40.6 68.9 34.5 32.1 Q.IV 46.7 64.2 26.3 32.9 61.2 44.9 39.9 70.0 23.1 31.1 2009/10 Q.I 47.5 64.6 28.1 34.3 60.0 46.1 40.9 70.0 24.9 32.4 Q.II 46.6 62.8 26.2 36.7 59.3 35.0 31.0 70.2 26.8 36.5 Q.III 47.5 62.2 27.5 36.7 61.1 41.2 36.6 70.4 28.7 38.6 Q.IV 48.3 60.9 31.0 33.0 63.4 48.0 42.6 70.4 42.9 38.5 2010/11 Q.I 48.3 60.5 31.9 33.7 65.5 55.8 49.5 70.4 43.7 34.3 Q.II 50.9 61.4 32.3 36.8 77.8 62.5 55.5 71.3 38.2 35.0 Q.III 53.5 62.8 28.1 40.4 84.7 67.2 59.7 71.2 36.8 43.8 Q.IV 62.4 70.0 31.6 44.0 103.0 66.7 59.2 73.1 62.3 56.6 2011/12 Q.I 68.0 74.2 41.1 48.3 103.0 65.9 58.5 72.5 75.9 63.7 Q.II 69.6 77.3 44.6 47.8 95.3 61.9 54.9 74.7 68.5 67.8 Q.III 71.4 76.8 45.3 55.6 96.0 63.1 62.0 74.9 55.2 73.9 Q.IV 75.3 80.1 57.0 59.5 88.2 63.4 70.0 75.5 58.6 83.7 2012/13 Q.I 77.8 83.6 66.4 64.9 82.9 69.0 69.6 76.4 63.8 89.8 Q.II 77.7 85.1 65.7 65.2 84.8 75.5 63.6 75.6 64.6 92.8 Q.III 76.0 84.2 67.0 65.5 88.9 79.0 54.8 75.3 66.4 92.3 Q.IV 78.3 84.3 66.8 60.8 89.0 82.6 66.1 77.0 72.2 90.9 2013/14 Q.I 84.6 89.6 67.3 65.8 85.3 80.1 82.2 77.8 75.6 95.3 Q.II 84.4 94.4 66.6 63.9 88.3 78.4 68.1 79.6 75.7 98.3 Q.III 81.4 89.8 66.3 65.4 84.0 82.2 66.0 79.5 75.8 94.6 Q.IV 81.6 89.0 68.4 68.7 85.3 83.1 66.7 79.7 76.8 94.5 2014/15 Q.I 88.0 93.5 67.6 74.9 113.0 79.3 76.7 79.7 75.2 97.0 Q.II 89.7 95.3 72.8 75.2 113.1 86.7 78.3 84.6 75.8 96.7 Q.III 89.7 94.1 77.5 75.7 113.2 93.6 81.7 80.0 77.0 92.5 Q.IV 90.7 94.7 82.6 87.0 90.1 91.3 88.9 80.0 76.3 91.7 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 Source: Central Statistical Agency Table 22 (F4): Regional States’ Consumer Price Index (Food)

Fourth Quarter 2019/20 113 National Bank of Ethiopia Quarterly Bulletin Table 22 (F5): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2007/08 Q.I 23.8 28.0 24.2 14.3 142.0 19.7 16.9 24.7 51.7 27.4 Q.II 25.1 29.1 24.0 14.4 151.7 21.0 18.0 25.3 60.3 31.5 Q.III 26.3 29.6 24.3 14.4 162.5 27.8 23.9 29.2 60.3 32.6 Q.IV 31.4 47.6 26.2 13.9 175.2 29.1 25.0 32.8 60.6 33.6 2008/09 Q.I 52.7 79.5 26.8 16.6 178.2 37.4 32.2 39.0 61.4 33.8 Q.II 46.2 71.8 29.2 23.7 176.3 40.4 34.7 40.7 55.3 32.8 Q.III 39.5 63.8 29.8 23.4 178.1 37.8 32.5 42.3 31.0 29.1 Q.IV 42.1 67.1 29.1 23.5 173.9 38.6 33.2 43.1 29.8 28.2 2009/10 Q.I 45.4 71.3 30.7 24.8 167.7 38.3 32.9 45.4 24.0 35.2 Q.II 40.6 65.1 31.1 25.9 173.7 40.3 34.6 46.8 24.7 42.0 Q.III 39.2 62.8 31.3 28.1 174.8 39.5 33.9 47.4 27.5 37.7 Q.IV 38.4 60.4 35.3 29.4 182.5 41.5 35.6 49.2 40.2 38.6 2010/11 Q.I 39.4 57.9 35.5 31.7 184.8 43.0 37.0 47.9 49.9 48.0 Q.II 41.6 57.7 35.9 30.5 206.0 49.0 42.1 50.0 51.6 66.5 Q.III 43.4 59.5 35.3 31.5 231.1 48.0 41.3 50.1 51.8 83.6 Q.IV 52.9 69.2 35.7 32.4 280.0 51.0 43.8 54.6 71.0 99.9 2011/2012 Q.I 60.7 78.4 40.0 35.0 295.6 54.3 46.6 61.3 75.9 103.7 Q.II 66.3 83.4 49.6 38.5 319.9 65.0 55.8 59.4 78.4 111.9 Q.III 71.3 88.5 57.4 45.5 107.9 68.6 68.1 62.3 61.7 96.5 Q.IV 76.9 95.2 62.6 48.4 111.8 73.8 79.6 65.8 64.3 89.7 2012/13 Q.I 78.8 99.9 64.6 48.4 109.4 82.9 78.4 65.5 73.1 81.8 Q.II 75.0 83.3 69.0 47.9 109.8 86.1 75.0 65.3 79.2 79.6 Q.III 74.1 77.3 72.8 50.4 109.4 90.7 71.2 64.9 81.1 80.0 Q.IV 78.1 87.1 73.9 56.9 109.1 97.9 72.8 65.0 81.5 79.0 2013/14 Q.I 81.4 98.2 74.7 58.5 108.9 71.0 75.1 66.3 81.6 76.8 Q.II 82.3 99.7 74.9 60.0 109.0 52.1 77.1 67.2 82.2 79.8 Q.III 81.7 89.6 78.8 60.3 109.5 75.0 81.8 67.9 82.9 78.0 Q.IV 85.9 95.6 80.8 60.3 111.0 96.4 82.6 69.8 82.0 103.7 2014/15 Q.I 86.6 104.2 78.9 59.0 109.6 86.9 77.7 66.8 85.4 102.1 Q.II 84.0 88.8 80.4 58.8 106.7 93.8 80.5 70.0 85.9 114.7 Q.III 87.1 85.7 81.9 74.3 100.8 90.7 98.3 71.7 84.7 105.3 Q.IV 88.8 92.3 87.9 74.2 103.0 89.1 92.7 73.0 84.2 87.3 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 Source: Central Statistical Agency

114 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2007/08 Q.I 19.2 26.3 16.9 21.6 53.1 34.4 24.6 62.4 52.9 10.7 Q.II 19.7 27.1 16.5 21.5 58.2 35.5 25.4 63.1 49.7 11.2 Q.III 21.5 30.5 17.1 22.0 67.0 52.2 37.4 66.3 54.2 11.9 Q.IV 28.4 42.8 19.6 26.8 76.5 44.5 31.8 72.2 62.7 21.6 2008/09 Q.I 35.7 60.9 22.4 33.0 81.2 52.3 37.4 75.8 69.8 23.5 Q.II 35.2 61.1 22.4 30.2 75.6 47.5 34.0 78.2 56.8 23.9 Q.III 34.1 58.3 21.3 25.3 75.6 49.2 35.2 79.5 43.1 25.0 Q.IV 34.7 56.9 21.9 29.3 71.6 48.0 34.4 79.9 30.6 27.8 2009/10 Q.I 35.0 56.6 22.9 30.3 69.3 44.8 32.0 80.4 28.8 28.3 Q.II 35.1 54.4 23.0 30.3 70.6 43.6 31.2 79.5 28.7 31.2 Q.III 36.4 53.6 23.5 29.9 75.1 46.5 33.3 79.9 33.3 35.9 Q.IV 36.8 51.8 24.3 30.5 78.8 50.9 36.4 80.4 41.3 36.7 2010/11 Q.I 38.2 52.0 26.8 33.2 80.0 62.5 44.7 80.1 41.7 37.2 Q.II 40.8 51.9 28.6 34.2 92.7 70.0 50.1 80.8 38.8 42.4 Q.III 44.8 52.1 25.4 36.4 107.1 78.4 56.1 81.7 42.3 56.3 Q.IV 48.8 60.1 33.3 44.9 135.3 72.4 51.8 83.6 63.0 56.2 2011/12 Q.I 52.4 62.4 39.0 49.6 102.0 69.8 50.0 83.8 78.3 61.1 Q.II 54.8 66.4 40.1 49.7 104.0 64.3 46.0 84.1 79.5 66.4 Q.III 61.2 67.5 40.7 49.6 104.7 69.7 51.3 84.6 58.9 85.8 Q.IV 67.9 71.3 52.3 50.9 135.2 67.8 60.4 85.3 67.6 89.4 2012/13 Q.I 70.1 76.5 57.6 52.3 103.5 73.9 58.7 85.7 71.7 97.1 Q.II 71.1 78.5 58.8 56.0 102.4 68.4 57.1 85.3 65.8 97.7 Q.III 69.1 76.8 58.4 58.2 97.5 73.4 49.2 84.7 67.5 91.7 Q.IV 73.2 78.4 67.2 59.0 97.6 74.1 63.5 85.7 67.0 84.8 2013/14 Q.I 78.7 83.3 71.8 63.5 98.2 76.0 76.5 85.6 67.7 93.3 Q.II 78.4 88.3 68.5 59.2 98.3 67.5 65.7 84.9 66.6 88.1 Q.III 76.9 84.4 69.1 63.5 98.1 75.6 64.0 84.8 68.5 85.2 Q.IV 79.2 85.0 73.1 66.4 98.5 87.4 71.6 85.1 66.8 84.7 2014/15 Q.I 84.8 91.7 79.0 71.0 99.6 82.3 79.3 84.7 65.0 87.9 Q.II 85.8 94.5 76.4 67.7 99.7 80.4 81.9 85.5 67.9 85.2 Q.III 86.2 93.9 76.4 70.4 100.2 111.7 82.6 85.1 77.6 77.5 Q.IV 90.0 96.8 83.5 72.1 101.3 107.2 85.6 84.2 97.0 74.7 2015/16 Q.I 90.6 95.9 83.9 76.4 100.4 89.1 83.1 83.4 123.8 72.1 Q.II 92.1 95.1 84.7 80.1 102.1 83.0 91.2 84.5 128.3 73.4 QIII 92.7 95.5 84.1 81.2 102.1 94.9 93.3 98.3 122.4 70.8 QIV 97.3 93.0 94.4 87.8 100.1 110.4 110.2 105.7 136.2 83.7 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 Source: Central Statistical Agency Table 22 (F6): Regional States’ Consumer Price Index (Food)

Fourth Quarter 2019/20 115 National Bank of Ethiopia Quarterly Bulletin Table 22 (F7): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages OROMIA 2007/08 Q.I 24.7 26.3 21.1 19.5 24.4 22.0 22.3 23.2 62.8 26.9 Q.II 26.4 28.3 21.1 20.0 27.5 24.7 24.9 22.8 64.4 28.2 Q.III 29.5 32.3 22.9 22.7 30.0 31.1 31.4 25.4 65.9 29.0 Q.IV 37.5 43.1 25.8 25.6 33.9 34.6 35.0 27.9 75.0 31.3 2008/09 Q.I 47.9 60.7 28.5 27.6 33.9 34.1 34.5 34.3 83.7 31.7 Q.II 43.0 56.1 28.6 28.4 32.0 33.5 33.9 35.8 62.9 32.6 Q.III 40.3 51.6 28.6 29.3 29.7 40.2 40.6 41.9 41.6 34.6 Q.IV 40.8 50.6 29.5 31.7 29.0 44.0 44.4 44.3 33.8 35.6 2009/10 Q.I 41.0 52.2 30.1 32.1 29.8 37.5 37.9 45.3 34.8 37.4 Q.II 39.3 50.0 29.8 32.2 30.0 37.1 37.5 45.4 39.1 41.0 Q.III 39.7 50.0 30.6 33.6 30.2 40.5 41.0 49.6 45.8 42.0 Q.IV 39.9 48.4 31.6 34.5 32.4 42.4 42.9 50.8 59.6 41.4 2010/11 Q.I 40.6 47.9 33.1 36.4 35.3 44.1 44.6 49.4 67.4 47.3 Q.II 43.2 47.5 33.0 38.4 43.3 52.5 53.0 51.5 60.1 58.4 Q.III 48.2 49.8 29.8 42.6 47.2 62.1 62.8 49.6 62.3 76.6 Q.IV 57.4 58.5 33.3 46.3 66.4 64.1 64.8 51.5 90.2 85.4 2011/12 Q.I 62.1 64.9 42.0 48.2 69.0 56.8 57.4 52.6 100.3 84.6 Q.II 65.1 69.7 45.0 48.7 65.7 59.7 60.3 56.3 99.6 93.5 Q.III 70.3 74.2 51.7 55.5 68.5 65.2 71.5 58.2 89.8 92.4 Q.IV 76.1 79.7 62.4 63.1 74.4 64.1 80.7 58.0 94.5 83.8 2012/13 Q.I 76.4 84.0 66.6 62.2 72.0 75.8 79.3 60.0 85.1 84.3 Q.II 75.0 83.8 67.6 62.9 68.8 87.2 72.9 62.7 79.0 80.9 Q.III 74.7 81.5 70.2 66.3 68.8 81.4 73.0 67.9 73.4 77.1 Q.IV 75.7 83.0 70.3 66.7 71.4 79.8 75.4 67.4 73.5 75.2 2013/14 Q.I 79.2 90.0 73.7 68.5 70.6 83.7 77.5 72.2 74.5 74.7 Q.II 81.3 95.3 75.1 68.8 69.9 82.3 75.3 71.5 76.1 75.6 Q.III 79.0 83.1 76.2 72.0 73.1 86.1 79.0 70.4 73.3 76.7 Q.IV 82.4 87.3 78.1 74.7 77.4 80.5 81.5 71.7 86.9 90.4 2014/15 Q.I 87.0 92.2 80.5 76.4 85.8 86.5 80.6 70.9 111.2 93.1 Q.II 87.7 90.6 81.1 77.5 87.8 85.1 85.6 73.8 102.3 95.0 Q.III 91.3 86.9 83.2 82.9 91.7 88.4 96.4 71.9 111.6 87.7 Q.IV 98.3 90.2 86.6 92.2 100.3 88.1 101.8 75.2 156.2 80.9 2015/16 Q.I 105.6 95.4 91.7 92.8 101.0 94.2 101.6 73.4 238.9 78.3 Q.II 104.0 95.0 94.0 94.8 96.5 99.1 105.0 74.7 202.7 78.8 QIII 100.5 96.0 94.2 99.8 95.4 101.7 101.3 78.0 141.5 74.5 QIV 102.7 97.8 96.4 104.9 98.5 102.4 112.3 77.4 134.9 78.8 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 QII 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 Source: Central Statistical Agency

116 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 Source: Central Statistical Agency Table 22 (F8): Regional States’ Consumer Price Index (Food)

Fourth Quarter 2019/20 117 National Bank of Ethiopia Quarterly Bulletin Table 22 (F9): Regional States’ Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SOMALI 2007/08 Q.I 22.8 26.5 17.4 16.9 32.6 18.9 24.2 19.0 40.6 17.8 Q.II 23.6 27.9 19.8 17.3 39.5 18.9 24.2 18.2 37.2 17.3 Q.III 26.4 30.8 20.1 20.0 43.3 26.2 33.6 20.5 31.8 20.4 Q.IV 32.0 38.9 21.7 24.1 50.5 30.0 38.4 23.9 36.4 22.3 2008/09 Q.I 43.4 59.9 25.3 29.2 55.1 33.3 42.7 27.3 44.3 20.4 Q.II 39.7 54.4 24.7 29.9 52.5 31.1 39.9 31.1 33.5 21.3 Q.III 40.0 52.7 26.2 33.5 51.1 32.8 42.0 31.1 30.0 27.8 Q.IV 41.7 53.0 28.6 37.9 50.8 35.1 45.0 31.2 24.7 30.6 2009/10 Q.I 42.3 53.9 29.2 37.1 49.3 33.6 43.1 31.3 20.3 29.7 Q.II 42.7 54.8 31.4 37.1 50.6 31.8 40.8 31.2 22.3 29.9 Q.III 43.1 56.1 31.4 39.8 51.9 29.7 38.0 31.4 22.7 33.9 Q.IV 42.9 55.2 34.8 34.0 54.5 33.4 42.8 32.8 29.5 32.7 2010/11 Q.I 43.3 51.5 38.7 36.6 56.6 39.0 50.0 37.6 39.9 33.0 Q.II 50.2 52.6 41.9 44.6 66.7 46.0 59.0 45.2 32.6 50.7 Q.III 54.0 57.0 36.3 48.6 77.8 46.3 59.4 48.6 34.0 53.3 Q.IV 59.8 63.6 42.6 51.2 85.0 53.4 68.4 51.6 48.1 51.5 2011/12 Q.I 62.5 71.4 53.2 51.2 91.4 49.8 63.9 58.9 63.9 38.6 Q.II 64.5 74.3 53.8 52.2 85.1 47.4 60.8 61.5 61.2 43.1 Q.III 70.3 79.0 62.8 60.6 87.4 59.3 67.5 63.9 61.4 56.6 Q.IV 73.5 79.6 72.5 60.8 87.0 55.7 80.3 72.0 66.6 58.6 2012/13 Q.I 74.5 79.9 78.0 62.0 88.3 59.6 81.7 71.5 66.5 76.8 Q.II 78.0 84.8 77.5 69.3 87.0 65.2 75.5 71.7 70.5 87.3 Q.III 77.5 83.8 82.5 70.8 87.7 68.2 63.3 71.9 71.1 86.3 Q.IV 78.8 85.0 85.6 66.6 87.1 61.0 80.7 73.6 74.7 91.6 2013/14 Q.I 80.3 87.3 89.9 67.5 83.6 72.5 94.7 70.5 77.8 95.4 Q.II 82.2 92.9 86.0 71.9 84.8 75.0 79.0 69.5 81.1 91.1 Q.III 83.5 93.5 80.6 76.1 84.6 83.4 83.4 68.6 86.7 97.1 Q.IV 83.0 93.7 83.3 70.6 84.5 86.0 86.8 68.9 87.1 99.5 2014/15 Q.I 85.8 97.1 86.5 75.0 90.8 105.1 91.8 68.9 86.0 97.1 Q.II 86.3 98.7 86.7 73.6 92.2 85.7 91.0 68.9 88.0 99.7 Q.III 87.0 96.5 89.2 77.3 91.8 98.8 95.0 71.2 87.5 102.2 Q.IV 89.6 98.6 87.9 84.4 92.8 106.4 100.0 71.0 91.4 103.9 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 Source: Central Statistical Agency

118 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2007/08 Q.I 30.5 26.0 25.3 24.3 36.6 34.1 28.7 34.2 45.6 24.8 Q.II 32.7 27.9 25.4 24.7 40.3 38.7 32.5 33.8 49.2 28.7 Q.III 35.3 31.3 25.6 25.6 49.2 39.5 33.2 37.4 45.1 30.6 Q.IV 43.9 40.4 27.7 28.3 55.2 44.4 37.3 41.0 50.0 33.4 2008/09 Q.I 58.9 57.5 29.9 33.7 54.7 51.6 43.3 50.0 59.3 34.8 Q.II 55.5 55.4 29.4 36.2 51.1 51.8 43.6 50.0 48.0 32.8 Q.III 50.0 51.0 29.3 35.6 49.1 52.5 44.1 58.5 28.5 33.7 Q.IV 48.8 51.9 30.5 36.8 48.1 58.3 49.1 61.3 22.2 34.9 2009/10 QI 49.3 52.9 33.2 40.1 44.8 59.0 49.6 63.6 21.7 36.0 QII 49.6 52.5 32.3 41.5 46.4 49.0 41.2 68.1 22.3 45.2 QIII 48.4 51.7 31.9 39.8 48.5 50.4 42.4 70.8 25.8 46.9 Q.IV 49.9 52.1 34.6 43.1 52.0 54.7 46.0 74.6 35.6 47.2 2010/11 Q.I 49.9 52.2 36.7 44.6 54.3 62.1 52.2 70.1 37.0 46.8 Q.II 48.9 49.5 37.6 49.9 67.0 66.0 55.5 72.0 34.5 52.9 Q.III 50.5 49.9 37.5 49.3 71.5 65.8 55.3 69.7 34.4 75.3 Q.IV 58.5 56.0 42.4 51.2 91.1 74.8 62.9 75.8 50.8 104.6 2011/12 Q.I 64.6 60.1 54.2 60.0 86.3 82.4 69.3 71.3 61.4 105.8 Q.II 67.0 65.0 58.3 62.8 84.5 79.6 66.9 73.0 58.8 110.6 Q.III 69.8 72.9 61.5 64.5 90.0 74.9 71.6 75.4 48.2 117.2 Q.IV 76.2 82.0 71.5 71.9 90.8 79.8 76.0 74.0 51.0 114.3 2012/13 Q.I 81.0 87.6 77.9 77.2 93.1 89.9 79.6 75.0 60.5 97.4 Q.II 78.9 90.4 79.0 83.4 89.3 96.3 65.6 74.5 55.8 90.3 Q.III 77.9 91.2 79.0 81.9 90.5 96.3 58.5 76.9 54.9 88.3 Q.IV 81.9 98.6 80.9 82.6 92.4 78.2 62.9 77.1 55.7 86.2 2013/14 Q.I 89.7 107.0 87.9 88.8 92.0 54.1 82.3 74.4 57.5 87.4 Q.II 86.9 106.1 87.6 90.2 90.2 59.0 69.1 74.9 56.7 84.1 Q.III 82.0 94.5 87.1 86.5 94.4 59.0 68.3 74.5 55.8 85.9 Q.IV 84.4 96.6 91.4 83.3 95.7 59.0 70.2 74.4 56.8 95.1 2014/15 Q.I 85.9 97.8 88.0 92.3 98.4 66.5 73.4 75.1 58.5 103.0 Q.II 86.5 94.5 87.2 97.2 96.0 76.4 84.8 73.7 58.4 106.8 Q.III 83.8 88.0 87.7 89.8 99.2 81.7 82.5 74.7 60.0 104.8 Q.IV 85.1 87.6 89.9 93.3 95.3 81.7 86.9 74.8 64.0 104.3 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 Source: Central Statistical Agency Table 22 (F10):: Regional States’ Consumer Price Index (Food)

Fourth Quarter 2019/20 119 National Bank of Ethiopia Quarterly Bulletin Country of Origin 2018/19 2019/20 Percentage QI QII QIII QIV QI QII QIII QIV Change Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Y Z A B C D E F G H I J K L M N O=M/E P=N/F Africa: Djibouti 36.9 0.2 34.0 0.1 31.4 2.0 26.2 7.1 35.2 7.7 26.3 5.3 27.5 4.7 29.4 20.5 12.1 188.6 Egypt 1.7 53.5 4.3 57.1 17.0 63.8 2.4 49.8 0.8 43.3 1.0 51.4 2.8 95.3 0.7 102.3 (70.1) 105.6 Ghana 1.2 0.0 0.3 0.1 0.0 0.0 0.4 0.1 0.1 0.0 0.1 0.3 0.0 0.1 (95.1) 2,361.7 Kenya 6.2 10.8 2.2 10.3 4.3 9.3 7.7 10.3 6.0 13.0 4.8 41.3 2.3 17.4 1.4 13.7 (82.0) 33.4 Libia - - - - - - - - - - - - - - - - #DIV/0! #DIV/0! Morocco 0.0 0.7 0.4 0.8 0.1 130.2 0.0 182.0 0.0 0.0 0.1 0.4 - 284.7 0.3 140.1 710.3 (23.0) Nigeria 2.5 1.4 3.8 0.1 3.3 0.0 2.2 0.0 3.3 0.1 1.7 0.1 5.4 0.1 0.9 0.0 (58.0) 841.9 Ruwanda 1.1 0.0 0.2 0.0 0.1 - 0.0 - 0.1 0.0 0.1 0.0 - 0.1 (100.0) - Somali Land - 0.1 - 0.1 - 0.4 - 0.0 - 0.3 - 0.1 - 0.1 - 0.0 - 27.4 Somalia 70.0 - 66.7 - 59.4 - 61.1 - 78.7 - 48.1 - 47.3 - 56.6 - (7.2) - South Africa 2.0 46.9 2.3 53.6 2.5 106.1 1.7 37.7 2.0 35.2 1.1 54.7 2.2 64.0 1.6 29.9 (10.7) (20.6) Sudan 14.6 9.9 22.2 16.6 21.0 30.6 10.4 24.8 9.8 26.3 17.9 5.8 20.4 19.1 20.0 22.2 92.7 (10.5) Tanzania 0.2 0.8 0.1 0.9 0.2 1.0 0.5 1.0 0.3 1.0 0.0 1.8 1.1 0.9 1.0 2.3 96.9 117.4 Uganda 0.1 0.2 0.1 0.4 0.1 0.2 0.1 0.2 0.1 0.1 (39.3) 8.6 Zambia 0.9 0.0 0.3 0.3 0.1 - 0.0 0.5 0.3 0.0 - 0.0 1.8 0.0 (97.7) (93.7) Zembabwe 0.1 0.0 0.1 0.0 0.1 - 0.0 - 0.0 0.2 0.0 0.3 (92.1) - Others 5.4 3.2 7.3 6.7 5.7 1.8 9.9 4.7 10.5 1.2 30.2 1.3 43.8 19.7 17.8 1.0 79.2 (77.8) Total 142.9 127.7 144.3 147.0 145.2 345.5 122.4 318.1 147.5 128.2 131.4 162.4 154.8 506.9 129.7 332.8 6.0 4.6 %Share Of Continent 22.75 0.00 24.68 3.31 21.13 9.69 16.01 9.28 20.40 3.42 23.28 4.25 20.43 13.98 13.76 12.38 (14.02) 33.42 Europe: Austria 0.0 9.3 0.0 4.5 0.0 11.3 0.0 11.7 0.0 6.8 0.0 7.3 0.0 6.3 0.0 3.0 (90.7) (74.4) Belgium 19.7 38.9 11.5 130.2 10.6 48.8 19.3 124.6 22.4 43.6 12.5 79.8 21.2 90.9 24.4 27.2 26.3 (78.2) Bulgaria 0.9 16.2 0.5 1.4 1.2 14.0 0.8 13.2 0.5 7.0 0.3 8.9 1.3 0.3 0.5 0.5 (40.9) (96.4) Cyprus 0.2 1.1 - 1.0 0.1 1.9 0.2 1.2 0.1 1.5 - 3.1 0.3 1.4 0.3 0.7 19.2 (44.1) Czech Republic 0.0 7.2 0.1 5.5 0.0 4.0 0.1 9.4 0.0 2.9 - 1.9 0.0 9.5 0.0 1.1 (98.7) (88.8) Slovakia 0.0 0.3 0.0 0.3 - 0.5 0.0 0.8 0.0 0.4 0.0 0.9 - 0.4 - 0.4 (100.0) (47.2) Denmark 0.1 7.6 0.2 25.6 0.3 12.4 0.5 10.6 0.2 7.0 0.2 13.2 0.2 13.4 0.2 7.1 (56.5) (32.4) Finland 1.6 4.8 0.1 1.9 1.5 2.3 1.6 0.4 0.1 3.7 0.0 0.3 1.1 0.6 2.4 1.2 56.0 220.1 France 6.0 43.2 4.0 56.1 3.4 28.6 6.7 28.1 6.2 37.0 9.3 56.9 5.4 31.0 7.5 133.5 11.7 375.2 Germany 35.5 79.6 18.0 82.9 22.0 79.9 37.0 79.3 49.2 68.1 33.2 95.5 36.7 75.7 41.6 57.1 12.6 (28.0) Greece 0.8 1.9 0.7 1.2 2.8 2.4 3.4 1.1 1.0 1.1 0.8 1.8 1.1 2.5 1.2 0.9 (66.4) (20.5) Hungary 0.4 3.9 0.2 3.8 0.1 1.6 0.1 3.9 0.2 3.4 0.0 4.1 0.1 1.7 0.1 4.3 101.2 11.7 Ireland 0.2 14.9 0.2 8.5 0.2 12.6 0.2 10.5 0.1 11.0 0.1 12.9 0.1 8.4 0.0 6.6 (99.9) (36.6) Italy 12.6 91.8 5.0 99.0 8.0 85.5 17.5 66.1 11.1 71.9 9.2 63.5 7.2 76.9 16.7 50.9 (4.6) (23.0) Netherlands 45.1 30.3 43.0 27.6 53.2 20.7 69.3 105.2 81.2 95.4 65.5 22.3 82.5 23.7 79.2 13.5 14.2 (87.2) Norway 1.5 0.7 1.4 1.3 1.7 0.8 2.6 0.2 3.6 1.3 2.9 0.7 2.8 3.0 3.0 0.3 16.4 63.4 Poland 0.3 10.3 0.0 6.2 0.1 11.5 0.1 5.9 0.3 7.0 0.3 12.8 0.1 5.0 0.2 4.2 52.5 (28.7) Portugal 1.2 2.6 1.9 1.7 2.0 3.0 2.3 7.4 0.6 2.0 1.2 0.8 1.7 2.6 1.0 1.1 (57.7) (85.2) Rumania 0.0 73.3 0.4 15.0 0.0 9.9 - 33.1 0.1 38.6 0.3 12.2 0.3 0.5 0.1 0.2 - (99.5) Spain 5.2 15.8 2.9 22.4 4.8 21.7 4.6 15.9 4.2 17.8 3.7 28.6 3.7 17.5 3.4 17.1 (25.6) 7.7 Sweden 1.5 6.8 1.5 11.7 1.3 3.1 1.6 24.4 1.5 28.3 1.0 9.1 1.8 3.7 1.5 14.9 (8.9) (39.0) Switzerland 15.8 19.5 4.4 9.3 3.8 6.8 5.3 27.8 7.0 32.3 7.8 5.1 14.4 6.7 169.6 28.4 3,123.4 2.3 Turkey 2.6 160.9 13.7 166.4 19.6 137.7 4.7 142.1 3.8 151.0 8.2 176.0 13.5 158.0 8.5 126.6 79.7 (10.9) Ukraine 0.3 38.3 0.1 71.3 0.4 36.7 0.5 32.1 0.4 140.6 0.2 106.0 0.3 40.0 0.3 52.0 (48.5) 62.0 United Kingdom 10.5 116.5 7.6 69.2 11.1 84.2 12.6 56.6 10.4 52.1 6.5 133.6 8.8 30.0 8.0 80.6 (36.8) 42.5 Russia 1.7 56.1 2.8 17.9 3.9 41.0 4.0 8.1 3.6 45.7 2.2 9.8 3.5 5.5 2.5 9.5 (37.4) 17.1 Yugoslavia - - - - - - - - - - - - - - - - - - Others 8.1 7.7 11.3 12.2 12.2 21.1 14.4 3.4 10.7 7.0 6.2 3.6 15.4 10.0 17.7 2.5 22.6 (26.1) Total 171.4 859.3 131.6 854.1 164.5 704.0 209.4 823.2 218.3 884.6 171.5 870.8 223.5 625.4 389.7 645.5 86.1 (21.6) %Share Of Continent 27.30 0.00 22.51 19.25 23.93 19.75 27.38 24.01 30.19 23.61 30.40 22.80 29.50 17.25 41.33 24.01 50.95 (0.00) America: Asia: Brazil 0.0 41.8 0.0 11.2 0.0 7.7 0.0 9.4 - 3.8 - 3.9 - 5.1 - 4.2 (100.0) (55.7) Canada 4.4 12.1 2.9 21.3 2.4 5.6 4.4 11.2 2.8 4.8 3.3 37.8 4.2 26.6 4.2 7.6 (4.8) (32.0) Cuba - 0.0 - 0.0 - 0.0 - 0.1 - 0.0 - - - 0.1 - - - (100.0) Mexico 1.0 3.7 0.2 1.1 2.2 0.6 1.3 3.4 0.5 1.6 0.2 2.1 0.3 3.1 1.3 1.0 (2.9) (71.7) United States 50.6 166.1 25.5 949.8 47.7 180.9 69.5 73.0 42.6 307.3 39.1 316.7 46.3 299.8 84.5 147.2 21.5 101.6 Others 13.0 2.3 15.7 2.0 25.7 1.5 33.7 7.3 34.4 1.9 12.0 2.6 30.7 102.9 9.2 15.7 (72.7) 114.0 Total 69.0 226.0 44.2 985.4 78.0 196.3 109.0 104.4 80.3 319.4 54.5 363.1 81.4 437.6 99.2 175.6 - 68.2 %Share Of Continent 10.98 0.00 7.56 22.21 11.34 5.51 14.25 3.05 11.10 8.53 9.66 9.51 10.74 12.07 10.52 6.53 (26.17) 114.46 China, Mainland 40.6 1,083.1 35.4 959.8 34.5 1,001.0 35.3 876.1 19.4 933.9 20.0 1,072.7 23.3 894.5 21.2 710.4 (40.0) (18.9) China, Taiwan 5.2 12.5 2.1 16.5 2.6 12.7 5.6 10.9 4.9 25.5 2.4 26.9 3.3 13.5 11.7 23.8 110.4 119.3 Hong Kong 3.1 2.8 3.0 2.4 2.9 2.7 2.8 1.8 1.5 1.2 1.6 0.7 5.2 1.4 3.7 0.6 31.4 (66.2) India 7.5 266.2 14.0 367.8 25.2 335.3 39.4 260.3 22.3 329.1 16.3 341.2 11.1 286.6 6.7 131.9 (83.0) (49.3) Indonesia 7.9 71.5 11.4 84.6 5.9 69.0 3.8 55.8 10.5 72.0 5.6 59.4 7.4 80.9 6.1 70.6 60.3 26.5 Israel 18.6 7.3 29.5 7.7 31.6 8.3 26.1 2.3 27.2 5.2 24.8 8.6 36.3 6.0 13.6 3.4 (48.0) 47.2 Japan 26.6 80.5 24.6 99.7 29.9 93.2 40.9 101.5 32.8 80.7 19.6 45.4 25.2 32.4 35.7 21.8 (12.7) (78.5) N.Korea, Pdrk 0.2 0.3 0.1 0.5 0.0 0.7 0.1 15.9 0.0 0.5 - 1.4 0.0 0.9 (99.3) (94.5) S.Korea 12.5 46.2 8.5 50.7 10.9 40.5 14.4 43.0 16.7 39.5 7.8 43.6 15.9 44.3 23.7 58.9 64.5 37.1 Kuwait 0.6 514.6 0.6 381.3 0.8 202.6 1.5 560.9 1.2 421.1 0.8 417.3 0.8 141.0 0.8 107.5 (47.9) (80.8) Lebanon 0.8 0.4 0.5 0.4 0.3 0.2 0.5 0.3 0.4 0.4 1.0 0.5 0.7 0.1 0.1 0.0 (80.8) (99.2) Malaysia 0.0 84.3 0.0 115.1 0.1 65.5 0.6 56.4 1.3 37.4 0.2 45.4 0.3 36.4 1.9 32.2 244.3 (42.9) Pakistan 2.7 24.7 2.1 14.5 1.0 4.4 0.5 6.2 0.2 5.8 0.4 11.3 5.5 5.9 5.8 8.3 1,074.2 33.1 Saudi Arabia 42.2 41.4 45.5 89.8 47.8 85.2 47.5 28.2 55.3 56.5 44.7 181.7 55.5 121.7 51.5 97.6 8.3 245.6 Singapore 1.2 4.0 1.8 4.3 8.0 28.5 10.9 4.9 7.5 9.6 6.6 10.0 16.4 113.4 8.3 64.0 (24.4) 1,208.3 Yemen 11.3 0.6 10.3 0.7 17.5 0.7 16.4 0.6 18.5 0.7 6.3 0.4 6.7 0.6 6.8 0.7 (58.6) 18.4 Thailand 1.1 72.0 1.3 48.2 1.2 32.0 1.2 28.5 0.9 27.3 1.0 25.7 0.3 30.1 0.1 18.7 (93.1) (34.4) UAE 28.2 102.4 26.9 135.7 39.2 221.4 37.7 90.8 23.5 98.3 26.6 99.3 47.5 193.7 26.9 155.4 (28.7) 71.2 Others 25.0 51.5 43.7 63.7 37.2 113.4 30.2 35.4 25.7 265.6 18.2 30.3 33.3 50.4 93.7 22.4 210.1 (36.9) Total 235.1 2,466.2 261.3 2,443.4 295.9 2,317.3 315.2 2,179.9 269.8 2,410.2 204.0 2,421.6 294.8 2,052.8 318.0 1,529.1 0.9 (29.9) %Share Of Continent 37.44 0.00 44.69 55.08 43.04 65.00 41.21 63.58 37.32 64.33 36.15 63.39 38.91 56.61 33.72 56.87 (18.18) (10.55) Oceania: Australia 7.3 2.2 3.0 4.4 2.7 1.3 7.6 1.7 5.0 2.2 2.5 1.1 2.5 2.1 4.9 4.3 (35.1) 150.6 Others 2.4 0.7 0.2 2.0 0.6 0.7 1.2 1.3 2.1 1.7 0.3 0.9 0.7 1.5 1.3 1.3 10.5 0.8 Total 9.7 2.9 3.3 6.4 3.9 2.0 8.8 3.0 7.1 4.0 2.9 2.0 3.2 3.6 6.3 5.7 (28.9) 86.5 % Share Of Continent 1.54 0.00 0.56 0.14 0.56 0.06 1.15 0.09 0.99 0.11 0.51 0.05 0.42 0.10 0.66 0.21 (42.28) 137.81 Unspecified Unspecified - - - - - - - - - - - - - - - - - Grand Total Grand Total 628.0 3,682.1 584.6 4,436.3 687.5 3,565.0 764.9 3,428.6 723.0 3,746.4 564.2 3,820.0 757.6 3,626.3 942.9 2,688.7 23.3 (21.6) Source: Ethiopian Revenues

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ethiopian Revenues and Customs Authority, while export data includes electricity export Table 23: Direction of Trade** (in millions of USD)

120 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2016/17 Qtr I 47,935.3 62,849.2 1,241.0 73,722.9 4,499.5 42,284.5 - 1.7 - 17,869.7 13,565.9 - 65.0 56.4 - 3,446.1 Qtr II 37,490.2 69,630.3 1,629.5 108,149.0 4,735.7 45,227.6 - 0.8 - 5,183.1 12,078.8 - 51.0 40.1 - 3,334.2 Qtr III 54,698.0 102,931.1 1,386.1 139,885.6 4,958.6 43,550.3 26,514.6 1.4 - 5,170.2 11,576.4 - 98.3 92.7 - 3,814.4 Qtr IV 85,623.5 98,103.5 1,633.5 70,985.8 5,371.1 47,506.8 24,612.0 1.9 - 7,843.6 11,597.1 - 88.0 40.1 - 5,598.2 2017/18 Qtr I 55,862.3 69,482.8 1,578.5 68,758.6 4,697.6 46,826.2 15,330.8 0.8 - 15,182.6 11,209.9 - 18.0 33.7 847.1 5,172.8 Qtr II 51,511.3 117,658.6 1,674.6 110,392.2 4,159.4 47,367.3 2,718.8 0.5 - 4,351.2 11,176.4 - 125.5 2,132.6 1,156.7 3,427.0 Qtr III 52,367.3 105,505.6 1,464.4 148,509.3 5,016.1 44,155.0 8,278.5 1.3 - 4,454.0 12,021.5 - 116.5 633.7 1,266.6 3,991.2 Qtr IV 78,831.9 55,900.9 1,683.2 110,401.4 6,081.8 50,628.4 9,630.0 0.2 - 7,949.2 12,616.2 - 98.7 60.4 259.0 4,170.9 2018/19 Qtr I 59,199.0 42,370.8 1,539.8 69,123.1 4,703.0 41,609.1 7,355.1 0.5 - 7,180.1 14,228.7 - 88.0 288.6 182.0 4,591.6 Qtr II 43,975.2 60,708.1 1,725.6 109,546.3 4,334.4 42,419.5 8,844.6 0.1 - 2,320.1 14,260.7 - 31.8 44.9 - 4,802.1 Qtr III 48,139.8 87,260.6 1,166.0 150,345.7 4,417.6 41,420.9 10,006.2 0.1 - 7,066.4 12,529.6 - 69.5 35.1 70.9 5,158.2 Qtr IV 79,617.4 69,662.1 1,159.0 133,806.5 4,264.1 50,170.1 17,500.3 0.1 - 7,780.1 12,547.0 - 93.9 17.5 - 5,336.9 2019/20 Qtr I 80,530.9 35,026.1 1,122.7 87,604.0 3,654.0 48,805.8 7,500.2 0.2 - 12,498.8 16,282.2 - 66.0 16.7 - 6,934.0 Qtr II 52,528.2 35,569.5 1,129.7 80,765.1 3,071.7 43,433.0 2,507.1 0.2 - 4,773.8 14,171.3 - 44.0 17.2 - 5,790.3 Qtr III 61,118.6 88,514.3 785.3 87,635.3 3,211.9 47,246.0 5,007.3 0.3 - 4,781.0 14,474.7 - 40.5 16.4 - 5,918.7 Qtr IV 76,933.9 77,394.6 511.9 96,998.1 2,882.3 51,676.1 2,500.4 2.6 - 7,342.0 12,208.2 - 107.5 25.8 80.0 4,155.8 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity Table 24 continued: Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices others Electricity(in '1000' kwh) others* Re-Exports Grand Total* 2016/17 Qtr I 564.59 574.04 - - - 147.12 - 11,639.61 716.77 2,592.10 59,770.38 324,347.33 79,507.08 - 343,541.73 Qtr II 2,079.41 580.98 - - - 63.44 - 10,694.75 727.22 2,084.01 75,453.77 237,278.92 95,057.85 379,233.76 Qtr III 11,860.42 811.54 - - - 181.99 - 13,087.41 1,626.90 4,003.29 53,496.17 304,156,870.37 88,974.85 479,745.54 Qtr IV 14,504.43 1,966.56 - - - 392.55 - 35,421.77 3,070.89 8,679.39 188,720.32 304,718,496.62 263,539.78 1,202,521.02 2017/18 Qtr I 6,652.92 497.64 - - - 125.33 - 12,373.44 848.72 2,930.80 12,378.17 407,081.00 6,053.58 295,001.70 Qtr II 1,912.91 1,105.04 - - - 66.18 - 10,726.62 1,088.13 2,673.56 15,441.77 263,647.32 39,730.47 390,866.21 Qtr III 2,499.64 431.58 - - - 62.81 - 13,450.76 744.58 2,562.90 20,014.25 331,984.70 5,891.48 387,781.01 Qtr IV 739.81 448.52 - - - 61.99 - 13,550.07 885.53 4,409.59 15,536.86 513,474.57 4,490.22 338,312.30 2018/19 Qtr I 553.86 108.07 - - - 16.36 - 12,122.24 989.94 3,446.05 9,478.52 293,768.75 5,062.20 - 252,459.30 Qtr II 264.18 197.45 - - - 44.98 - 11,998.80 1,032.29 2,316.82 17,858.83 298,893.68 38,560.41 - 326,726.79 Qtr III 1,692.88 393.95 - - - 72.46 - 13,785.03 1,035.77 2,016.51 20,034.29 280,763,322.94 280,763.32 - 643,185.85 Qtr IV 1,069.03 411.95 - - - 0.64 - 19,943.24 1,346.93 3,810.50 45,367.47 453,904.83 280,763.32 - 657,363.93 2019/20 Qtr I 669.85 709.65 - - - 12.48 - 26,141.47 812.20 4,361.93 30,467.68 167,043.23 70,125.90 363,216.73 Qtr II 164.65 311.57 - - - 38.65 - 24,070.40 935.59 3,605.51 39,044.70 262,447.51 73,978.54 - 311,972.21 Qtr III 1,053.08 196.59 - - - 94.90 - 24,493.71 814.34 1,827.09 46,756.64 116,328.41 81,171.46 - 393,986.69 Qtr IV 2,782.57 166.78 - - - 6.11 - 23,420.26 1,865.57 2,705.14 18,263.81 408,020.47 53,471.87 - 382,029.45 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity Table 24: Volume of Exports, by major commodity groups (In metric tone)

Fourth Quarter 2019/20 121 National Bank of Ethiopia Quarterly Bulletin Table 25: Value of Exports, by Major Commodity Groups (In Thusands of Biir) Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem 2016/17 Qtr I 3,967,681.81 1,566,890.84 568,470.09 1,122,225.51 481,858.65 294,980.86 - 1,429,988.74 - 729,289.63 1,646,044.16 - 12,745.69 41,717.52 Qtr II 2,947,226.42 1,545,549.69 642,588.05 1,736,431.27 533,074.66 325,785.53 - 751,520.29 - 214,348.91 1,504,475.06 - 10,395.38 29,485.20 Qtr III 5,262,982.58 2,447,326.56 570,064.32 2,162,962.11 562,140.77 305,094.56 59,869.51 1,020,138.31 - 212,897.51 1,460,530.31 - 19,689.21 33,777.29 Qtr IV 7,719,668.05 2,331,595.43 777,873.35 1,254,944.02 637,647.65 331,887.52 55,562.19 1,482,343.45 - 349,972.81 1,502,640.11 - 17,736.43 32,881.43 2017/18 Qtr I 5,011,278.90 1,744,858.76 769,891.95 1,067,855.73 562,830.79 362,770.12 73,122.09 665,027.05 - 698,508.03 1,478,336.66 - 3,557.04 32,525.56 Qtr II 4,443,198.44 3,834,235.78 949,826.11 1,839,139.38 563,485.93 417,619.41 7,754.76 501,643.73 - 212,460.16 1,641,071.57 - 27,767.27 73,565.65 Qtr III 4,861,307.06 3,706,619.53 788,275.50 2,307,768.02 684,152.76 386,724.14 27,284.49 1,256,940.42 - 217,174.16 1,846,728.64 - 27,095.50 35,121.47 Qtr IV 7,577,696.00 1,903,139.95 947,815.16 1,909,501.27 851,498.53 436,383.47 25,421.15 182,145.95 - 410,929.25 1,916,101.39 - 22,891.58 104,794.87 2018/19 Qtr I 5,606,714.42 1,595,732.93 912,007.83 1,193,432.93 664,247.51 406,255.91 18,005.50 429,197.17 - 400,073.40 2,162,094.27 - 20,306.93 41,732.37 Qtr II 3,612,728.79 2,533,022.91 939,790.06 1,917,614.35 589,620.38 408,648.39 22,162.45 103,196.93 - 124,210.78 2,244,183.10 - 7,953.53 102,966.16 Qtr III 4,674,836.41 3,683,306.94 688,275.06 2,550,109.98 612,962.22 393,723.19 24,457.76 97,457.01 - 360,827.07 2,047,883.83 - 16,807.45 82,487.28 Qtr IV 7,596,429.28 3,109,261.04 745,400.80 1,998,393.93 618,118.57 500,841.03 42,084.77 145,854.56 - 402,843.34 2,056,960.28 - 22,589.88 47,105.95 2019/20 Qtr I 6,750,439.44 1,568,071.12 686,309.06 1,416,493.64 538,072.54 476,181.88 17,614.88 178,598.49 - 702,058.85 2,691,144.01 - 15,808.72 23,708.43 Qtr II 4,005,575.11 1,626,802.81 767,530.69 1,491,982.14 512,495.87 1,149,065.65 8,359.28 228,186.77 - 255,711.34 2,455,099.54 - 11,751.05 30,848.47 Qtr III 6,376,313.89 4,146,223.57 474,334.74 2,130,169.09 565,407.22 463,014.17 13,886.68 438,497.09 - 274,004.89 2,647,652.62 - 9,780.30 39,209.03 Qtr IV 9,911,481.38 3,674,955.76 296,607.87 2,369,252.98 515,115.23 438,004.52 7,244.67 5,727,357.00 - 439,314.08 2,322,856.62 - 28,315.53 61,735.44 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 25 continued: Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports 2016/17 Qtr I 15,454.20 41,522.18 - - - 10,707.79 - 1,105,141.90 20,112.72 131,608.91 399,218.95 394,411.57 502,863.29 - Qtr II 38,022.84 56,872.05 - - - 3,649.66 - 1,045,226.32 20,345.58 111,679.53 500,765.25 300,235.98 486,887.69 Qtr III 102,075.77 64,418.22 - - - 13,778.95 - 1,366,378.54 22,716.24 176,613.38 593,113.21 384,298,139.26 550,664.13 Qtr.IV 195,142.14 118,724.11 - - - 22,421.80 - 2,287,106.82 36,930.87 302,310.02 1,015,628.87 671,946,659.59 940,887.77 - 2017/18 Qtr I 64,616.68 38,735.39 - - - 10,124.92 - 1,266,346.36 22,798.98 101,110.03 443,307.74 517,682.43 778,105.16 - Qtr II 29,613.61 86,711.99 - - - 5,137.37 - 1,322,830.19 35,531.87 106,985.75 296,197.05 399,594.85 2,908,926.36 Qtr III 42,778.32 52,128.29 - - - 3,808.18 - 1,776,936.74 22,194.74 101,646.73 326,520.65 500,366.79 763,186.55 Qtr.IV 19,770.96 56,224.93 - - - 4,624.29 - 1,615,957.90 28,273.77 131,539.76 251,415.39 780,060.63 3,801,840.03 2018/19 Qtr I 17,470.15 16,093.37 - - - 1,475.15 - 1,451,212.49 25,556.93 113,331.98 277,665.97 456,745.80 3,340,553.05 Qtr II 10,513.78 30,837.40 - - - 4,216.15 - 1,467,006.89 25,714.57 76,167.11 295,922.64 465,255.34 3,442,678.83 Qtr.III 33,496.23 49,308.62 - - - 7,549.68 - 1,805,661.75 28,921.70 81,210.40 384,709.47 455,941.67 4,070,025.33 Qtr.IV 20,460.31 48,683.46 - - - 227.39 - 2,504,340.79 34,552.63 111,198.37 556,139.47 136,119.39 4,719,577.34 2019/20 Qtr I 19,375.25 65,291.30 - - - 1,011.08 - 3,357,991.98 20,282.22 126,256.43 570,324.43 297,530.17 5,989,756.76 Qrt II 29,972.9 37,492.49 - - 3,755.86 - 3,324,188.09 31,360.27 182,452.95 418,410.69 461,911.04 5,973,937.96 Qtr.III 29,388.3 26,247.86 - - - 11,105.88 - 3,641,116.64 27,848.94 90,699.61 1,093,323.75 565,631.47 6,879,568.92 Qtr.IV 59,701.8 28,828.81 - - - 565.23 - 3,457,597.05 33,482.33 107,562.96 603,108.09 796,038.39 6,156,129.46 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

122 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2016/17 Qtr I 5,174,484 178,486 25,900 25 7,812,912 981,066 1,535,843 645,674 921,470 1,676,917 638,321 Qtr II 2,903,309 161,168 32,573 7 9,779,325 668,951 3,447,434 897,417 664,975 1,619,764 666,069 Qtr III 4,038,531 155,586 27,239 84 11,196,395 610,163 2,208,577 279,284 585,677 1,659,964 602,408 Qtr IV 2,714,657 204,161 36,574 3,613 10,354,648 1,063,782 5,087,230 269,118 917,879 1,751,928 550,387 2017/18 Qtr I 5,097,596 242,383 22,093 - 10,217,553 964,874 2,132,654 332,193 714,235 1,687,081 657,329 Qtr II 6,544,508 216,136 26,897 172 14,481,837 1,094,307 1,784,113 651,619 975,471 1,786,643 614,351 Qtr III 3,875,159 231,936 25,794 1,527 15,362,850 1,045,727 3,158,363 200,846 734,633 1,431,496 476,604 Qtr IV 6,829,349 153,048 32,263 96 18,551,748 1,172,184 5,286,696 311,339 875,399 1,533,488 432,250 2018/19 Qtr I 6,108,505 171,395 18,926 - 17,291,911 1,640,216 3,200,286 537,018 997,360 1,938,502 563,586 Qtr II 4,400,932 119,231 35,128 876 17,632,840 1,406,331 4,955,085 1,001,683 891,969 2,117,501 866,013 Qtr III 5,007,888 92,947 28,053 - 17,506,737 1,179,234 1,885,652 447,431 1,013,454 1,792,978 693,449 Qtr IV 3,765,871 163,893 25,126 9 17,511,115 1,129,430 7,668,833 445,573 1,020,599 1,849,875 841,461 2019/20 Qtr I 9,086,741 204,261 29,042 - 16,699,933 1,479,065 3,582,154 267,772 1,274,355 2,038,489 1,042,851 Qtr II 7,072,204 259,326 32,121 257 18,616,354 1,791,221 3,766,270 973,466 1,283,965 2,185,393 1,278,813 Qtr III 8,528,815 232,640 36,685 1,707 16,751,624 1,403,444 3,512,864 1,376,255 1,251,560 2,862,753 1,107,819 QIV 5,847,596 225,695 15,969 - 9,988,980 1,141,449 5,962,065 474,784 729,417 2,349,124 833,758 Table 26 (continued): Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2016/17 Qtr I 1,383,978 2,192,374 808,926 10,290,955 12,737,311 7,965,263 7,595,439 988,419 7,308,290 19,005,059 88,878,692 Qtr II 1,645,039 2,105,322 833,900 11,428,967 13,511,699 9,629,018 7,410,779 926,544 223,723 19,981,624 87,611,064 Qtr III 1,150,448 1,981,457 935,599 9,347,851 14,717,861 8,580,209 5,905,610 1,009,261 59,694 19,971,213 84,013,849 Qtr IV 1,237,227 2,250,547 798,397 10,504,708 16,014,724 7,324,469 9,174,224 923,184 138,938 23,370,095 93,767,307 2017/18 Qtr I 1,317,775 2,341,556 851,532 10,705,075 17,029,020 7,851,355 7,957,574 1,406,934 131,105 22,507,995 92,760,976 Qtr II 1,264,948 2,349,149 1,033,330 9,463,471 16,898,937 8,663,856 7,197,524 1,375,593 115,803 30,611,664 105,774,738 Qtr III 1,169,718 3,120,985 695,758 8,974,972 16,948,824 6,542,352 6,975,499 1,409,797 98,565 25,455,731 96,527,340 Qtr IV 1,286,900 1,828,263 579,208 7,929,223 14,869,246 4,900,213 6,092,034 1,782,783 82,770 26,492,914 99,238,631 2018/19 Qtr I 1,562,470 2,163,693 701,640 9,627,455 17,850,408 4,941,253 7,724,711 1,251,621 80,252 23,862,895 100,982,482 Qtr II 1,732,147 1,348,460 742,908 11,005,781 14,079,383 5,621,035 6,815,022 942,366 73,570 48,546,021 123,391,918 Qtr III 1,679,391 1,234,317 737,995 10,736,343 15,201,505 5,282,974 7,548,035 1,388,347 540,334 28,166,238 100,774,956 Qtr IV 1,771,434 1,824,720 806,768 9,306,267 12,236,842 6,306,055 5,842,118 1,071,067 670,598 25,058,207 98,244,794 2019/20 Qtr I 2,285,861 1,462,753 880,465 10,749,605 16,282,976 4,480,745 5,902,375 791,672 248,197 30,995,465 108,993,105 Qtr II 2,523,927 1,803,900 926,866 14,424,435 23,253,811 2,647,175 8,384,797 1,099,958 169,506 24,029,489 115,423,297 Qtr III 2,669,745 1,233,333 876,260 15,104,311 17,937,973 1,809,672 6,333,941 1,304,939 139,474 33,593,227 116,764,101 Qtr IV 1,909,521 1,410,207 592,781 11,029,726 12,457,371 560,232 4,381,015 1,477,931 53,416 31,045,744 91,008,849 Source: Ethiopian Revenues and Customs Authority

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Table 26: Value of Imports, by Major Commodity Groups** (In 000 birr)

Fourth Quarter 2019/20 123 National Bank of Ethiopia Quarterly Bulletin Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2016/17 Qtr I 656,575.3 7,189.1 256.9 1.0 775,800.0 52,454.3 4,200.2 146.8 19,567.4 27,536.6 30,826.7 Qtr II 377,203.0 5,792.5 494.5 0.0 871,155.9 47,715.1 5,384.4 321.6 16,094.6 27,204.1 30,786.3 QIII 450,362.8 5,909.1 351.8 0.5 915,649.9 31,761.7 5,461.9 183.1 12,043.4 25,729.3 28,015.0 QIV 243,403.6 7,732.0 403.1 71.1 876,710.6 41,864.5 7,640.5 199.9 17,800.8 27,886.6 24,745.3 2017/18 Qtr I 571,803.0 6,717.2 226.4 - 884,057.5 43,516.3 4,568.8 183.8 27,279.8 26,124.3 29,369.4 QII 607,089.8 6,229.2 346.9 1.6 961,433.7 41,481.4 4,565.1 334.3 23,443.3 22,726.2 24,825.0 QIII 371,970.4 7,600.1 281.6 49.2 915,435.2 44,888.4 2,882.0 152.1 13,414.0 57,132.3 18,798.8 QIV 666,646.9 6,005.0 347.6 0.1 1,009,662.5 53,379.0 3,405.1 435.0 20,199.6 18,594.5 16,641.2 2018/19 Qtr I 626,714.2 5,465.7 240.0 - 907,139.9 61,063.8 18,232.9 249.4 19,140.1 24,312.0 21,370.8 QII 395,944.2 3,050.7 381.9 29.8 964,153.1 55,976.2 4,802.0 347.3 20,690.4 26,813.8 30,290.4 QIII 432,851.7 3,159.5 310.4 - 1,050,652.6 42,017.6 5,097.3 308.2 50,288.3 22,808.3 24,746.8 QIV 367,234.4 5,131.5 232.4 0.2 898,277.4 40,590.1 5,827.5 245.7 24,447.0 24,004.7 28,937.9 2019/20 Qtr I 927,666.8 4,864.8 294.0 - 1,010,291.7 60,758.9 6,254.8 246.6 29,296.9 26,161.5 37,425.6 QII 660,367.6 4,928.5 300.9 16.2 1,013,691.3 571,124.0 6,595.3 30,529.1 24,067.6 31,666.9 42,735.8 QIII 658,195.9 3,863.4 281.0 37.7 955,229.4 46,049.3 5,627.1 786.2 21,135.6 29,753.0 32,072.4 QIV 527,322.9 3,169.1 134.1 - 887,983.6 41,000.1 5,594.6 204.5 11,184.6 23,988.1 25,976.7 Table 27: (continued) Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2016/17 Qtr I 25,573 13,743 82,721 529,924 137,363 63,505 33,925 81,636 92 821,925 3,283,325 Qtr II 34,732 12,758 88,206 516,123 67,011 79,084 29,758 80,150 61 945,041 3,154,925 Qtr III 21,762 11923.84086 87,517 341447.3752 64,339 151947.3262 28,805 94561.88505 43 852618.0043 3,035,870 Qtr IV 23,505 13512.66092 73,709 429517.7858 62,441 56958.21949 34,794 84698.61926 84 1204838.776 3,147,818 2017/18 Qtr I 25,188 14,863 73,124 473,736 64,428 60,789 34,883 126,289 50 817,233 3,158,141 Qtr II 21,373 12,397 75,401 345,957 73,314 58,736 31,171 115,145 45 1,025,966 3,336,836 Qtr III 20,123 13,431 47,381 237,491 63,424 41,358 33,119 148,081 121 1,377,141 3,266,192 Qtr IV 21,398 10,066 36,166 324,198 54,745 43,797 20,781 250,677 48 1,408,728 3,715,243 2018/19 Qtr I 53,653 11,856 45,176 353,765 58,849 34,749 36,732 155,568 71 861,237 3,140,016 Qtr II 30,678 13,621 46,022 417,448 69,876 43,867 36,314 88,123 52 974,879 3,135,238 Qtr III 27,469 6,297 52,633 390,714 58,356 38,979 26,554 136,824 128 1,221,897 3,455,268 Qtr IV 28,819 13,511 50,875 533,747 47,746 41,545 31,910 157,898 29 1,225,197 3,368,308 2019/20 Qtr I 34,494.7 7,409.0 52,447.9 477,106.2 53,216.1 49,595.4 33,469.8 144,203.0 94.1 891,187.1 3,702,282.2 Qtr II 34,370.0 8,558.8 47,399.8 533,019.9 73,839.3 18,454.0 43,820.0 173,982.6 142.3 1,255,710.3 4,401,337.5 Qtr III 31,491.6 6,171.2 41,289.8 406,143.0 59,162.4 11,940.7 29,510.5 139,008.2 166.6 1,558,799.3 3,897,705.9 Qtr IV 19,898.7 5,156.2 20,556.0 326,855.6 37,709.1 3,172.5 15,888.9 280,843.1 27.6 2,100,218.1 4,056,041.1 ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority

124 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Categories 2016/17 2017/18 2018/19 2019/20 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV Qtr I Qtr II QIII Qtr IV Raw Materials 836.64 761.61 516.87 694.11 729.49 751.46 1,059.66 1,077.25 1,382.74 1,151.76 835.52 863.31 1,246.52 1,328.60 1,258.09 1,237.67 Semi-finished Goods 13,774.36 13,368.46 12,979.43 18,718.24 16,608.67 16,030.99 13,722.86 19,306.55 15,194.93 17,589.88 23,876.85 21,454.84 20,576.67 21,285.22 30,481.29 25,452.87 Chemicals 2,289.95 1,383.79 1,426.13 2,424.31 2,489.66 2,059.94 1,807.53 2,553.40 2,996.00 2,917.90 2,372.24 2,572.77 5,879.40 3,564.76 3,304.81 3,994.34 Fertilizers 88.79 1,509.88 2,406.27 4,349.93 133.00 2,156.43 3,446.63 7,265.53 209.45 193.32 7,439.91 6,377.18 657.48 269.57 10,787.89 7,802.05 Textile Materials 339.85 424.76 370.75 445.54 339.85 373.55 335.92 540.25 515.15 652.90 524.03 584.87 816.41 755.30 1,090.54 823.25 Others 11,055.77 10,050.03 8,776.28 11,498.44 13,646.16 11,441.07 8,132.77 8,947.37 11,474.33 13,825.77 13,540.67 11,920.01 13,223.37 16,695.59 15,298.05 12,833.23 Fuel 8,174.61 10,377.97 11,462.17 10,925.45 10,730.48 15,288.66 15,824.75 19,170.06 18,198.76 18,727.02 17,890.37 18,125.75 17,268.47 19,365.31 17,590.10 10,461.60 Crude petroleum 0.03 0.01 0.08 3.61 - 0.17 1.53 0.10 - 0.88 - 0.01 - 0.26 1.71 - Petroleum Products 7,812.91 9,779.33 11,196.39 10,354.65 10,217.55 14,481.84 15,362.85 18,551.75 17,291.91 17,632.84 17,506.74 17,511.12 16,699.93 18,616.35 16,751.62 9,988.98 Others 361.67 598.64 265.69 567.19 512.92 806.65 460.37 618.22 906.85 1,093.30 383.63 614.63 568.54 748.69 836.77 472.62 Capital Goods 31,112.00 35,495.51 33,157.35 35,520.33 34,924.77 40,498.39 33,914.62 27,346.30 32,791.25 50,759.84 31,527.12 25,492.20 29,668.84 39,592.26 33,220.65 25,748.05 Transport 7,642.28 9,673.61 7,953.13 6,736.56 7,222.04 13,252.80 4,821.57 4,042.73 3,841.91 25,889.34 5,238.93 4,847.52 4,017.79 3,279.03 3,169.64 1,782.96 Tyres for Heavy Vehicles 816.06 871.22 745.37 753.93 716.95 757.80 511.43 642.79 732.70 888.63 751.55 799.85 833.18 939.29 1,218.87 1,200.00 Heavy Road Motor Veh. 5,587.41 6,029.64 5,627.27 5,155.86 5,820.54 6,371.53 3,537.37 2,937.00 2,157.72 2,748.20 2,843.47 3,692.17 2,632.86 1,334.55 1,278.05 406.69 Aircraft 828.18 1,142.15 815.76 576.69 628.38 5,990.55 536.61 373.97 364.25 21,987.41 1,583.85 293.68 460.65 884.88 537.36 150.83 Others 410.63 1,630.60 764.73 250.08 56.17 132.91 236.16 88.96 587.23 265.10 60.06 61.82 91.10 120.30 135.37 25.45 Agricultural 476.95 553.55 352.96 307.92 233.92 612.77 239.42 256.91 451.15 389.55 413.81 361.50 484.19 933.41 645.06 682.99 Industrial 22,992.77 25,268.36 24,851.26 28,475.84 27,468.81 26,632.82 28,853.64 23,046.66 28,498.18 24,480.95 25,874.38 20,283.18 25,166.87 35,379.83 29,405.95 23,282.09 Consumer Goods 33,084.51 25,949.60 24,413.52 26,177.38 28,442.08 32,972.73 30,435.70 30,721.60 31,495.66 33,094.30 24,831.12 30,336.96 33,456.83 31,708.67 32,693.08 26,856.10 Durables 14,574.92 7,774.60 7,950.54 7,846.70 9,244.15 10,197.31 8,803.03 6,778.12 8,090.79 8,803.07 7,912.65 8,863.90 8,185.50 7,433.48 7,944.02 4,962.80 Radio & T.V. 7,769.98 713.57 490.66 582.46 965.66 717.51 663.06 490.33 652.88 635.72 941.39 1,187.16 682.68 768.96 309.54 186.31 Tyres for cars & Other Veh. 319.26 344.35 382.72 388.74 375.19 468.40 372.75 408.22 355.13 324.58 458.72 373.39 343.29 438.93 508.47 306.07 Cars & Other Veh. 2,355.92 2,770.67 2,373.24 2,417.90 2,916.00 3,861.79 3,021.82 2,202.24 2,212.74 2,721.97 2,482.96 2,581.68 1,931.12 1,151.77 313.54 59.14 Others 4,129.77 3,946.01 4,703.92 4,457.60 4,987.30 5,149.60 4,745.40 3,677.34 4,870.05 5,120.80 4,029.57 4,721.66 5,228.42 5,073.83 6,812.48 4,411.28 Non-durables 18,509.59 18,175.00 16,462.98 18,330.68 19,197.94 22,775.43 21,632.66 23,943.47 23,404.87 24,291.23 16,918.47 21,473.06 25,271.33 24,275.19 24,749.06 21,893.30 Cereals 4,545.45 2,686.95 3,355.88 1,775.40 4,667.22 5,960.54 3,368.73 6,047.13 5,607.41 3,963.48 4,289.46 2,873.85 8,375.00 6,079.64 7,056.97 4,543.41 Other Food 3,600.41 3,167.24 3,440.85 2,798.54 2,873.00 4,424.25 4,895.35 4,061.54 4,408.68 5,079.67 3,007.04 3,146.73 4,341.13 4,872.30 4,136.69 3,388.37 Medical & Pharmaceuticals 2,280.23 4,501.90 2,691.48 5,554.59 2,665.79 2,759.75 3,617.87 5,771.11 4,038.30 6,336.62 2,534.04 8,224.78 4,363.84 4,985.29 5,315.43 6,692.12 Textile Fabrics 3,328.01 3,166.57 3,068.68 3,416.06 3,727.90 3,709.68 4,518.54 2,841.64 3,363.54 2,351.60 2,211.08 3,163.35 3,173.08 3,406.18 2,925.20 2,795.98 Others 4,755.49 4,652.34 3,906.08 4,786.08 5,264.02 5,921.20 5,232.17 5,222.05 5,986.94 6,559.86 4,876.85 4,064.35 5,018.28 4,931.77 5,314.78 4,473.42 Miscellaneous 1,896.57 1,658.14 1,484.51 1,731.80 2,339.67 2,032.10 1,569.75 1,616.87 1,919.15 2,069.12 1,813.98 1,971.74 6,775.77 2,143.24 1,520.90 1,252.56 Total Imports 88,878.69 87,611.29 84,013.85 93,767.31 93,775.16 107,574.34 96,527.34 99,238.63 100,982.48 123,391.92 100,774.96 98,244.79 108,993.10 115,423.30 116,764.10 91,008.85 Source: Ethiopian Revenues and Customs Authority. Table 28: Value Of Imports, bY End-Use**

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority (In 000 birr)

Fourth Quarter 2019/20 125 National Bank of Ethiopia Quarterly Bulletin Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Sector/Sub-sector 2011(2018/19) 2012(2019/20) QI QII QIII QIV QI QII QIII QIV "No of projects" Investment Capital "No of projects" Investment Capital "No of projects" Investment Capital "No of projects" Investment Capital "No of projects" Investment Capital "No of projects" Investment Capital "No of projects" "Investment Capital" "No of projects" "Investment Capital" Manufacturing 232 3435.7 19 274.6 13 135.2 31.0 292.5 5.0 40.3 2 19.9 11 173.9 Agriculture, hunting and forestry 8.0 58.2 7.0 12.5 7.0 4.0 1 3.3 1 10.5 Real estate, renting and business activities 169 1076.8 135 470 9 26.79 54 221.98 2 16 2 23.9 2 33.9 1 1.6 Hotels and restaurants 2.0 21.1 Education 3 13.1 2 15 1 40 1 2.5 Health and social work 3.0 22.3 1 2 2 302 3 18 Construction 122 1243.6 13 36 9 53 23 334.5 2 4.4 5 49.9 1 3.6 5 13.4 Wholesale, retail trade and repair service 169.0 1076.8 Transport, storage and communication 3 10.9 1 6.0 1 11.9 Mining and Quarrying 1.0 3.0 2.0 31.0 1 4 Electricity, gas, steam and water supply Construction machinery leasing Fishing "Other community, social and personal service activities" 1.0 4525.6 Others 1 6 1 9.6 Grand Total 544 5886.8 177.0 814.1 40.0 250.0 112.0 898.5 9.0 60.7 10 99.7 7 361.0 22 219.9 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included.

126 Fourth Quarter 2019/20 National Bank of Ethiopia Quarterly Bulletin Sector/Sub-sector 2011(2018/19) 2012(2019/20) QI QII QIII QIV QI QII QIII QIV "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." Manufacturing 8377 3556 1416 172 773 169 3920 1749 39 41 359 500 25 21 Agriculture, hunting and forestry 50 225 48.0 710.0 42 560 6 300 3 5 Real estate, renting and business activities 1,036 408 537 710 405 20 135 89.0 12 20 12 Hotels and restaurants 18 Education 18 20 132.0 130.0 50 4 2 2 Health and social work 25 8 8 6 6 Construction 2,940 965 57.0 60.0 85 296 133 212.0 12 160 2 1 8 2 Wholesale, retail trade and repair service Transport, storage and communication 30 4 117 Mining and Quarrying 25 62 10 30 Electricity, gas, steam and water supply Construction machinery leasing Fishing "Other community, social and personal service activities" 12 Others 12.0 105.0 27 5 Grand Total 12506 5174 2202 1887 1330 1107 4262 2392 51 61 387 660 146 6 44 36 Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included.