National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 — NBE — ET

Second 8 9
9
5 2

NatioNal BaNk of Ethiopia
Quarterly Bulletin
Volume 35, No. 2
Second Quarter 2018/19 fiscal Year Series addis ababa 2019

National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin
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 ----------------------------------------------------------------2
ii. Energy production and processing------------------------------------------------------------------------7
2.1: Import of Petroleum Products---------------------------------------------------------------------------------7 2.2: Electric Power Generation--------------------------------------------------------------------------------------12
iii. Quarterly price Developments---------------------------------------------------------------------------- 13
3.1: Developments in National CPI------------------------------------------------------------------------------- 13 3.2: Developments in Regional Inflation------------------------------------------------------------------------- 16
4. Monetary Developments----------------------------------------------------------------------------------- 18
4.1: Money Supply and Credit---------------------------------------------------------------------------------------18 4.2: Developments in Reserve Money and Monetary Ratio-------------------------------------------------20 4.3: Interest Rate Developments -----------------------------------------------------------------------------------22 4.4: Developments in the Financial Sector----------------------------------------------------------------------- 25 4.5: Activities of the Banking System------------------------------------------------------------------------------28 4.5.1: Resource Mobilization-----------------------------------------------------------------------------------------28 4.5.1.1: Deposit Mobilization----------------------------------------------------------------------------------------29 4.5.1.2: Collection of Loans -----------------------------------------------------------------------------------------30 4.5.1.3: Borrowing --------------------------------------------------------------------------------------------------30 4.5.2: Disbursement of Fresh Loans ---------------------------------------------------------------------------31 4.5.3: Outstanding Credit ---------------------------------------------------------------------------------------32 4.6: Financial Activities of NBE --------------------------------------------------------------------------------------34 4.7: Developments in Financial Markets ----------------------------------------------------------------------34 4.7.1: Treasury Bills Market -------------------------------------------------------------------------------------34 4.7.2: Inter-bank Money Market ------------------------------------------------------------------------------37 4.7.3: Corporate Bond Market----------------------------------------------------------------------------------37

National Bank of Ethiopia Quarterly Bulletin
V. External Sector Developments ----------------------------------------------------------------------------38
5.1: Balance of Payments -----------------------------------------------------------------------------------38 5.2: Balance of Trade-------------------------------------------------------------------------------------------40 5.2.1: Exports of Goods -------------------------------------------------------------------------------41 5.2.2: Imports of Goods --------------------------------------------------------------------------------------46 5.2.3: Direction of Trade -------------------------------------------------------------------------------------48 5.2.3.1: Exports of goods --------------------------------------------------------------------------48 5.2.3.2: Imports of goods-------------------------------------------------------------------------------------49 5.3: Services and Transfers ----------------------------------------------------------------------------------50 5.4: Current Account Balance ------------------------------------------------------------------------------53 5.5: Capital Account-------------------------------------------------------------------------------------------53 5.6: Changes in Reserve Position -------------------------------------------------------------------------53 5.7: Developments in Foreign Exchange Market------------------------------------------------------54 5.7.1: Exchange Rate Movements ---------------------------------------------------------------54 5.7.2: Movements in the Real Effective Exchange Rate --------------------------------60 5.7.3: Volume of Transactions -------------------------------------------------------------61
Vi. federal Government finance---------------------------------------------------------------------------63
6.1: Revenue and Grants------------------------------------------------------------------------------------64 6.2: Expenditure-----------------------------------------------------------------------------------------------66 6.3: Deficit Financing---------------------------------------------------------------------------------------68
Vii. Developments in investment-------------------------------------------------------------------------69
Viii. international Economic Developments --------------------------------------------------------72
8.1: Overview of the World Economy ------------------------------------------------------------------72 8.2: Inflation Developments-------------------------------------------------------------------------------73 8.3: Commodity Price --------------------------------------------------------------------------------------73 8.4: Exchange Rate Developments -------------------------------------------------------------------74 8.5: Impact of Global Economic Development on Ethiopian Economy------------------75 StatiStiCal taBlES---------------------------------------------------------------------------------------------76

Ethiopia: Macroeconomic and Social Indicators Indicators 1999/00 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 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010)

Country Profile 1.14 million
Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million NA Arable Land ( % of total area ) 45.0 45.00 NA Irrigated Land ( % of total area ) 3.0 NA Population Density ( person per sq.km )* 85.6 88.1 90.7 93.2 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
Social Indicators
Population total, in millions
(Mid-Year population) 60.00 61.60 63.20 64.80 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 (o/w Urban Poulation, in %) 14.9 15.1 15.33 15.5 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 Working Age Population ( In Millions ) Urban 5.6 6.1 6.4 6.5 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 9 Rural 28.00 28.8 29.8 30.54 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 Total 33.8 34.9 36.2 37.04 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 57 Age Dependency Ratio 87.8 87.2 86.0 86.6 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 69 Life Expectancy at Birth ( Male - Female ) 50.9-53.0 53.4-55.4 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 Crude Birth Rate 44.2:1,000 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27.0:1000 Crude Death Rate 15:1,000 12.6:1,000 12.6:1,000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.3:1000 Natural Rate of Population Increase ( In % ) 2.9 2.7 2.60 2.40 2.40 2.31 2.07 Total Fertility Rate 6.5clild:W 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W People : Hospital Beds 5,273:1 6,086.4:1 5740.4:1 6479.2:1 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 People : Physician1 50,273.2:1 47,836.0:1 35604:1 34005.1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 People : Nurse 1 9,458.5:1 8,461.0:1 5236.0:1 4879:1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 Infant Mortality Rate 110:1,000 97:1,000 97:1,001 97:1,002 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 Access to Safe Water ( In %) Country Level 30.00 27.90 28.4 NA 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71.0 Urban Population 72.00 91.70 75.7 NA N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60.0 Rural Population 24.00 17.10 19.9 NA 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74.0 Student-Teacher Ratio Primary ( 1-8 ) 56:1 61:1 63:1 64:1 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 43:1 43:1 Secondary ( 9-12 ) 43:1 52:1 54:1 45:1 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 26:1 26:1 Technical & Vocational 7.6:1 9:1 17:1 25:1 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5:1 12.6:1 11:1 15:1 Student-School Ratio Primary ( 1-8 ) 563:1 617.5:1 674.0:1 701:1 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 560:1 573:1 580:1 567:1 Secondary ( 9-12 ) 982:1 1,531.2:1 1681.0:1 1222:1 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 744.90 767.2:1 754:1 741:1 Technical & Vocational 267:1 264.9:1 271.0:1
353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 331:1 329:1 318:1
Macroeconomic Indicators
3.1 Real sector Development2
GDP at Current Market Price (In
Mn. Birr) 65,986.0 67,351.0 65,895.0 72,703.0 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,528,044.2 1,806,656.0 2,202,373.0 Nominal GDP Growth Rate (In %) 9.0 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.9 20.2 Average Marginal Exchange Rate (Birr per USD) 8.1400 8.3300 8.5400 8.5800 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 Continued…. Second Quarter 2018/19 I National Bank of Ethiopia Quarterly Bulletin

Indicators
1999/00 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 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) GDP at Current Market Price (IN Mn. USD) 8,106.4 8,085.4 7,716.0 8,473.5 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 72,419.2 80,605.0 84,356.0 Nominal GDP per Capita (In USD) 135.1 131.3 122.1 130.8 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 794.0 863.0 883.0 Real GDP per Capita ( In Birr ) 3,313.8 3,495.7 3,458.8 3,300.5 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,217.5 Real GDP per Capita Growth Rate (In %) 4.8 5.5 (1.1) (4.6) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 5.3 GDP Deflator (% change) 6.9 (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.3 12.5 Real GDP at constant basic price (In Mn. Birr) 184,625.4 198,320.9 201,561.3 197,331.5 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 747,309.2 1,577,107.0 1,719,491.3 Real GDP at constant market price (In Mn. Birr) 198,827.1 215,332.6 218,594.3 213,870.3 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 810,187.2 1,699,193.6 1,834,066.5 Real GDP Growth Rate (In %) 3.4 7.4 1.6 (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.9 7.7 Agriculture & Allied Activties(In Billion Birr) 102.1 111.9 109.8 98.3 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 274.0 573.1 600.9 Industrial Sector (In Billion Birr) 17.7 18.6 20.2 21.4 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 125.0 404.3 464.4 Service Sector(In Billion Birr) 69.4 72.9 75.3 79.4 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 353.0 620.2 673.9 Agriculture & Allied Activties (% of GDP) 55.3 56.4 53.7 49.4 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 36.7 36.3 34.9 Industrial Sector ( % of GDP ) 9.7 9.5 10.0 11.0 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 16.7 25.6 27.0 Service Sector ( % of GDP ) 37.0 36.3 36.3 39.6 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 47.3 39.3 39.2 Private Consumption Expenditure 45,611.0 47,981.0 49,319.0 56,765.0 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 896,208.0 1,037,277.0 1,147,628.0 1,441,581.0 Government Consumption Expenditure 12,615.0 10,543.0 10,448.0 10,422.0 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 148,837.0 222,865.0 225,523.0 Investment 14,647.0 15,870.7 17,395.0 17,669.0 24,902.0
27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 588,705.0 704,596.0 751,626.0 Exports 8,010.0 8,146.0 8,389.0 9,779.0 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,366.0 139,805.0 184,282.0 Imports 15,952.8 16,108.4 17,706.8 20,131.3 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,528.0 428,400.0 502,113.0 Resource Balance -7,942.8 -7,962.4 -9,317.8 -10,352.3 -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,163.0) (288,595.0) (317,831.0) Gross Private Consumption (% of GDP) 69.1 71.2 74.8 78.1 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 65.5 Gross Government Cosumption (% of GDP) 19.1 15.7 15.9 14.3 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 10.2 Gross Domestic Fixed Investment (% of GDP) 22.2 23.6 26.4 24.3 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 38.5 39.0 34.1 Resource Balance (% of GDP) -12.0 -11.8 -14.1 -14.2 -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.8) (16.0) (14.4)
3.2 Monetory Indictors
Narrow Money Supply (M1)
( In Mn. Birr ) 13,050.2 13,745.8 15,182.4 16,446.7 19,065.9 21,289.8 23,811.9 29,773.4 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 Broad Money Supply (M2) ( In Mn. Birr ) 22,177.8 24,516.2 27,322.0 30,090.1 34,655.9 40,212.1 46,377.4 56,860.3 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 Net Foreign Assets ( In Mn. Birr ) 4,770.6 4,800.0 7,822.5 11,049.2 11,766.9 13,868.0 12,109.6 13,927.3 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 Reserve Requirement ( CBs ) 924.1 1,081.8 1,163.9 1,320.3 1549.35 1,828.4 2,120.9 2,592.5 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 Interest Rate ( In % ) Minimum Deposit Rate 6 6 3 4.0 4.0 5.00 7.00 Lending Rate 10.5-13.5 10.5-15.0 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 Total Net Domestic Credit (in mn. Birr) 26,271.0 27,551.6 27,550.2 28,202.3 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,156.20 784,633.10 Continued…. II Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Indicators
1999/00 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 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) Government 14,775.7 15,171.0 15,985.1 17,229.8 19199.154 21663.8 25266.4 30290.2 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 Other Sectors 11,495.3 12,380.6 11,565.1 10,972.6 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,714.40 682,630.30
3.3 Average annual inflation
rate (CPI growth rate)3
Country Level
-General inflation 5.4 -0.3 -10.6 10.9 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.2 13.1 -Food inflation 7.6 -1.7 -19.1 21.5 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.4 16.5 -Non-food inflation (core inflation) 2.5 1.4 0.3 0.2 2.2 4.4 7.1 13.5 12.5 23.8 18.2 21.8 22.4 14.8 10.6 8 8.1 1.1 9.2 Addis Ababa -General inflation 4.2 -1.4 -5.5 4.6 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 3.0 8.3 -Food inflation 7.2 -7.8 -10.7 9.4 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.3 8.8 -Non-Food inflation (core inflation) 0.6 5.6 -0.8 0.9 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 4.3 7.9
3.4 External Trade(In
Mn.USD)
Export of goods & services 984 979.1 982.7 1150.6 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,057.81 6,077.3 6,257.2 7,099.7 Import of goods & services 1,959.8 1,936.4 2,073.1 2,408.7 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,848.9 20,556.2 19,710.0 19,653.4 Net trade in goods & services -975.8 -957.3 -1,090.4 -1,258.1 -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,791.1 -14,478.9 -13,452.9 -12,553.7 Current account balance including official transfers (334.8) (242.4) (361.0) -93.8 -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,401.6 -6,659.3 -6,539.2 -5,227.3 Capital account balance 151.7 258.6 509.0 368.6 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 8,285.61 6,577.7 6,895.1 6,397.3
3.5 Government Finance (In
Mn .Birr4)
Total Revenue (including grants) 11,222.0 12,805.0 12,833.0 15,703.0 17,918.0 20,147.0 23,225.0 29,381.0 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 Total Revenue (excluding grants) 9,498.0 10,177.0 10,409.0 11,149.0 13,917.0 15,582.0 19,493.0 21,797.0 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 o/w Tax-Revenue 6,782.0 7440.0 7,926.0 8243.0 10,906.0 12398.0 14122.0 17354.0 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 Tax-Revenue as % of GDP 10.3 11.0 12.0 11.3 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 13.37 12.40 11.6 12.2 Total Expenditures 17,183.6 15786.4 17,651.0 20517.0 20,520.0 24803.0 29325.0 35607.0 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 Current Expenditures 13,741.6 10,379.0 10,550.0 13,549.0 11,977.0 13,235.0 15,234.0 17,165.0 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 Capital Expenditures 3,442.0 5,003.4 6,130.0 6,313.0 8,271.0 11,343.0 14,042.0 18,398.0 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 Equity Contribution ( Sinking Fund ) Special Programs - 404.0 971 655 272 224.0 50.0 44.0 0.0 - - - - - - - - Total Expenditures as % of GDP 26.0 23.4 26.8 28.2 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 17.8 17.9 18.2 16.1 Current Surplus/Deficit -4,243.6 -202.0 -141.0 -2,400.0 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.6 111,768.8 92,402.9 77,091.9 Overall Budget Deficit ( including grants ) -5,961.6 -2,981.4 -4,818.0 4,815.0 -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.1) (29,258.5) (60,180.9) (66,643.2) Deficit as % of GDP -9.0 -4.4 -7.3 6.6 -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 -2.4 -1.9 -3.3 -3.0 Overall Budget Deficit ( excluding grants ) -7,685.6 -5,609.4 -7,242.0 -9,368.0 -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.5) (42,272.8) (72,657.8) (84,557.1) Deficit as % of GDP -11.6 -8.3 -11.0 -12.9 -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 -3.5 -2.8 -4.0 -3.8 Technical & Vocational 267:1 264.9:1 271.0:1 353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 331:1 329:1 318:1
3.6 Exchange Rate (Birr/ USD)
Inter-Bank Forex Market
Rate5

Period weighted Average 8.20 8.42 8.543 8.581 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082
End period 8.22 8.46 8.566 8.600 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.3761
Average Marginal Exchange
Rate (Birr per USD) 8.1400 8.3300 8.5400 8.5800 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 Continued…. Second Quarter 2018/19 III National Bank of Ethiopia Quarterly Bulletin

Excluding manpower out side the Ministry of Health.
The GDP data series is revised on basis of 2010/11=100 base year
Inflation data is calculated using the new base year (December 2011=100)
Figures for government finance are preliminary estimates from 1999/00 onwards.
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 IV Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

I. OVERVIEW
1.1. International Economic Developments
The global economic growth momentum has slowed in the second quarter of 2018/19 owing to geopolitical uncertainties and vulnerabilities in emerging markets. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the second quarter of 2018/19, mainly due to a continued deceleration in global manufacturing activity. The service sector remained more resilient than manufacturing. Global inflation slowed down as a result of the decline in oil prices. Annual consumer price inflation in the countries of Organization for Economic Co-operation and Development (OECD) moderated to 2.7 percent in November 2018, while inflation excluding food and energy decreased marginally to 2.2 percent. Global inflationary pressures are expected to remain contained. Wage growth in advanced economies continues to be moderate, despite a tightening of labor markets and rising capacity constraints. The US government shutdown has added to the uncertainty generated by US trade policy in respect of China and is weighing on US economic activity in the near term. Headline consumer price inflation declined to 1.9 percent in December 2018 due to a sharp deceleration in energy prices, while average hourly earnings remained strong. In Japan, real GDP for the second quarter of 2018/19 was set to return to positive growth. Natural disasters and extreme weather conditions caused volatility in GDP in 2018. The economy is expected to remain on a moderate growth path in the future, supported by highly accommodative monetary policy and the domestic capital expenditure cycle. Headline inflation declined significantly in December due to the recent softening of oil and food prices. In China, economic activity was losing growth momentum, mainly as the manufacturing sector showing signs of weakening. In December 2018, the manufacturing PMI dropped below 50 for the first time since 2017, while the services sector- less exposed to the US trade tensions – was more resilient. In the United Kingdom, growth declined after a robust outturn in the first quarter of 2018/19. The strong quarter-on-quarter Second Quarter 2018/19 1 National Bank of Ethiopia Quarterly Bulletin

growth of 0.6 percent in the first quarter
2018/19 reflected temporary boost to consumption and public investment, as well as a strong rebound in exports. However, business investment fell for the third consecutive quarter. In Euro area, annual HICP inflation declined to 1.6 percent in December from 1.9 percent in November, mainly due to lower energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to decline further over the coming months. Labor cost pressures are continuing to strengthen and broaden amid high levels of capacity utilization and tightening labor markets.
1.2. Macroeconomic Developments in Ethiopia
A. Inflation
During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent registered in the preceding quarter. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & nonalcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The headline inflation also declined by 2.9 percentage points year-on-year due to 2.3 percentage points decline in food & nonalcoholic beverages and 3.7 percentage points fall in non-food inflation. As a result, food & non-alcoholic beverages and nonfood inflations contributed 0.04 and 0.28 percent respectively to the headline inflation registered during the review quarter. B. Monetary Developments At the end of second quarter of 2018/19, broad money supply (M2) stood at Birr
789.2 billion, showing 22.2 percent annual
expansion. The growth in broad money was largely driven by 20.7 percent increase in domestic credit and 6.1 percent growth in net foreign assets (NFA). The increase in domestic credit was attributed solely to 15.6 percent upsurge in credit to non-central government against 1.4 percent contraction to central government. Government’s CBE’s capital increase by issuing non-interest bearing bond was the cause to the expansion of credit to the central government. growth of 0.6 percent in the first quarter 2018/19 reflected temporary boost to consumption and public investment, as well as a strong rebound in exports. However, business investment fell for the third consecutive quarter. In Euro area, annual HICP inflation declined to 1.6 percent in December from 1.9 percent in November, mainly due to lower energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to decline further over the coming months. Labor cost pressures are continuing to strengthen and broaden amid high levels of capacity utilization and tightening labor markets.
1.2. Macroeconomic Developments in Ethiopia
A. Inflation
During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent registered in the preceding quarter. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & nonalcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The headline inflation also declined by 2.9 percentage points year-on-year due to 2.3 percentage points decline in food & nonalcoholic beverages and 3.7 percentage points fall in non-food inflation. As a result, food & non-alcoholic beverages and nonfood inflations contributed 0.04 and 0.28 percent respectively to the headline inflation registered during the review quarter. B. Monetary Developments At the end of second quarter of 2018/19, broad money supply (M2) stood at Birr
789.2 billion, showing 22.2 percent annual
expansion. The growth in broad money was largely driven by 20.7 percent increase in domestic credit and 6.1 percent growth in net foreign assets (NFA). The increase in domestic credit was attributed solely to 15.6 percent upsurge in credit to non-central government against 1.4 percent contraction to central government. Government’s CBE’s capital increase by issuing non-interest bearing bond was the cause to the expansion of credit to the central government. 2 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Similarly, reserve money reached Birr 170.5 billion at the end of second quarter of 2018/19, depicting 12.8 percent growth over last year same quarter. While currencies in circulation increased by 13.6 percent, banks deposits at NBE rose by 10.8 percent.
C. Interest rate
In the second quarter of 2018/19, the average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent while weighted average time deposit rate slightly declined on annual basis. Weighted average yield on T-bills increased by 0.27 percentage point over last year same quarter. Considering headline inflation at 10.4 percent, all real deposit rates and the T-bills yield remained negative whilst average real lending rate was positive. D. Financial Sector Developments

Banks
The number of banks operating in Ethiopia remained at 18 at end December 2018. These include 16 private and 2 state owned banks. These banks opened 225 new branches during the review period, thereby increasing the total number of bank branches to 5,211. Accordingly, one branch serves 18,933.91 people on average. Of the total bank branches, about 34.3 percent were located in Addis Ababa. Private bank branches accounted for 70 percent of the total branches.

1 Total population is 98,665,000 as CSA estimation for 2019.
The total capital of the banking system reached Birr 93.8 billion of which, private banks accounted for 43.3 percent, while Commercial Bank of Ethiopia and Development Bank of Ethiopia constituted
48.5 percent and 8.2 percent, respectively,
putting the total capital share of the two state banks at 56.7 percent. During the review quarter, the banking sector disbursed about Birr 46.1 billion in new loans, indicating 102 percent annual expansion. Of the total new loans disbursed, the share of state banks was 35.6 percent while that of private banks was 64.4 percent. Similarly, reserve money reached Birr 170.5 billion at the end of second quarter of 2018/19, depicting 12.8 percent growth over last year same quarter. While currencies in circulation increased by 13.6 percent, banks deposits at NBE rose by 10.8 percent.
C. Interest rate
In the second quarter of 2018/19, the average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent while weighted average time deposit rate slightly declined on annual basis. Weighted average yield on T-bills increased by 0.27 percentage point over last year same quarter. Considering headline inflation at 10.4 percent, all real deposit rates and the T-bills yield remained negative whilst average real lending rate was positive. D. Financial Sector Developments

Banks
The number of banks operating in Ethiopia remained at 18 at end December 2018. These include 16 private and 2 state owned banks. These banks opened 225 new branches during the review period, thereby increasing the total number of bank branches to 5,211. Accordingly, one branch serves 18,933.91 people on average. Of the total bank branches, about 34.3 percent were located in Addis Ababa. Private bank branches accounted for 70 percent of the total branches.

Of the total fresh loans, domestic trade was the largest beneficiary, accounting for 28.8 percent followed by industry (19.5 percent), international trade (17.2 percent), agriculture (12.3 percent), housing & construction (10 percent) and hotel & tourism (2.9 percent). The remaining balance was disbursed to other economic sectors. In the same period, the banking sector collected about Birr 27.1 billion in loans, about 14 percent higher than last year same period. Of the total loan collection, 71.5 percent was by private banks and 28.5 percent by public banks. At the same time, total outstanding credit of the banking system (excluding credit to government) increased to Birr 448.4 billion,
35.8 percent higher than last year same
quarter.. About 99.8 percent of the private banks and 58.8 percent of state banks’ loans went to finance the private sector.
2. Insurance Sector
The number of insurance companies was 17, of which 16 were private. Their branches increased to 558 from 518 a year ago. Of the total branches, about 54 percent were located in Addis Ababa. Total capital of the insurance companies reached Birr 6.3 billion, of which about 75 percent was that of private insurance companies.
3. Microfinance Institutions
There were 38 micro-finance institutions
(MFIs) operating in the country. These institutions mobilized Birr 33.9 billion in saving deposit during the second quarter which was 19.5 percent higher than last year same period. Total outstanding credit of MFIs also increased 32.2 percent to about Birr 48.9 billion, suggesting the growing role of the institutions in poverty reduction and wealth creation among low income groups both in rural and urban areas. Their total assets also grew by 26.2 percent and reached Birr 71 billion at the end of December 2018. 4 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

E. External Sector and Foreign Exchange Developments
1. External Sector Development
In second quarter of 2017/18, total merchandise export proceeds (including electricity) amounted to USD 584.5 million depicting 12.7 percent reduction vis-à-vis last year same quarter. The slowdown in export performance was attributed to lower proceeds from export of coffee (22.1 percent), oilseeds (36.2 percent), gold (80.2 percent), leather and leather products (4.9 percent), live animals (44.3 percent) and fruit & vegetables (5.8 percent) due to lower export volume, prices or both. Meanwhile, total merchandise import bills showed a 10 percent increase and reached USD 4.44 billion, owing to the rise in import values of capital goods (20.3 percent), fuel (18 percent), semi-finished goods (5.3 percent) and raw materials (47.5 percent) while import values of consumer goods decreased (3.9 percent). During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent and reached USD 67.7 per barrel compared with USD 61.5 a year ago. However, it slowed down by 9.1 percent compared to the preceding quarter. Accordingly, domestic fuel retail prices were adjusted downward and the average retail prices of fuel in Addis Ababa marginally declined by 1.1 percent to Birr 16.7 per liter from Birr 16.8 per liter owing to decline in prices of jet fuel and kerosene by 24.5 and 8.6 percent, respectively. During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, wholly driven by higher private transfer (8.9 percent) in contrast to slowdown in official transfers (6.1 percent). Meanwhile, total transfer payments depicted a 66 percent contraction due to 91.1 percent reduction in private and 2.8 percent in official transfer payments. Consequently, the current account balance (including official transfers) registered USD E. External Sector and Foreign Exchange Developments
1. External Sector Development
In second quarter of 2017/18, total merchandise export proceeds (including electricity) amounted to USD 584.5 million depicting 12.7 percent reduction vis-à-vis last year same quarter. The slowdown in export performance was attributed to lower proceeds from export of coffee (22.1 percent), oilseeds (36.2 percent), gold (80.2 percent), leather and leather products (4.9 percent), live animals (44.3 percent) and fruit & vegetables (5.8 percent) due to lower export volume, prices or both. Meanwhile, total merchandise import bills showed a 10 percent increase and reached USD 4.44 billion, owing to the rise in import values of capital goods (20.3 percent), fuel (18 percent), semi-finished goods (5.3 percent) and raw materials (47.5 percent) while import values of consumer goods decreased (3.9 percent). During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent and reached USD 67.7 per barrel compared with USD 61.5 a year ago. However, it slowed down by 9.1 percent compared to the preceding quarter. Accordingly, domestic fuel retail prices were adjusted downward and the average retail prices of fuel in Addis Ababa marginally declined by 1.1 percent to Birr 16.7 per liter from Birr 16.8 per liter owing to decline in prices of jet fuel and kerosene by 24.5 and 8.6 percent, respectively. During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, wholly driven by higher private transfer (8.9 percent) in contrast to slowdown in official transfers (6.1 percent). Meanwhile, total transfer payments depicted a 66 percent contraction due to 91.1 percent reduction in private and 2.8 percent in official transfer payments. Consequently, the current account balance (including official transfers) registered USD E. External Sector and Foreign Exchange Developments
1. External Sector Development
In second quarter of 2017/18, total merchandise export proceeds (including electricity) amounted to USD 584.5 million depicting 12.7 percent reduction vis-à-vis last year same quarter. The slowdown in export performance was attributed to lower proceeds from export of coffee (22.1 percent), oilseeds (36.2 percent), gold (80.2 percent), leather and leather products (4.9 percent), live animals (44.3 percent) and fruit & vegetables (5.8 percent) due to lower export volume, prices or both. Meanwhile, total merchandise import bills showed a 10 percent increase and reached USD 4.44 billion, owing to the rise in import values of capital goods (20.3 percent), fuel (18 percent), semi-finished goods (5.3 percent) and raw materials (47.5 percent) while import values of consumer goods decreased (3.9 percent). During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent and reached USD 67.7 per barrel compared with USD 61.5 a year ago. However, it slowed down by 9.1 percent compared to the preceding quarter. Accordingly, domestic fuel retail prices were adjusted downward and the average retail prices of fuel in Addis Ababa marginally declined by 1.1 percent to Birr 16.7 per liter from Birr 16.8 per liter owing to decline in prices of jet fuel and kerosene by 24.5 and 8.6 percent, respectively. During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, wholly driven by higher private transfer (8.9 percent) in contrast to slowdown in official transfers (6.1 percent). Meanwhile, total transfer payments depicted a 66 percent contraction due to 91.1 percent reduction in private and 2.8 percent in official transfer payments. Consequently, the current account balance (including official transfers) registered USD E. External Sector and Foreign Exchange Developments
1. External Sector Development
In second quarter of 2017/18, total merchandise export proceeds (including electricity) amounted to USD 584.5 million depicting 12.7 percent reduction vis-à-vis last year same quarter. The slowdown in export performance was attributed to lower proceeds from export of coffee (22.1 percent), oilseeds (36.2 percent), gold (80.2 percent), leather and leather products (4.9 percent), live animals (44.3 percent) and fruit & vegetables (5.8 percent) due to lower export volume, prices or both. Meanwhile, total merchandise import bills showed a 10 percent increase and reached USD 4.44 billion, owing to the rise in import values of capital goods (20.3 percent), fuel (18 percent), semi-finished goods (5.3 percent) and raw materials (47.5 percent) while import values of consumer goods decreased (3.9 percent). During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent and reached USD 67.7 per barrel compared with USD 61.5 a year ago. However, it slowed down by 9.1 percent compared to the preceding quarter. Accordingly, domestic fuel retail prices were adjusted downward and the average retail prices of fuel in Addis Ababa marginally declined by 1.1 percent to Birr 16.7 per liter from Birr 16.8 per liter owing to decline in prices of jet fuel and kerosene by 24.5 and 8.6 percent, respectively. During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, wholly driven by higher private transfer (8.9 percent) in contrast to slowdown in official transfers (6.1 percent). Meanwhile, total transfer payments depicted a 66 percent contraction due to 91.1 percent reduction in private and 2.8 percent in official transfer payments. Consequently, the current account balance (including official transfers) registered USD National Bank of Ethiopia Quarterly Bulletin First Quarter 2017/18 6
1.8 billion deficit during the second quarter
of 2018/19, compared with USD 1.4 billion deficit a year ago.
In contrast, capital account registered USD
2.1 billion surplus, which was 0.9 percent
higher than that of last year same period.
This was attributed to the increase in net official long term capital (96 percent) and public sector long term capital (88 percent). As a result, the overall balance of payments registered USD 536.9 million deficits, marginally higher than the USD 510.7 million deficit recorded last year same quarter.
2. Exchange Rate Development
Weighted average official exchange rate of the Birr showed 4.1 percent annual depreciation and reached Birr 27.8139/USD. In the same period, the REERI of the Birr appreciated by 23.8 percent on annual basis mainly due to lag effects of a 15 percent devaluation of the Birr in October 2017. Similarly, the NEERI appreciated by 22 percent vis-à-vis last year same quarter. F. Federal Government Fiscal Operations During the review quarter, total revenue and grants of the Federal government increased by 3.4 percent annually to Birr
57.6 billion, while total expenditure
declined 12.2 percent to Birr 80.5 billion.
As a result, the overall fiscal deficit
(including grants) stood at Birr 22.9 billion compared to Birr 16 billion last year same period. G. Investment During the second quarter of 2018/19, 177 investment projects having investment capital of Birr 814.3 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed
71.8 and 32.9 percent increments.
National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 7

National Bank of Ethiopia Quarterly Bulletin First Quarter 2017/18 6
1.8 billion deficit during the second quarter
of 2018/19, compared with USD 1.4 billion deficit a year ago.
In contrast, capital account registered USD
2.1 billion surplus, which was 0.9 percent
higher than that of last year same period.
This was attributed to the increase in net official long term capital (96 percent) and public sector long term capital (88 percent). As a result, the overall balance of payments registered USD 536.9 million deficits, marginally higher than the USD 510.7 million deficit recorded last year same quarter.
2. Exchange Rate Development
Weighted average official exchange rate of the Birr showed 4.1 percent annual depreciation and reached Birr 27.8139/USD. In the same period, the REERI of the Birr appreciated by 23.8 percent on annual basis mainly due to lag effects of a 15 percent devaluation of the Birr in October 2017. Similarly, the NEERI appreciated by 22 percent vis-à-vis last year same quarter. F. Federal Government Fiscal Operations During the review quarter, total revenue and grants of the Federal government increased by 3.4 percent annually to Birr
57.6 billion, while total expenditure
declined 12.2 percent to Birr 80.5 billion.
As a result, the overall fiscal deficit
(including grants) stood at Birr 22.9 billion compared to Birr 16 billion last year same period. G. Investment During the second quarter of 2018/19, 177 investment projects having investment capital of Birr 814.3 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed
71.8 and 32.9 percent increments.
National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 7

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 7

II. Energy Production and Processing
2.1. Import of Petroleum Products
The volume of petroleum products imported during the second quarter of 2018/19 amounted to 964.2 thousand metric tons, showing a 0.3 percent marginal increase over last year same quarter. This was on account of higher import of regular gasoline (22.8 percent) and fuel oil (4.2 percent). With regard to the previous quarter, petroleum products imported went up 6.3 percent owing to 73.6 percent expansion in fuel oil followed by jet fuel (7.9 percent), gas oil (5.3 percent) and regular gasoline (1.9 percent). Of the total petroleum imports, gas oil accounted for 62.3 percent, jet fuel 23 percent, regular gasoline 12.7 percent and fuel oil 2 percent. (Table 2.1)
Table 2.1: Volume of Petroleum Products Imported
(In Metric Ton)
Petroleum
Products
2017/18 2018/19
Percentage
Qtr. II Qtr. I Qtr. II Change
A
Share
(In %) B
Share
(In
%) C
Share
(In
%) C/A C/B
Regular Gasoline
(MGR) 99,641.2 10.4 120,069.7 13.2 122,357.9 12.7 22.8 1.9 Jet Fuel 234,532.1 24.4 205,741.8 22.7 221,894.3 23.0 -5.4 7.9 Fuel Oil 18,570.5 1.9 11,146.3 1.2 19,348.6 2.0 4.2 73.6 Gas Oil (ADO) 608,690.1 63.3 570,182.1 62.9 600,552.3 62.3 -1.3 5.3 Total 961,433.9 100.0 907,139.9 100.0 964,153.1 100.0 0.3 6.3 Source: Ethiopian Petroleum Enterprise
II. Energy Production and Processing
2.1. Import of Petroleum Products
The volume of petroleum products imported during the second quarter of 2018/19 amounted to 964.2 thousand metric tons, showing a 0.3 percent marginal increase over last year same quarter. This was on account of higher import of regular gasoline (22.8 percent) and fuel oil (4.2 percent). With regard to the previous quarter, petroleum products imported went up 6.3 percent owing to 73.6 percent expansion in fuel oil followed by jet fuel (7.9 percent), gas oil (5.3 percent) and regular gasoline (1.9 percent). Of the total petroleum imports, gas oil accounted for 62.3 percent, jet fuel 23 percent, regular gasoline 12.7 percent and fuel oil 2 percent. (Table 2.1)
Table 2.1: Volume of Petroleum Products Imported
(In Metric Ton)
Petroleum Products
2017/18 2018/19 Percentage
Qtr. II Qtr. I Qtr. II Change
A S h a r e
(In %)
B S h a r e
(In %)
C S h a r e
(In %)
C/A C/B
Regular Gasoline
(MGR) 99,641.2 10.4 120,069.7 13.2 122,357.9 12.7 22.8 1.9 Jet Fuel 234,532.1 24.4 205,741.8 22.7 221,894.3 23.0 -5.4 7.9 Fuel Oil 18,570.5 1.9 11,146.3 1.2 19,348.6 2.0 4.2 73.6 Gas Oil (ADO) 608,690.1 63.3 570,182.1 62.9 600,552.3 62.3 -1.3 5.3 Total 961,433.9 100.0 907,139.9 100.0 964,153.1 100.0 0.3 6.3 Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Petroleum import bill reached Birr 17.6 billion, showing a 21.8 percent annual growth owing to a surge in international oil price and higher import volume. It also depicted a 2 percent growth over the preceding quarter. In general, all types of pe troleum products saw higher import bill, both on annual and quarterly terms, except regular gasoline which decreased by 13.9 percent on quarterly basis (Table 2.2).
II. Energy Production and Processing
2.1. Import of Petroleum Products
The volume of petroleum products imported during the second quarter of 2018/19 amounted to 964.2 thousand metric tons, showing a 0.3 percent marginal increase over last year same quarter. This was on account of higher import of regular gasoline (22.8 percent) and fuel oil (4.2 percent). With regard to the previous quarter, petroleum products imported went up 6.3 percent owing to 73.6 percent expansion in fuel oil followed by jet fuel (7.9 percent), gas oil (5.3 percent) and regular gasoline (1.9 percent). Of the total petroleum imports, gas oil accounted for 62.3 percent, jet fuel 23 percent, regular gasoline 12.7 percent and fuel oil 2 percent. (Table 2.1)
Table 2.1: Volume of Petroleum Products Imported
(In Metric Ton)
Petroleum Products
2017/18 2018/19 Percentage
Qtr. II Qtr. I Qtr. II Change
A S h a r e
(In %)
B S h a r e
(In %)
C S h a r e
(In %)
C/A C/B
Regular Gasoline
(MGR) 99,641.2 10.4 120,069.7 13.2 122,357.9 12.7 22.8 1.9 Jet Fuel 234,532.1 24.4 205,741.8 22.7 221,894.3 23.0 -5.4 7.9 Fuel Oil 18,570.5 1.9 11,146.3 1.2 19,348.6 2.0 4.2 73.6 Gas Oil (ADO) 608,690.1 63.3 570,182.1 62.9 600,552.3 62.3 -1.3 5.3 Total 961,433.9 100.0 907,139.9 100.0 964,153.1 100.0 0.3 6.3 Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Petroleum import bill reached Birr 17.6 billion, showing a 21.8 percent annual growth owing to a surge in international oil price and higher import volume. It also depicted a 2 percent growth over the preceding quarter. In general, all types of pe troleum products saw higher import bill, both on annual and quarterly terms, except regular gasoline which decreased by 13.9 percent on quarterly basis (Table 2.2). Second Quarter 2018/19 7 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 8

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 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Petroleum import bill reached Birr 17.6 billion, showing a 21.8 percent annual growth owing to a surge in international oil price and higher import volume. It also depicted a 2 percent growth over the preceding quarter. In general, all types of petroleum products saw higher import bill, both on annual and quarterly terms, except regular gasoline which decreased by 13.9 percent on quarterly basis (Table 2.2).
Table 2.2: Value of Petroleum Products Imported
(In ‘000Birr)
Petroleum
Products
2017/18 2018/19
Percentage
Qtr. II Qtr. I Qtr. II Change
A
Share
(In %) B
Share
(In %) C
Share
(In %) C/A C/B
Regular
Gasoline
(MGR)
1,668,812.5 11.5 2,486,744.5 14.4 2,140,196.1 12.1 28.2 -13.9 Jet Fuel 3,713,216.9 25.6 4,057,132.0 23.5 4,332,286.3 24.6 16.7 6.8 Fuel Oil 232,854.1 1.6 163,887.3 0.9 276,323.7 1.6 18.7 68.6 Gas Oil (ADO) 8,866,953.7 61.2 10,584,147.1 61.2 10,884,033.7 61.7 22.7 2.8 Total 14,481,837.1 100.0 17,291,910.9 100.0 17,632,839.9 100.0 21.8 2.0 Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 9

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 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products went up 10.5 percent compared with last year same quarter owing to higher FOB prices of fuel oil (21.5 percent), gas oil (15 percent) and jet fuel (13.9 percent). In contrast, average FOB price of petroleum products dropped by 10.2 percent vis - a- vis the previous quarter due to decline in FOB prices of all types of petroleum products (Table 2.3).
Table 2.3: FOB Price of Petroleum Products Imported
(In USD/ Metric Ton)
Petroleum Products
2017/18 2018/19
Qtr. II Qtr. I Qtr. II Percentage Change
A B C C/A C/B
Regular Gasoline
(MGR)
605.2 721.1 588.0 -2.8 -18.4
Jet Fuel 563.4 693.7 641.5 13.9 -7.5
Fuel Oil 346.7 443.9 421.3 21.5 -5.1
Gas Oil (ADO) 523.6 650.3 602.0 15.0 -7.4
Average 509.7 627.3 563.2 10.5 -10.2
Brent Crude Oil
(USD/Barrel)
61.5 74.5 67.7 10.1 -9.1
Source: Ethiopian Petroleum Enterprise
Table 2.2: Value of Petroleum Products Imported
(In ‘000Birr)
Petroleum
Products
2017/18 2018/19 Percentage
Qtr. II Qtr. I Qtr. II Change
A Share
(In %) B Share
(In %) C Share
(In %) C/A C/B
R e g u l a r
G a s o l i n e
(MGR)
1,668,812.5 11.5 2,486,744.5 14.4 2,140,196.1 12.1 28.2 -13.9 Jet Fuel 3,713,216.9 25.6 4,057,132.0 23.5 4,332,286.3 24.6 16.7 6.8 Fuel Oil 232,854.1 1.6 163,887.3 0.9 276,323.7 1.6 18.7 68.6 Gas Oil (ADO) 8,866,953.7 61.2 10,584,147.1 61.2 10,884,033.7 61.7 22.7 2.8 Total 14,481,837.1 100.0 17,291,910.9 100.0 17,632,839.9 100.0 21.8 2.0 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products went up 10.5 percent compared with last year same quarter owing to higher FOB prices of fuel oil (21.5 percent), gas oil (15 percent) and jet fuel (13.9 percent). In contrast, average FOB price of petroleum products dropped by 10.2 percent vis - a- vis the previous quarter due to decline in FOB prices of all types of petroleum products (Table 2.3).
Table 2.3: FOB Price of Petroleum Products Imported
(In USD/ Metric Ton)
Petroleum Products
2017/18 2018/19 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 605.2 721.1 588.0 -2.8 -18.4 Jet Fuel 563.4 693.7 641.5 13.9 -7.5 Fuel Oil 346.7 443.9 421.3 21.5 -5.1 Gas Oil (ADO) 523.6 650.3 602.0 15.0 -7.4 Average 509.7 627.3 563.2 10.5 -10.2 Brent Crude Oil (USD/Barrel) 61.5 74.5 67.7 10.1 -9.1 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source: Ethiopian Petroleum Enterprise During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent over last year same quarter and reached USD 67.7 per barrel while it declined by 9.1 percent compared with the preceding quarter (Table 2.3). Accordingly, the retail prices of petroleum products in domestic market were adjusted downwards. Thus, the average retail price of fuel in Addis Ababa decreased by 1.1 percent to Birr 16.7 per liter from Birr 16.8 a year ago because of the decline in jet fuel and kerosene by 24.5 and 8.6 percent respectively. Similarly, quarterly retail price of fuel in Addis Ababa decreased by 7.1 percent due to slowdown in the prices of jet fuel (41.3 percent) and kerosene (8.6 percent) (Table 2.4).
Table 2.2: Value of Petroleum Products Imported
(In ‘000Birr)
Petroleum
Products
2017/18 2018/19 Percentage
Qtr. II Qtr. I Qtr. II Change
A Share
(In %) B Share
(In %) C Share
(In %) C/A C/B
R e g u l a r
G a s o l i n e
(MGR)
1,668,812.5 11.5 2,486,744.5 14.4 2,140,196.1 12.1 28.2 -13.9 Jet Fuel 3,713,216.9 25.6 4,057,132.0 23.5 4,332,286.3 24.6 16.7 6.8 Fuel Oil 232,854.1 1.6 163,887.3 0.9 276,323.7 1.6 18.7 68.6 Gas Oil (ADO) 8,866,953.7 61.2 10,584,147.1 61.2 10,884,033.7 61.7 22.7 2.8 Total 14,481,837.1 100.0 17,291,910.9 100.0 17,632,839.9 100.0 21.8 2.0 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products went up 10.5 percent compared with last year same quarter owing to higher FOB prices of fuel oil (21.5 percent), gas oil (15 percent) and jet fuel (13.9 percent). In contrast, average FOB price of petroleum products dropped by 10.2 percent vis - a- vis the previous quarter due to decline in FOB prices of all types of petroleum products (Table 2.3). 8 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 9

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 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products went up 10.5 percent compared with last year same quarter owing to higher FOB prices of fuel oil (21.5 percent), gas oil (15 percent) and jet fuel (13.9 percent). In contrast, average FOB price of petroleum products dropped by 10.2 percent vis - a- vis the previous quarter due to decline in FOB prices of all types of petroleum products (Table 2.3).
Table 2.3: FOB Price of Petroleum Products Imported
(In USD/ Metric Ton)
Petroleum Products
2017/18 2018/19
Qtr. II Qtr. I Qtr. II Percentage Change
A B C C/A C/B
Regular Gasoline
(MGR)
605.2 721.1 588.0 -2.8 -18.4
Jet Fuel 563.4 693.7 641.5 13.9 -7.5
Fuel Oil 346.7 443.9 421.3 21.5 -5.1
Gas Oil (ADO) 523.6 650.3 602.0 15.0 -7.4
Average 509.7 627.3 563.2 10.5 -10.2
Brent Crude Oil
(USD/Barrel)
61.5 74.5 67.7 10.1 -9.1
Source: Ethiopian Petroleum Enterprise
Table 2.2: Value of Petroleum Products Imported
(In ‘000Birr)
Petroleum
Products
2017/18 2018/19 Percentage
Qtr. II Qtr. I Qtr. II Change
A Share
(In %) B Share
(In %) C Share
(In %) C/A C/B
R e g u l a r
G a s o l i n e
(MGR)
1,668,812.5 11.5 2,486,744.5 14.4 2,140,196.1 12.1 28.2 -13.9 Jet Fuel 3,713,216.9 25.6 4,057,132.0 23.5 4,332,286.3 24.6 16.7 6.8 Fuel Oil 232,854.1 1.6 163,887.3 0.9 276,323.7 1.6 18.7 68.6 Gas Oil (ADO) 8,866,953.7 61.2 10,584,147.1 61.2 10,884,033.7 61.7 22.7 2.8 Total 14,481,837.1 100.0 17,291,910.9 100.0 17,632,839.9 100.0 21.8 2.0 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products went up 10.5 percent compared with last year same quarter owing to higher FOB prices of fuel oil (21.5 percent), gas oil (15 percent) and jet fuel (13.9 percent). In contrast, average FOB price of petroleum products dropped by 10.2 percent vis - a- vis the previous quarter due to decline in FOB prices of all types of petroleum products (Table 2.3).
Table 2.3: FOB Price of Petroleum Products Imported
(In USD/ Metric Ton)
Petroleum Products
2017/18 2018/19 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 605.2 721.1 588.0 -2.8 -18.4 Jet Fuel 563.4 693.7 641.5 13.9 -7.5 Fuel Oil 346.7 443.9 421.3 21.5 -5.1 Gas Oil (ADO) 523.6 650.3 602.0 15.0 -7.4 Average 509.7 627.3 563.2 10.5 -10.2 Brent Crude Oil (USD/Barrel) 61.5 74.5 67.7 10.1 -9.1 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source: Ethiopian Petroleum Enterprise During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent over last year same quarter and reached USD 67.7 per barrel while it declined by 9.1 percent compared with the preceding quarter (Table 2.3). Accordingly, the retail prices of petroleum products in domestic market were adjusted downwards. Thus, the average retail price of fuel in Addis Ababa decreased by 1.1 percent to Birr 16.7 per liter from Birr 16.8 a year ago because of the decline in jet fuel and kerosene by 24.5 and 8.6 percent respectively. Similarly, quarterly retail price of fuel in Addis Ababa decreased by 7.1 percent due to slowdown in the prices of jet fuel (41.3 percent) and kerosene (8.6 percent) (Table 2.4).
Table 2.3: FOB Price of Petroleum Products Imported
(In USD/ Metric Ton)
Petroleum Products
2017/18 2018/19 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 605.2 721.1 588.0 -2.8 -18.4 Jet Fuel 563.4 693.7 641.5 13.9 -7.5 Fuel Oil 346.7 443.9 421.3 21.5 -5.1 Gas Oil (ADO) 523.6 650.3 602.0 15.0 -7.4 Average 509.7 627.3 563.2 10.5 -10.2 Brent Crude Oil (USD/Barrel) 61.5 74.5 67.7 10.1 -9.1 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source: Ethiopian Petroleum Enterprise During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent over last year same quarter and reached USD 67.7 per barrel while it declined by 9.1 percent compared with the preceding quarter (Table 2.3). Accordingly, the retail prices of petroleum products in domestic market were adjusted downwards. Thus, the average retail price of fuel in Addis Ababa decreased by 1.1 percent to Birr 16.7 per liter from Birr 16.8 a year ago because of the decline in jet fuel and kerosene by 24.5 and 8.6 percent respectively. Similarly, quarterly retail price of fuel in Addis Ababa decreased by 7.1 percent due to slowdown in the prices of jet fuel (41.3 percent) and kerosene (8.6 percent) (Table 2.4). Second Quarter 2018/19 9 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 10

Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 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 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent over last year same quarter and reached USD 67.7 per barrel while it declined by 9.1 percent compared with the preceding quarter (Table 2.3). Accordingly, the retail prices of petroleum products in domestic market were adjusted downwards. Thus, the average retail price of fuel in Addis Ababa decreased by 1.1 percent to Birr 16.7 per liter from Birr 16.8 a year ago because of the decline in jet fuel and kerosene by 24.5 and 8.6 percent respectively. Similarly, quarterly retail price of fuel in Addis Ababa decreased by
7.1 percent due to slowdown in the prices
of jet fuel (41.3 percent) and kerosene (8.6 percent) (Table 2.4). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 11

Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2017/18 2018/19 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR)
18.77 18.77 19.38 3.3 3.3
Fuel Oil
13.69 13.69 17.30 26.4 26.4
Gas Oil (ADO)
16.35 16.35 17.30 5.8 5.8
Kerosene
16.35 16.35 14.94 -8.6 -8.6
Jet fuel
19.06 24.50 14.39 -24.5 -41.3
Average 16.84 17.93 16.66 -1.1 -7.1
Source: Ministry of Trade and industry
Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 5 10 15 20 25 30 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade and industry Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 18.77 18.77 19.38 3.3 3.3 Fuel Oil 13.69 13.69 17.30 26.4 26.4 Gas Oil (ADO) 16.35 16.35 17.30 5.8 5.8 Kerosene 16.35 16.35 14.94 -8.6 -8.6 Jet fuel 19.06 24.50 14.39 -24.5 -41.3 Average 16.84 17.93 16.66 -1.1 -7.1 Source: Ministry of Trade and industry Fig.2.4: Trends of Addis Ababa Average Retail Prices Source: Ministry of Trade and industry
2.2. Electric Power Generation
Electric power generated during the second quarter of 2018/19 was 4.2 billion KWH, about
20.2 percent higher than a year ago. This was
attributed to 18.4 percent increase in production from hydropower and significant improvement in energy production from geothermal sources. At the same time, electricity production from wind improved by 1.9 percent. Of the total energy generated, about 90.3 percent was from hydropower, 5.4 percent from geothermal and 4.3 from wind (Table 2.5). By system of generation, virtually all the power was generated through interconnected system (ICS) while self-contained system (SCS) had minimal share. (Table 2.6)
Table 2.4: Addis Ababa Average Retail Prices of Fuel
10 Second Quarter 2018/19
National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 10

Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2017/18 2018/19 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR)
18.77 18.77 19.38 3.3 3.3
Fuel Oil
13.69 13.69 17.30 26.4 26.4
Gas Oil (ADO)
16.35 16.35 17.30 5.8 5.8
Kerosene
16.35 16.35 14.94 -8.6 -8.6
Jet fuel
19.06 24.50 14.39 -24.5 -41.3
Average 16.84 17.93 16.66 -1.1 -7.1
Source: Ministry of Trade and industry
Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 5 10 15 20 25 30 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade and industry Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 18.77 18.77 19.38 3.3 3.3 Fuel Oil 13.69 13.69 17.30 26.4 26.4 Gas Oil (ADO) 16.35 16.35 17.30 5.8 5.8 Kerosene 16.35 16.35 14.94 -8.6 -8.6 Jet fuel 19.06 24.50 14.39 -24.5 -41.3 Average 16.84 17.93 16.66 -1.1 -7.1 Source: Ministry of Trade and industry Fig.2.4: Trends of Addis Ababa Average Retail Prices Source: Ministry of Trade and industry
2.2. Electric Power Generation
Electric power generated during the second quarter of 2018/19 was 4.2 billion KWH, about
20.2 percent higher than a year ago. This was
attributed to 18.4 percent increase in production from hydropower and significant improvement in energy production from geothermal sources. At the same time, electricity production from wind improved by 1.9 percent. Of the total energy generated, about 90.3 percent was from hydropower, 5.4 percent from geothermal and 4.3 from wind (Table 2.5). By system of generation, virtually all the power was generated through interconnected system (ICS) while self-contained system (SCS) had minimal share. (Table 2.6) Second Quarter 2018/19 11 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 12

2.2. Electric Power Generation
Electric power generated during the second quarter of 2018/19 was 4.2 billion KWH, about 20.2 percent higher than a year ago. This was attributed to 18.4 percent increase in production from hydropower and significant improvement in energy production from geothermal sources. At the same time, electricity production from wind improved by 1.9 percent. Of the total energy generated, about 90.3 percent was from hydropower, 5.4 percent from geothermal and 4.3 from wind (Table 2.5). By system of generation, virtually all the power was generated through interconnected system (ICS)2 while selfcontained system (SCS)3 had minimal share. (Table 2.6)

2
The generated power from different power stations stored in substations before distribution 3 Power stations distribute the generated power independently National Bank of Ethiopia Quarterly Bulletin 13 Second Quarter 2018/19
Table 2.5: Electricity Generation by Sources
(In '000 of K.W.H)
Power
Source
2017/18 2018/19
Qtr. II Qtr. I Qtr. II Percentage Change
A
Share
(In %) B
Share
(In %) C
Share
(In %) C/A C/B
Hydropower
3,183,016.7 95.9 1,753,966.3 96.9 3,768,573.6 90.3 18.4 114.9 Thermal Power 113,951.1 0.8 0.0 -

Geothermal

- - 225,890.8 5.4

Geothermal

- - 225,890.8 5.4

Geothermal

- - 225,890.8 5.4

wind
174,135.5 3.3 33,450.9 3.1 177,375.3 4.3 1.9 430.3 Total 3,471,103.3 100.0 1,787,417.2 100.0 4,171,839.7 100.0 20.2 133.4 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 Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Source: Ethiopian Electric Power
Table 2.5: Electricity Generation by Sources
(In '000 of K.W.H)
Power Source
2017/18 2018/19 Percentage
Qtr. II Qtr. I Qtr. II Change
A Share
(In %) B Share
(In %) C Share
(In %) C/A C/B
Hydropower 3,183,016.7 95.9 1,753,966.3 96.9 3,768,573.6 90.3 18.4 114.9 Thermal Power 113,951.1 0.8 0.0 - Geothermal - - - 225,890.8 5.4 wind 174,135.5 3.3 33,450.9 3.1 177,375.3 4.3 1.9 430.3 Total 3,471,103.3 100.0 1,787,417.2 100.0 4,171,839.7 100.0 20.2 133.4 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type Source: Ethiopian Electric Power
Table 2.5: Electricity Generation by Sources
(In '000 of K.W.H)
Power Source
2017/18 2018/19 Percentage
Qtr. II Qtr. I Qtr. II Change
A Share
(In %) B Share
(In %) C Share
(In %) C/A C/B
Hydropower 3,183,016.7 95.9 1,753,966.3 96.9 3,768,573.6 90.3 18.4 114.9 Thermal Power 113,951.1 0.8 0.0 - Geothermal - - - 225,890.8 5.4 wind 174,135.5 3.3 33,450.9 3.1 177,375.3 4.3 1.9 430.3 Total 3,471,103.3 100.0 1,787,417.2 100.0 4,171,839.7 100.0 20.2 133.4 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type Source: Ethiopian Electric Power 12 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

III. Quarterly Price Developments
3.1 Developments in National CPI
During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent in the preceding quarter and 3.2 percent a year ago. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & non-alcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The 2.9 percentage point year-on-year drop in headline inflation was due to 2.3 percentage point decline in food & non-alcoholic beverages and 3.7 percentage point drop in non-food inflation. Food & nonalcoholic beverages contributed 0.04 percent to headline inflation while that of non-food inflation was 0.28 percent in absolute terms. About
86.1 percent of the relative contribution originated from non-food inflation and 13.9 percent
from food inflation (Table 3.1 and Fig 3.1 below).
Table 3.1: Quarterly National Headline Inflation for 2nd Quarter of 2018/19 (in %)
December 2016=100
2017/18 2018/19 Change in %age
Points
Contributions in (%) to
QII QI QII Headline Inflation Change over QII2017/18 Headline Inflation Change Over QI2018/19 QI-2018/19 Headline Inflation A B C C-A C-B Absolute Relative Headline 100 3.2 3.7 0.3 -2.9 -3.4 -2.9 -3.4 0.3 100 Food & Nona l c o h o l i c beverage 54 2.4 4.2 0.1 -2.3 -4.1 -1.2 -2.2 0.04 13.9 Non-food 46 4.3 3.2 0.6 -3.7 -2.6 -1.7 -1.2 0.28 86.1 Source: Central Statistical Agency(CSA) & NBE Staff Compilation Source: CSA & NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin 14 Second Quarter 2018/19
III. Quarterly Price Developments
3.1 Developments in National CPI
During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent in the preceding quarter and 3.2 percent a year ago. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & non-alcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The 2.9 percentage point year-onyear drop in headline inflation was due to
2.3 percentage point decline in food & nonalcoholic beverages and 3.7 percentage point
drop in non-food inflation. Food & nonalcoholic beverages contributed 0.04 percent to headline inflation while that of non-food inflation was 0.28 percent in absolute terms. About 86.1 percent of the relative contribution originated from non-food inflation and 13.9 percent from food inflation (Table 3.1 and Fig 3.1 below).
Table 3.1: Quarterly National Headline Inflation for 2nd Quarter of 2018/19 (in %)
December 2016=100

2017/18 2018/19 Change in
%age
Points
Contributions in (%) to
Weigh ts (in
%)
QII QI QII
A B C C-A C-B
Headline
Inflation
Change over QII2017/18
Headline
Inflation
Change
Over QI2018/19
QI-2018/19
Headline
Inflation
Absolut e
Relativ e
Headline 100 3.2 3.7 0.3 -2.9 -3.4 -2.9 -3.4 0.3 100 Food & Nonalcoholic beverage 54 2.4 4.2 0.1 -2.3 -4.1 -1.2 -2.2 0.04 13.9 Non-food 46 4.3 3.2 0.6 -3.7 -2.6 -1.7 -1.2 0.28 86.1 Source: Central Statistical Agency(CSA) & NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin 15 Second Quarter 2018/19 Source: CSA & NBE Staff Compilation On quarterly bases, food & non-alcoholic beverages inflation decelerated to 0.1 percent from 4.2 percent as CPI inflation for bread & cereals, meat, vegetables, nonalcoholic beverages and milk, cheese & egg dropped while that of fruits, food products n.e.c and oil & fats tended to rise. Non-food inflation decelerated to 0.6 percent from 3.2 percent a quarter earlier due to the lower inflation for a) housing, water, electricity, gas & other fuel b) alcoholic beverages & tobacco c) clothing and foot wear d) furnishings, household equipment & routine maintenance of houses e) restaurant & hotels f) health and g) communication. In contrast, CPI inflation rose for transport, education and recreation & culture (Table 3.3). Food & Nonalcoholic beverage; 13.9% Non-food; 86.1% Fig 3.1 Contribution of Food and Non-food Inflation to the Headline Inflation in Second Quarter 2018/19 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV QI QII QIII QIV QI QII QIII QIV QI QII 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Fig 3.2 Quarterly Movement in National Inflation National Bank of Ethiopia Quarterly Bulletin 14 Second Quarter 2018/19
III. Quarterly Price Developments
3.1 Developments in National CPI
During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent in the preceding quarter and 3.2 percent a year ago. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & non-alcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The 2.9 percentage point year-onyear drop in headline inflation was due to
2.3 percentage point decline in food & nonalcoholic beverages and 3.7 percentage point
drop in non-food inflation. Food & nonalcoholic beverages contributed 0.04 percent to headline inflation while that of non-food inflation was 0.28 percent in absolute terms. About 86.1 percent of the relative contribution originated from non-food inflation and 13.9 percent from food inflation (Table 3.1 and Fig 3.1 below).
Table 3.1: Quarterly National Headline Inflation for 2nd Quarter of 2018/19 (in %)
December 2016=100

2017/18 2018/19 Change in
%age
Points
Contributions in (%) to
Weigh ts (in
%)
QII QI QII
A B C C-A C-B
Headline
Inflation
Change over QII2017/18
Headline
Inflation
Change
Over QI2018/19
QI-2018/19
Headline
Inflation
Absolut e
Relativ e
Headline 100 3.2 3.7 0.3 -2.9 -3.4 -2.9 -3.4 0.3 100 Food & Nonalcoholic beverage 54 2.4 4.2 0.1 -2.3 -4.1 -1.2 -2.2 0.04 13.9 Non-food 46 4.3 3.2 0.6 -3.7 -2.6 -1.7 -1.2 0.28 86.1 Source: Central Statistical Agency(CSA) & NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin 15 Second Quarter 2018/19 Source: CSA & NBE Staff Compilation On quarterly bases, food & non-alcoholic beverages inflation decelerated to 0.1 percent from 4.2 percent as CPI inflation for bread & cereals, meat, vegetables, nonalcoholic beverages and milk, cheese & egg dropped while that of fruits, food products n.e.c and oil & fats tended to rise. Non-food inflation decelerated to 0.6 percent from 3.2 percent a quarter earlier due to the lower inflation for a) housing, water, electricity, gas & other fuel b) alcoholic beverages & tobacco c) clothing and foot wear d) furnishings, household equipment & routine maintenance of houses e) restaurant & hotels f) health and g) communication. In contrast, CPI inflation rose for transport, education and recreation & culture (Table 3.3). Food & Nonalcoholic beverage; 13.9% Non-food; 86.1% Fig 3.1 Contribution of Food and Non-food Inflation to the Headline Inflation in Second Quarter 2018/19 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV QI QII QIII QIV QI QII QIII QIV QI QII 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Fig 3.2 Quarterly Movement in National Inflation
III. Quarterly Price Developments
3.1 Developments in National CPI
During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent in the preceding quarter and 3.2 percent a year ago. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & non-alcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The 2.9 percentage point year-on-year drop in headline inflation was due to 2.3 percentage point decline in food & non-alcoholic beverages and 3.7 percentage point drop in non-food inflation. Food & nonalcoholic beverages contributed 0.04 percent to headline inflation while that of non-food inflation was 0.28 percent in absolute terms. About
86.1 percent of the relative contribution originated from non-food inflation and 13.9 percent
from food inflation (Table 3.1 and Fig 3.1 below).
Table 3.1: Quarterly National Headline Inflation for 2nd Quarter of 2018/19 (in %)
December 2016=100
2017/18 2018/19 Change in %age
Points
Contributions in (%) to
QII QI QII Headline Inflation Change over QII2017/18 Headline Inflation Change Over QI2018/19 QI-2018/19 Headline Inflation A B C C-A C-B Absolute Relative Headline 100 3.2 3.7 0.3 -2.9 -3.4 -2.9 -3.4 0.3 100 Food & Nona l c o h o l i c beverage 54 2.4 4.2 0.1 -2.3 -4.1 -1.2 -2.2 0.04 13.9 Non-food 46 4.3 3.2 0.6 -3.7 -2.6 -1.7 -1.2 0.28 86.1 Source: Central Statistical Agency(CSA) & NBE Staff Compilation Source: CSA & NBE Staff Compilation Second Quarter 2018/19 13 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin 14 Second Quarter 2018/19
III. Quarterly Price Developments
3.1 Developments in National CPI
During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent in the preceding quarter and 3.2 percent a year ago. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & non-alcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The 2.9 percentage point year-onyear drop in headline inflation was due to
2.3 percentage point decline in food & nonalcoholic beverages and 3.7 percentage point
drop in non-food inflation. Food & nonalcoholic beverages contributed 0.04 percent to headline inflation while that of non-food inflation was 0.28 percent in absolute terms. About 86.1 percent of the relative contribution originated from non-food inflation and 13.9 percent from food inflation (Table 3.1 and Fig 3.1 below).
Table 3.1: Quarterly National Headline Inflation for 2nd Quarter of 2018/19 (in %)
December 2016=100

Source: CSA & NBE Staff Compilation
On quarterly bases, food & non-alcoholic beverages inflation decelerated to 0.1 percent from
4.2 percent as CPI inflation for bread & cereals, meat, vegetables, non-alcoholic beverages
and milk, cheese & egg dropped while that of fruits, food products n.e.c and oil & fats tended to rise. Non-food inflation decelerated to 0.6 percent from 3.2 percent a quarter earlier due to the lower inflation for a) housing, water, electricity, gas & other fuel b) alcoholic beverages & tobacco c) clothing and foot wear d) furnishings, household equipment & routine maintenance of houses e) restaurant & hotels f) health and g) communication. In contrast, CPI inflation rose for transport, education and recreation & culture (Table 3.3).
Table 3.2: Quarterly National Food & Non-alcoholic Beverages Inflation for 2nd Quarter of
2018/19 (in %) December 2016=100
Items Weights
2017/18 2018/19 Change in
%age points Contribution to QII QI QII
A B C C-A C-B
Headline
Inflation
Change over
QII-2017/18
Headline
Inflation
Change over QI2018/19
Food and Non-alcoholic Beverages 0.54 2.4 4.2 0.1 -2.3 -4.1 -0.01 -0.02 Bread and cereals 0.17 1.7 4.4 0.2 -1.5 -4.2 0.00 -0.01 Meat 0.04 1.7 4.2 0.1 -1.6 -4.1 0.00 0.00 Fish and sea food 0.00 3.1 1.1 1.9 Milk, cheese and egg 0.03 3.6 4.2 1.6 -2.0 -2.6 0.00 0.00 Oils & Fats 0.04 -3.6 0.8 1.6 5.2 0.8 0.00 0.00 Fruit 0.00 7.8 -0.5 6.0 -1.9 6.5 0.00 0.00 Vegetables 0.12 3.3 6.7 -0.4 -3.7 -7.1 0.00 -0.01 Sugar, jam, honey, chocolet 0.01 1.6 4.1 3.1 1.5 -1.0 0.00 0.00 Food products n.e.c 0.06 2.5 -0.4 0.7 -1.8 1.0 0.00 0.00 Non-alcoholic beverages 0.05 7.1 5.6 -3.3 -10.4 -8.9 -0.01 0.00 Source: CSA & NBE Staff Compilation
Table 3.3: Quarterly National Non-food Inflation for 2nd Quarter of 2018/19 (in %)
December 2016=100
Items Weights
2017/18 2018/19 Change in
%age points
Contribution to
QII QI QII
A B C C-A C-B
Headline
Inflation
C h a n g e over QII2017/18
Headline
Inflation
C h a n g e over QI2018/19
Non-Food Inflation 0.46 4.3 3.2 0.6 -3.7 -2.6 -0.01 -0.01 Alcoholic beverages and tobacco 0.05 5.9 3.8 0.0 -6.0 -3.8 0.00 0.00 Clothing and foot-wear 0.06 3.3 3.9 2.4 -1.0 -1.5 0.00 0.00 Housing, water, electricity, gas and other fuel 0.17 5.6 2.7 -0.9 -6.5 -3.7 -0.01 -0.01 Furnishings, household equipment & routine maintenance of houses 0.05 3.8 3.8 1.8 -2.0 -2.0 0.00 0.00 Health 0.01 -4.2 5.8 -0.8 3.4 -6.6 0.00 0.00 Transport 0.02 2.4 2.1 3.7 1.3 1.6 0.00 0.00 Communication 0.02 1.7 -0.4 -5.3 -7.0 -4.9 0.00 0.00 Recreation and culture 0.00 0.8 1.4 1.9 1.1 0.5 0.00 0.00 Education 0.00 1.4 6.5 7.0 5.6 0.5 0.00 0.00 Restaurant/hotel 0.05 5.2 4.3 3.5 -1.7 -0.8 0.00 0.00 Miscellaneous goods 0.03 2.2 3.4 0.2 -2.0 -3.2 0.00 0.00 Source: CSA & NBE Staff Compilation
3.2. Developments in Regional Inflation
Regional average headline inflation decreased to 0.4 percent from 4.2 percent in the first quarter of 2018/19 and 3.1 percent a year ago. Somali, SNNP, Gambella, Dire Dawa, Afar and Amhara registered lower headline inflation than the regional average while the highest headline inflation (5.1 percent) was recorded in Tigray and the lowest (-3.1 percent) in Dire Dawa. Hence, the margin between the highest and the lowest headline inflation was 8.2 percent. The deviation in the regional headline inflation from the average stood at 2.3 percent, higher than 1.6 percent in the preceding quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation declined to -0.1 percent which was significantly lower than 6.0 percent recorded in the preceding quarter and 2.5 percent last year same quarter. SNNP, Gambella, Addis Ababa, Dire Dawa, Somali and Amhara regional states saw in inflation below the regional average. The highest food & non-alcoholic beverage inflation was recorded in Tigray (6.7 percent) and the lowest in Dire Dawa (-3.7 percent), resulting in 10.4 percentage point margin. The deviation in food & non-alcoholic beverages inflation with in the quarter was
2.6 percent while it was 1.7 percent in the first
quarter and 2.8 percent a year ago.
Regarding the movement of non-food inflation, the average regional non-food inflation stood at 0.8 percent compared 2.6 percentage points last year same quarter. SNNP, Oromia, Gambella, Dire Dawa, Somali and Afar registered non-food inflation below the regional average. Benshangul Gumuz recorded the highest non-food inflation (5.9 percent) while the lowest (-2.5 percent) was in Gambella and Dire
Table 3.2: Quarterly National Food & Non-alcoholic Beverages Inflation (in %)
Table 3.3: Quarterly National Non-food Inflation (in %)
Second Quarter 2018/19 15
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National Bank of Ethiopia Quarterly Bulletin 18 Second Quarter 2018/19
3.2. Developments in Regional Inflation
Regional average headline inflation decreased to
0.4 percent from 4.2 percent in the first quarter
of 2018/19 and 3.1 percent a year ago. Somali, SNNP, Gambella, Dire Dawa, Afar and Amhara registered lower headline inflation than the regional average while the highest headline inflation (5.1 percent) was recorded in Tigray and the lowest (-3.1 percent) in Dire Dawa. Hence, the margin between the highest and the lowest headline inflation was 8.2 percent. The deviation4 in the regional headline inflation from the average stood at 2.3 percent, higher than 1.6 percent in the preceding quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation declined to -0.1 percent which was significantly lower than 6.0 percent recorded in the preceding quarter and 2.5 percent last year same quarter. SNNP, Gambella, Addis Ababa, Dire Dawa, Somali and Amhara regional states saw in inflation below the regional average. The highest food & nonalcoholic beverage inflation was recorded in Tigray (6.7 percent) and the lowest in Dire Dawa (-3.7 percent), resulting in 10.4 percentage point margin. The deviation in food & nonalcoholic beverages inflation with in the quarter was 2.6 percent while it was 1.7 percent in the first quarter and 2.8 percent a year ago.

4
The standard deviation shows how much dispersion exists from the average value. Regarding the movement of non-food inflation, the average regional non-food inflation stood at
0.8 percent compared 2.6 percentage points last
year same quarter. SNNP, Oromia, Gambella,
Dire Dawa, Somali and Afar registered non-food inflation below the regional average. Benshangul Gumuz recorded the highest nonfood inflation (5.9 percent) while the lowest (-
2.5 percent) was in Gambella and Dire Dawa,
indicating 8.4 percentage points margin (Table 4.3). The variation in the non-food inflation measured by its standard deviation slightly decreased to 2.5 percent against the 2.7 percent last year same quarter. 16 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 3.4: Quarterly Regional Headline, Food & Non-alcoholic Beverages and Non-Food Inflations (in %)
December 2016=100
Regions
2017/18 2018/19 Annual Change Quarterly Change QII QI QII A B C C-A C-B GeneralFood& Non- alcoholic beverages Non-food GeneralFood& Non- alcoholic beverages Non-food GeneralFood& Non- alcoholic beverages Non-food GeneralFood& Non- alcoholic beverages Non-food GeneralFood& Non- alcoholic beverages Non-food SNNP 1.5 -0.4 4.3 2.7 3.2 2.2 -0.6 -0.8 -0.3 -2.1 -0.4 -4.6 -3.3 -4.0 -2.5 Harari 1.5 -0.2 2.9 1.3 6.5 -2.4 1.2 0.1 2.0 -0.3 0.3 -0.9 -0.1 -6.4 4.4 Oromia 3.8 2.8 2.1 3.4 2.9 4.0 0.6 0.6 0.5 -3.2 -2.2 -1.6 -2.8 -2.3 -3.5 Tigray -0.2 3.1 -3.1 6.0 7.5 4.6 5.1 6.7 3.7 5.3 3.6 6.8 -0.9 -0.8 -0.9 Gambella 0.4 -2.1 3.5 5.2 6.0 4.1 -2.4 -2.2 -2.5 -2.8 -0.1 -6.0 -7.6 -8.2 -6.6 Addis Ababa 4.7 1.0 7.3 4.0 6.3 2.4 0.4 -1.2 1.5 -4.3 -2.2 -5.8 -3.6 -7.5 -0.9 Dire Dawa 5.0 5.3 4.7 5.3 7.7 3.3 -3.1 -3.7 -2.5 -8.1 -9.0 -7.2 -8.4 -11.4 -5.8 Benshangul. Gumuz 3.7 4.5 2.9 4.2 6.5 2.0 3.4 0.8 5.9 -0.3 -3.7 3.0 -0.8 -5.7 3.9 Somali 6.7 6.6 6.9 7.2 7.7 6.5 -0.6 -0.3 -1.0 -7.3 -6.9 -7.9 -7.8 -8.0 -7.5 Afar 4.0 5.5 2.6 3.4 6.9 0.2 0.3 0.2 0.5 -3.7 -5.3 -2.1 -3.1 -6.7 0.3 Amhara 2.5 1.5 3.6 3.9 4.9 2.8 0.0 -0.8 0.9 -2.5 -2.3 -2.7 -3.9 -5.7 -1.9 Region’s average 3.1 2.5 3.4 4.2 6.0 2.7 0.4 -0.1 0.8 Standard deviation 2.1 2.8 2.7 1.6 1.7 2.3 2.3 2.6 2.5 Coefficient of variation 0.7 1.1 0.8 0.4 0.3 0.9 5.9 -47.5 3.2 Source: - CSA & NBE staff compilation 5 The standard deviation shows how much dispersion exists from the average value Second Quarter 2018/19 17 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
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Second Quarter 2018/19
Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter Broad Money Domestic Credit Other Items Net Net Foreign Assets
4. MONETARY DEVELOPMENTS
4.1. Money Supply and Credit
In the second quarter of 2018/19 fiscal year broad money supply (M2) stood at Birr 789.2 billion, a 22.2 percent growth over the corre sponding quarter of last fiscal year. This annual growth in broad money was attributed to 20.7 percent expansion in domestic credit and 6.1 percent increase in external assets (net) (Table 4.1).
Table 4.1: Components of Broad Money
(In Millions of Birr)
Particulars
Qtr. II Qtr. I Qtr. II
Percentage
Change
Contributions of
Each Component to Broad Money
Growth
(Dec. 17) (Sep. 18) (Dec. 18)
A B C C/A C/B Annual
1. External Assets (net) 22,152.7 37,942.3 23,507.7 6.1 -38.0 0.9
2. Domestic Credit 700,081.6 796,994.9 844,861.3 20.7 6.0 101.2
Claims on Central Gov't (net) 99,985.4 103,205.5 98,558.5 -1.4 -4.5 -1.0 Claims on Non-Central Gov't 600,096.2 693,789.3 746,302.8 15.6 7.6 65.5 . Financial Institutions 28,055.7 46,992.7 52,092.7 85.7 10.9 16.8 . Others 572,040.4 646,796.6 694,210.1 21.4 7.3 85.4
3. Other Items (net) 76,180.1 82,805.7 79,207.2 4.0 -4.3 2.1
4. Broad Money (M2) 646,054.2 752,131.4 789,161.8 22.2 4.9 100.0
Source: Staff Computation, NBE
Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE
4. MONETARY DEVELOPMENTS
4.1. Money Supply and Credit
In the second quarter of 2018/19 fiscal year broad money supply (M2) stood at Birr 789.2 billion, a 22.2 percent growth over the corre sponding quarter of last fiscal year. This annual growth in broad money was attributed to 20.7 percent expansion in domestic credit and 6.1 percent increase in external assets (net) (Table 4.1).
Table 4.1: Components of Broad Money
(In Millions of Birr)
Particulars
Qtr. II Qtr. I Qtr. II
Percentage
Change
Contributions of
Each Component to Broad Money
Growth
(Dec. 17) (Sep. 18) (Dec. 18)
A B C C/A C/B Annual
1. External Assets (net) 22,152.7 37,942.3 23,507.7 6.1 -38.0 0.9
2. Domestic Credit 700,081.6 796,994.9 844,861.3 20.7 6.0 101.2
Claims on Central Gov't (net) 99,985.4 103,205.5 98,558.5 -1.4 -4.5 -1.0 Claims on Non-Central Gov't 600,096.2 693,789.3 746,302.8 15.6 7.6 65.5 . Financial Institutions 28,055.7 46,992.7 52,092.7 85.7 10.9 16.8 . Others 572,040.4 646,796.6 694,210.1 21.4 7.3 85.4
3. Other Items (net) 76,180.1 82,805.7 79,207.2 4.0 -4.3 2.1
4. Broad Money (M2) 646,054.2 752,131.4 789,161.8 22.2 4.9 100.0
Source: Staff Computation, NBE
18 Second Quarter 2018/19
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Second Quarter 2018/19
Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent. -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 National Bank of Ethiopia 24 Second Quarter 2018/19 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent. -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 National Bank of Ethiopia 24 Second Quarter 2018/19 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent. -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 National Bank of Ethiopia 24 Second Quarter 2018/19 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent. -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
Table 4.2: Components of Broad Money
(In millions of Birr, unless specified)
Particulars
Qtr. II Qtr. I Qtr. II
Percentage
Change
Contributions of Each Component to Broad
Money Growth
(Dec. 17) (Sep. 18) (Dec. 18) C/A C/B
A B C Annual

Narrow Money Supply 248,038.7 266,262.2 277,597.9 11.9 4.3 20.7
. Currency outside banks 85,758.5 83,380.0 92,192.6 7.5 10.6 4.5 . Demand Deposits (net) 162,280.1 182,882.2 185,405.3 14.3 1.4 16.2
Quasi-Money 398,015.5 485,869.2 511,563.9 28.5 5.3 79.3
. Savings Deposits 326,794.0 407,170.8 430,098.7 31.6 5.6 72.2 . Time Deposits 71,221.5 78,698.5 81,465.1 14.4 3.5 7.2
Broad Money Supply 646,054.2 752,131.4 789,161.8 22.2 4.9 100.0
Source: Staff Computation, NBE
Second Quarter 2018/19 19
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Second Quarter 2018/19
Fig. IV. 3: Composition of Monetary Stock
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
Source: Staff computation, NBE
Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep.
Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent.
Table 4.2: Components of Broad Money
(In millions of Birr, unless specified)
Particulars
Qtr. II Qtr. I Qtr. II
Percentage
Change
Contributions of Each Component to Broad
Money Growth
(Dec. 17) (Sep. 18) (Dec. 18) C/A C/B
A B C Annual
1. Narrow Money Supply 248,038.7 266,262.2 277,597.9 11.9 4.3 20.7
. Currency outside banks 85,758.5 83,380.0 92,192.6 7.5 10.6 4.5 . Demand Deposits (net) 162,280.1 182,882.2 185,405.3 14.3 1.4 16.2
2. Quasi-Money 398,015.5 485,869.2 511,563.9 28.5 5.3 79.3
. Savings Deposits 326,794.0 407,170.8 430,098.7 31.6 5.6 72.2 . Time Deposits 71,221.5 78,698.5 81,465.1 14.4 3.5 7.2
3. Broad Money Supply 646,054.2 752,131.4 789,161.8 22.2 4.9 100.0
Source: Staff Computation, NBE
National Bank of Ethiopia
27
Second Quarter 2018/19
4.2. Developments in Reserve Money and Monetary Ratio
Reserve money reached Birr 170.5 billion in the second quarter of 2018/19, showing a 12.8 percent year-on-year growth. Likewise, excess reserves of commercial banks rose 2.1 percent annually but contracted by 34.6 percent quarterly. The money multiplier, measured by the ratio of broad money to reserve money and narrow money to reserve money, increased both on quarterly and annual basis. At the end of the second quarter of 2018/19, the ratio of broad money to reserve money went up 8.3 percent compared to the corresponding quarter of last year. Commercial banks’ strong performance in mobilizing time and saving deposits contributed to the rise in money multiplier (Table 4.3).
Table 4.3: Monetary Aggregates and Ratios
(In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage (Dec. 17) (Sep. 18) (Dec. 18) Change A B C C/A C/B
1. Reserve Requirement (CB's) 31,821.6 36,385.8 39,493.5 24.1 8.5
2. Actual Reserve (CB's) 48,938.8 63,117.8 56,966.6 16.4 -9.7
3. Excess Reserve (CB's) 17,117.2 26,732.0 17,473.2 2.1 -34.6
4. Reserve Money 151,169.3 174,816.5 170,478.6 12.8 -2.5
. Currency in Circulation 105,936.8 110,876.5 120,349.0 13.6 8.5 . Banks deposits at NBE 45,232.5 63,940.0 50,129.6 10.8 -21.6
5. Money Multiplier (Ratio):
. Narrow Money to Reserve Money 1.6 1.5 1.6 -0.8 6.9 . Broad Money to Reserve Money 4.3 4.3 4.6 8.3 7.6
6. Other Monetary Ratios (%):
. Currency to Narrow Money 42.7 41.6 43.4 1.5 4.1 . Currency to Broad Money 16.4 14.7 15.3 -7.0 3.5 . Narrow Money to Broad Money 38.4 35.4 35.2 -8.4 -0.6 . Quasi Money to Broad Money 61.6 64.6 64.8 5.2 0.3 Source: Staff Computation, NBE Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent.
Table 4.2: Components of Broad Money
(In millions of Birr, unless specified)
Particulars
Qtr. II Qtr. I Qtr. II
Percentage
Change
Contributions of Each Component to Broad
Money Growth
(Dec. 17) (Sep. 18) (Dec. 18) C/A C/B
A B C Annual
1. Narrow Money Supply 248,038.7 266,262.2 277,597.9 11.9 4.3 20.7
. Currency outside banks 85,758.5 83,380.0 92,192.6 7.5 10.6 4.5 . Demand Deposits (net) 162,280.1 182,882.2 185,405.3 14.3 1.4 16.2
2. Quasi-Money 398,015.5 485,869.2 511,563.9 28.5 5.3 79.3
. Savings Deposits 326,794.0 407,170.8 430,098.7 31.6 5.6 72.2 . Time Deposits 71,221.5 78,698.5 81,465.1 14.4 3.5 7.2
3. Broad Money Supply 646,054.2 752,131.4 789,161.8 22.2 4.9 100.0
Source: Staff Computation, NBE
National Bank of Ethiopia
27
Second Quarter 2018/19
4.2. Developments in Reserve Money and Monetary Ratio
Reserve money reached Birr 170.5 billion in the second quarter of 2018/19, showing a 12.8 percent year-on-year growth. Likewise, excess reserves of commercial banks rose 2.1 percent annually but contracted by 34.6 percent quarterly. The money multiplier, measured by the ratio of broad money to reserve money and narrow money to reserve money, increased both on quarterly and annual basis. At the end of the second quarter of 2018/19, the ratio of broad money to reserve money went up 8.3 percent compared to the corresponding quarter of last year. Commercial banks’ strong performance in mobilizing time and saving deposits contributed to the rise in money multiplier (Table 4.3).
Table 4.3: Monetary Aggregates and Ratios
(In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage (Dec. 17) (Sep. 18) (Dec. 18) Change A B C C/A C/B
1. Reserve Requirement (CB's) 31,821.6 36,385.8 39,493.5 24.1 8.5
2. Actual Reserve (CB's) 48,938.8 63,117.8 56,966.6 16.4 -9.7
3. Excess Reserve (CB's) 17,117.2 26,732.0 17,473.2 2.1 -34.6
4. Reserve Money 151,169.3 174,816.5 170,478.6 12.8 -2.5
. Currency in Circulation 105,936.8 110,876.5 120,349.0 13.6 8.5 . Banks deposits at NBE 45,232.5 63,940.0 50,129.6 10.8 -21.6
5. Money Multiplier (Ratio):
. Narrow Money to Reserve Money 1.6 1.5 1.6 -0.8 6.9 . Broad Money to Reserve Money 4.3 4.3 4.6 8.3 7.6
6. Other Monetary Ratios (%):
. Currency to Narrow Money 42.7 41.6 43.4 1.5 4.1 . Currency to Broad Money 16.4 14.7 15.3 -7.0 3.5 . Narrow Money to Broad Money 38.4 35.4 35.2 -8.4 -0.6 . Quasi Money to Broad Money 61.6 64.6 64.8 5.2 0.3 Source: Staff Computation, NBE Fig. IV. 3: Composition of Monetary Stock
4.2. Developments in Reserve Money and Monetary Ratio
Reserve money reached Birr 170.5 billion in the second quarter of 2018/19, showing a 12.8 percent year-on-year growth. Likewise, excess reserves of commercial banks rose 2.1 percent annually but contracted by 34.6 percent quarterly. The money multiplier, measured by the ratio of broad money to reserve money and narrow money to reserve money, increased both on quarterly and annual basis. At the end of the second quarter of 2018/19, the ratio of broad money to reserve money went up 8.3 percent compared to the corresponding quarter of last year. Commercial banks’ strong performance in mobilizing time and saving deposits contributed to the rise in money multiplier (Table 4.3).
Table 4.3: Monetary Aggregates and Ratios
(In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage (Dec. 17) (Sep. 18) (Dec. 18) Change A B C C/A C/B
1. Reserve Requirement (CB's) 31,821.6 36,385.8 39,493.5 24.1 8.5
2. Actual Reserve (CB's) 48,938.8 63,117.8 56,966.6 16.4 -9.7
3. Excess Reserve (CB's) 17,117.2 26,732.0 17,473.2 2.1 -34.6
4. Reserve Money 151,169.3 174,816.5 170,478.6 12.8 -2.5
. Currency in Circulation 105,936.8 110,876.5 120,349.0 13.6 8.5 . Banks deposits at NBE 45,232.5 63,940.0 50,129.6 10.8 -21.6
5. Money Multiplier (Ratio):
. Narrow Money to Reserve Money 1.6 1.5 1.6 -0.8 6.9 . Broad Money to Reserve Money 4.3 4.3 4.6 8.3 7.6
6. Other Monetary Ratios (%):
. Currency to Narrow Money 42.7 41.6 43.4 1.5 4.1 . Currency to Broad Money 16.4 14.7 15.3 -7.0 3.5 . Narrow Money to Broad Money 38.4 35.4 35.2 -8.4 -0.6 . Quasi Money to Broad Money 61.6 64.6 64.8 5.2 0.3 Source: Staff Computation, NBE 20 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
28
Second Quarter 2018/19
Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE
Figure 5: Monetary Aggregates
0.0
10,000.0
20,000.0
30,000.0
40,000.0
50,000.0
60,000.0
70,000.0
In millions of Birr
Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2015/16 2016/17 2017/18 2018/19 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits National Bank of Ethiopia 28 Second Quarter 2018/19 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE
Figure 5: Monetary Aggregates
0.0
10,000.0
20,000.0
30,000.0
40,000.0
50,000.0
60,000.0
70,000.0
In millions of Birr
Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2015/16 2016/17 2017/18 2018/19 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits National Bank of Ethiopia 29
4.3. Interest Rate Developments
Average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent, while weighted average time deposit rate witnessed a minor decline both on annual basis and on quarterly. In contrast, weighted average yield on Tbills slightly increased (0.27 percentage point) over last year same quarter. Hence, considering 10.4 percent headline inflation, all real deposit rates and T-bills yields remained negative while average real lending rate stood positive at 3.1 percent (Table 4.4).
Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum)
Particulars
2017/1
8 2018/19
Percentage point
Changes
QII QI QII 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 8.06 8.01 (0.00) (0.04)
1-2 years 8.06 8.10 8.06 0.00 (0.04)
Over 2 yrs 8.13 8.15 8.10 (0.02) (0.05)
Average Time Dep. Rate (Weighted) 8.07 8.10 8.06 (0.01) (0.04)
3. Demand Deposit (Weighted) 0.04 0.01 (0.00)
4. Lending Rate 2/
Minimum 7.00 - -
Maximum 20.00 - -
Average Lending Rate 13.50 - -
5. T-bills Rate (Weighted) 1.42 1.56 1.69 0.27 0.13
6. GERD Bond Yield 3/
6.1 Maturity within 5 Years 5.50 7.50 7.50 2.00 -
6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 -
7. Headline Inflation (Year-on-year) 16.5 11.8 10.4 (6.10) (1.40)
8. Food Inflation (Year-on-year) 15.5 10.7 11.4 (4.10) 0.70
9. Core/non-food Inflation (Year-on-year) 17.7 13.2 9.2 (8.50) (4.00)
Source: Staff Computation NBE
1/ Minimum interest rate on saving bond is set by NBE, where as 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
Table 4.3: Monetary Aggregates and Ratios
(In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage (Dec. 17) (Sep. 18) (Dec. 18) Change A B C C/A C/B
1. Reserve Requirement (CB's) 31,821.6 36,385.8 39,493.5 24.1 8.5
2. Actual Reserve (CB's) 48,938.8 63,117.8 56,966.6 16.4 -9.7
3. Excess Reserve (CB's) 17,117.2 26,732.0 17,473.2 2.1 -34.6
4. Reserve Money 151,169.3 174,816.5 170,478.6 12.8 -2.5
. Currency in Circulation 105,936.8 110,876.5 120,349.0 13.6 8.5 . Banks deposits at NBE 45,232.5 63,940.0 50,129.6 10.8 -21.6
5. Money Multiplier (Ratio):
. Narrow Money to Reserve Money 1.6 1.5 1.6 -0.8 6.9 . Broad Money to Reserve Money 4.3 4.3 4.6 8.3 7.6
6. Other Monetary Ratios (%):
. Currency to Narrow Money 42.7 41.6 43.4 1.5 4.1 . Currency to Broad Money 16.4 14.7 15.3 -7.0 3.5 . Narrow Money to Broad Money 38.4 35.4 35.2 -8.4 -0.6 . Quasi Money to Broad Money 61.6 64.6 64.8 5.2 0.3 Source: Staff Computation, NBE Second Quarter 2018/19 21 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
29
4.3. Interest Rate Developments
Average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent, while weighted average time deposit rate witnessed a minor decline both on annual basis and on quarterly. In contrast, weighted average yield on Tbills slightly increased (0.27 percentage point) over last year same quarter. Hence, considering 10.4 percent headline inflation, all real deposit rates and T-bills yields remained negative while average real lending rate stood positive at 3.1 percent (Table 4.4).
Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum)
Particulars
2017/1
8 2018/19
Percentage point
Changes
QII QI QII 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 8.06 8.01 (0.00) (0.04)
1-2 years 8.06 8.10 8.06 0.00 (0.04)
Over 2 yrs 8.13 8.15 8.10 (0.02) (0.05)
Average Time Dep. Rate (Weighted) 8.07 8.10 8.06 (0.01) (0.04)
3. Demand Deposit (Weighted) 0.04 0.01 (0.00)
4. Lending Rate 2/
Minimum 7.00 - -
Maximum 20.00 - -
Average Lending Rate 13.50 - -
5. T-bills Rate (Weighted) 1.42 1.56 1.69 0.27 0.13
6. GERD Bond Yield 3/
6.1 Maturity within 5 Years 5.50 7.50 7.50 2.00 -
6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 -
7. Headline Inflation (Year-on-year) 16.5 11.8 10.4 (6.10) (1.40)
8. Food Inflation (Year-on-year) 15.5 10.7 11.4 (4.10) 0.70
9. Core/non-food Inflation (Year-on-year) 17.7 13.2 9.2 (8.50) (4.00)
Source: Staff Computation NBE
1/ Minimum interest rate on saving bond is set by NBE, where as 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
4.3. Interest Rate Developments
Average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent, while weighted average time deposit rate witnessed a minor decline both on annual basis and on quarterly. In contrast, weighted average yield on T-bills slightly increased (0.27 percentage point) over last year same quarter. Hence, considering 10.4 percent headline inflation, all real deposit rates and T-bills yields remained negative while average real lending rate stood positive at 3.1 percent (Table 4.4).
Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum)
Particulars
2017/18 2018/19 Percentage point Changes
QII QI QII 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 8.06 8.01 (0.00) (0.04)
1-2 years 8.06 8.10 8.06 0.00 (0.04)
Over 2 yrs 8.13 8.15 8.10 (0.02) (0.05)
Average Time Dep. Rate (Weighted) 8.07 8.10 8.06 (0.01) (0.04)
3. Demand Deposit (Weighted) 0.04 0.01 (0.00)
4. Lending Rate 2/
Minimum 7.00 - -
Maximum 20.00 - -
Average Lending Rate 13.50 - -
5. T-bills Rate (Weighted) 1.42 1.56 1.69 0.27 0.13
6. GERD Bond Yield 3/
6.1 Maturity within 5 Years 5.50 7.50 7.50 2.00 -
6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 -
7. Headline Inflation (Year-on-year) 16.5 11.8 10.4 (6.10) (1.40)
8. Food Inflation (Year-on-year) 15.5 10.7 11.4 (4.10) 0.70
9. Core/non-food Inflation (Year-onyear) 17.7 13.2 9.2 (8.50) (4.00)
Source: Staff Computation NBE
1/ Minimum interest rate on saving bond is set by NBE, where as 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 National Bank of Ethiopia 28 Second Quarter 2018/19 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE
Figure 5: Monetary Aggregates
0.0
10,000.0
20,000.0
30,000.0
40,000.0
50,000.0
60,000.0
70,000.0
In millions of Birr
Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2015/16 2016/17 2017/18 2018/19 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits National Bank of Ethiopia 28 Second Quarter 2018/19 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE
Figure 5: Monetary Aggregates
0.0
10,000.0
20,000.0
30,000.0
40,000.0
50,000.0
60,000.0
70,000.0
In millions of Birr
Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2015/16 2016/17 2017/18 2018/19 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits National Bank of Ethiopia 29
4.3. Interest Rate Developments
Average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent, while weighted average time deposit rate witnessed a minor decline both on annual basis and on quarterly. In contrast, weighted average yield on Tbills slightly increased (0.27 percentage point) over last year same quarter. Hence, considering 10.4 percent headline inflation, all real deposit rates and T-bills yields remained negative while average real lending rate stood positive at 3.1 percent (Table 4.4).
Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum)
Particulars
2017/1
8 2018/19
Percentage point
Changes
QII QI QII 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 8.06 8.01 (0.00) (0.04)
1-2 years 8.06 8.10 8.06 0.00 (0.04)
Over 2 yrs 8.13 8.15 8.10 (0.02) (0.05)
Average Time Dep. Rate (Weighted) 8.07 8.10 8.06 (0.01) (0.04)
3. Demand Deposit (Weighted) 0.04 0.01 (0.00)
4. Lending Rate 2/
Minimum 7.00 - -
Maximum 20.00 - -
Average Lending Rate 13.50 - -
5. T-bills Rate (Weighted) 1.42 1.56 1.69 0.27 0.13
6. GERD Bond Yield 3/
6.1 Maturity within 5 Years 5.50 7.50 7.50 2.00 -
6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 -
7. Headline Inflation (Year-on-year) 16.5 11.8 10.4 (6.10) (1.40)
8. Food Inflation (Year-on-year) 15.5 10.7 11.4 (4.10) 0.70
9. Core/non-food Inflation (Year-on-year) 17.7 13.2 9.2 (8.50) (4.00)
Source: Staff Computation NBE
1/ Minimum interest rate on saving bond is set by NBE, where as 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 22 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum)
Particulars
2017/18 2018/19 Percentage point Changes
QII QI QII Annual Quarterly

Savings Deposit Rate 1/
Minimum 7.00 - -
Maximum 9.00 - -
Average Saving Rate 8.00 - -
Time Deposits
Up to 1yr 8.02 8.06 8.01 (0.00) (0.04)
1-2 years 8.06 8.10 8.06 0.00 (0.04)
Over 2 yrs 8.13 8.15 8.10 (0.02) (0.05)
Average Time Dep. Rate (Weighted) 8.07 8.10 8.06 (0.01) (0.04)
Demand Deposit (Weighted) 0.04 0.01 (0.00)
Lending Rate 2/
Minimum 7.00 - -
Maximum 20.00 - -
Average Lending Rate 13.50 - -
T-bills Rate (Weighted) 1.42 1.56 1.69 0.27 0.13
GERD Bond Yield 3/
6.1 Maturity within 5 Years 5.50 7.50 7.50 2.00 -
6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 -
Headline Inflation (Year-on-year) 16.5 11.8 10.4 (6.10) (1.40)
Food Inflation (Year-on-year) 15.5 10.7 11.4 (4.10) 0.70
Core/non-food Inflation (Year-on-year) 17.7 13.2 9.2 (8.50) (4.00)
Source: Staff Computation NBE
1/ Minimum interest rate on saving bond is set by NBE, where as 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 Second Quarter 2018/19 23 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
30
Second Quarter 2018/19
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 National Bank of Ethiopia 31 Second Quarter 2018/19 Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) *Core inflation is depicted on the right axis while lending rate, 91 day T-bills yield and average saving deposit rate are shown on the left axis Source: Staff computation, NBE
4.4. Developments in the Financial Sector
The number of banks operating in Ethiopia remained at 18 of which 16 were private and 2 public. During the review period, 225 new bank branches were opened thereby raising the number of bank branches to 5,211. As a result, population to bank branch ratio stood at 18,933.95 . About 34.3 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of public banks was 30 percent and that of private banks 70 percent. Meanwhile, total capital of the

National Bank of Ethiopia
31
Second Quarter 2018/19
Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) *Core inflation is depicted on the right axis while lending rate, 91 day T-bills yield and average saving deposit rate are shown on the left axis Source: Staff computation, NBE
4.4. Developments in the Financial Sector
The number of banks operating in Ethiopia remained at 18 of which 16 were private and 2 public. During the review period, 225 new bank branches were opened thereby raising the number of bank branches to 5,211. As a result, population to bank branch ratio stood at 18,933.95 . About 34.3 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of public banks was 30 percent and that of private banks 70 percent. Meanwhile, total capital of the

5
Total population is 98,665,000 estimation for 2018/19 0.00 5.00 10.00 15.00 20.00 25.00 30.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) National Bank of Ethiopia 32 Second Quarter 2018/19 banking system amounted to Birr 93.8 billion, of which public banks accounted for 56.7 percent and private banks 43.3 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank in total capital of the banking system, was 48.5 percent (Table4.5). At the same time, the number of insurance companies stood at 17, of which 16 were private and one public. Their branches increased to558 from 518 a year ago. Of the total branches, about 54 percent were located in Addis Ababa. The total capital of insurance companies reached Birr 6.3billion, of which 75 percent was that of private insurance companies (Table 4.6). There were 38 micro-finance institutions (MFIs) operating in the country. They mobilized Birr 33.9 billion in saving deposit which was 19.5 percent higher than last year same period. Similarly, their outstanding credit increased 32.2 percent to Birr 48.9 billion highlighting their rising contribution to poverty alleviation and creating wealth both in rural and urban areas. Their total asset also expanded by 26.2 percent to Birr 71 billion (Table 4.7). The top five largest MFIs (Amhara, Dedebit, Oromia, Omo& Addis Credit and Savings Institutions) accounted for
83.9 percent of the total capital, 91 percent of
the deposits, 87.7 percent of the credit and
88.4 percent of the total assets of MFIs.
National Bank of Ethiopia
32
Second Quarter 2018/19 banking system amounted to Birr 93.8 billion, of which public banks accounted for 56.7 percent and private banks 43.3 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank in total capital of the banking system, was 48.5 percent (Table4.5). At the same time, the number of insurance companies stood at 17, of which 16 were private and one public. Their branches increased to558 from 518 a year ago. Of the total branches, about 54 percent were located in Addis Ababa. The total capital of insurance companies reached Birr 6.3billion, of which 75 percent was that of private insurance companies (Table 4.6). There were 38 micro-finance institutions (MFIs) operating in the country. They mobilized Birr 33.9 billion in saving deposit which was 19.5 percent higher than last year same period. Similarly, their outstanding credit increased 32.2 percent to Birr 48.9 billion highlighting their rising contribution to poverty alleviation and creating wealth both in rural and urban areas. Their total asset also expanded by 26.2 percent to Birr 71 billion (Table 4.7). The top five largest MFIs (Amhara, Dedebit, Oromia, Omo& Addis Credit and Savings Institutions) accounted for
83.9 percent of the total capital, 91 percent of
the deposits, 87.7 percent of the credit and
88.4 percent of the total assets of MFIs.
Second Quarter 2018/19 25
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) Banks Branch Network Capital 2017/18 2018/19 2017/18 2018/19 Quarter II Quarter I Quarter II Quarter II Quarter I Quarter Reg A.A Total II % Share Reg. A.A Total % Share Reg. A.A Total % Share

Public
Banks
Commercial
Bank of
Ethiopia 1,045 314 1,359 29.4 1,093 327 1,420 28.5 1,125 333 1,458 28.0 44,389.1 45,801.6 45,474.7 Development Bank of Ethiopia 106 4 110 2.4 103 4 107 2.1 103 4 107 2.1 7,686.3 7,778.3 7,676.5 Total Public Banks 1,151 318 1,469 32 1,196 331 1,527 30.6 1,151 318 1,565 30.0 52,075.4 53,580.0 53,151.2
Private
Banks -
Awash
International
Bank 187 161 348 7.5 224 172 396 7.9 229 174 403 7.7 4,106.0 4,594.0 5,822.2 Dashen Bank 228 137 365 7.9 245 144 389 7.8 260 151 411 7.9 3,426.0 3,898.5 4,627.6 Abyssinia Bank 149 134 283 6.1 159 144 303 6.1 180 153 333 6.4 2,941.7 3,270.2 3,918.5 Wegagen Bank 164 107 271 5.9 197 128 325 6.5 204 133 337 6.5 2,926.4 3,196.9 3,648.1 United Bank 117 110 227 4.9 126 118 244 4.9 130 124 254 4.9 2,240.7 2,586.8 2,742.7 Nib International Bank 98 122 220 4.8 113 133 246 4.9 117 142 259 5.0 2,653.0 3,114.6 3,151.9 Cooperative Bank of Oromiya 264 61 325 7.0 281 65 346 6.9 326 72 398 7.6 1,345.5 1,980.3 2,340.0 Lion International Bank 134 60 194 4.2 152 68 220 4.4 152 68 220 4.2 1,301.2 1,614.2 1,882.9 Oromia International Bank 169 76 245 5.3 171 90 261 5.2 175 92 267 5.1 1,792.5 1,952.4 2,690.0 Zemen Bank 13 11 24 0.5 15 15 30 0.6 16 19 35 0.7 1,050.7 1,391.8 1,459.6 Buna International Bank 94 79 173 3.7 97 81 178 3.6 100 84 184 3.5 1,227.3 1,770.7 1,843.6 Berhan International Bank 97 87 184 4.0 101 94 195 3.9 102 96 198 3.8 1,631.4 2,022.4 2,065.6 Abay Bank 113 49 162 3.5 119 60 179 3.6 124 71 195 3.7 1,164.1 1,517.5 1,658.6 Addis Interational Bank 24 34 58 1.3 25 37 62 1.2 25 38 63 1.2 721.5 812.0 864.4 Debub Global Bank 19 19 38 0.8 23 22 45 0.9 23 23 46 0.9 541.0 640.3 674.5 Enat Bank S.C 14 25 39 0.8 15 25 40 0.8 15 28 43 0.8 903.5 1,072.3 1,267.4 Total Private Banks 1,884 1,272 3,156 68 2,063 1,396 3,459 69 2,178 1,468 3,646 70 29,973 35,435 40,658 3.Grand Total Banks 3,035 1,590 4,625 100 3,259 1,727 4,986 100 3,329 1,786 5,211 100 82,048 89,015 93,809 Source: Bank Supervision Directorate, NBE Reg. Stands for Region and A.A for Addis Ababa 26 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
34
Second Quarter 2018/19
Fig.IV.8: Branch Network and Capital of Banking System
31.8 30.6 30.0
63.5 60.2 56.7
68.2 69.4 70.0
36.5 39.8 43.3
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100% percentage share from total
Public Banks Private Banks
Source: Staff Compilation, NBE
Table 4.6: Branch Network & Capital of Insurance Companies
(Branch in Number & Capital in Millions of Birr) 2017/18 Quarter II Quarter I Quarter II S.No. A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 25 58 83 25 60 85 25 63 88 1,179 1,571 1,556 2 27 17 44 27 18 45 27 19 46 368 1,025 944 3 15 13 28 16 13 29 16 13 29 242 236 180 4 19 15 34 21 16 37 21 16 37 127 168 128 5 23 12 35 25 12 37 25 12 37 364 444 455 6 7 8 15 8 8 16 8 11 19 139 154 158 7 19 20 39 20 20 40 20 20 40 384 468 478 8 15 16 31 15 16 31 15 16 31 464 694 722 9 24 13 37 26 13 39 27 13 40 282 330 378 10 16 15 31 16 15 31 16 15 31 104 153 153 11 15 5 20 5 15 20 5 16 21 101 119 107 12 18 19 37 19 20 39 19 20 39 212 290 263 13 12 11 23 13 12 25 13 13 26 243 286 296 14 Berhan insurance S.C 2 9 11 5 10 15 5 10 15 112 116 106 15 12 6 18 7 12 19 7 14 21 120 128 152 16 Lucy 11 4 15 4 12 16 4 12 16 130 141 132 17 Bunna Insurance S.C. 11 6 17 6 12 18 6 12 18 79 108 123 TOTAL 279 239 518 292 250 542 299 255 554 4,650 6,431 6,331 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 II Ethiopian Insurance Corporation Awash Insurance Company Africa Insurance Company Quarter I Insurance Companies Branch Capital Quarter II 2017/18 2018/19 2018/19 Source: Insurance Supervision Directorate, NBE Fig.IV.8: Branch Network and Capital of Banking System Source: Staff Compilation, NBE
Table 4.6: Branch Network & Capital of Insurance Companies
(Branch in Number & Capital in Millions of Birr) S.
No. Insurance Companies
Branch Capital
2017/18 2018/19 2017/18 2018/19
Quarter II Quarter I Quarter II Quarter
II
Quarter I
Quarter
II
A.A Reg Total A.A Reg Total A.A Reg Total Capital Capital Capital 1 Ethiopian Insurance Corporation 25 58 83 25 60 85 25 63 88 1,179 1,571 1,556 2 Awash Insurance Company 27 17 44 27 18 45 27 19 46 368 1,025 944 3 Africa Insurance Company 15 13 28 16 13 29 16 13 29 242 236 180 4 National Insurance Corporation of Ethiopia 19 15 34 21 16 37 21 16 37 127 168 128 5 United Insurance Company 23 12 35 25 12 37 25 12 37 364 444 455 6 Global Insurance Company 8 7 15 8 8 16 11 8 19 139 154 158 7 Nile Insurance Company 19 20 39 20 20 40 20 20 40 384 468 478 8 Nyala Insurance Company 15 16 31 15 16 31 15 16 31 464 694 722 9 Nib Insurance Company 24 13 37 26 13 39 27 13 40 282 330 378 10 Lion Insurance Company 16 15 31 16 15 31 16 15 31 104 153 153 11 Ethio-Life Insurance Company 15 5 20 15 5 20 16 5 21 101 119 107 12 Oromia Insurance Company 18 19 37 19 20 39 19 20 39 212 290 263 13 Abay Insurance Company S.C. 12 11 23 13 12 25 13 13 26 243 286 296 14 Berhan insurance S.C 9 2 11 10 5 15 10 5 15 112 116 106 15 Tsehay Insurance S.C. 12 6 18 12 7 19 14 7 21 120 128 152 16 Lucy 11 4 15 12 4 16 12 4 16 130 141 132 17 Bunna Insurance S.C. 11 6 17 12 6 18 12 6 18 79 108 123 TOTAL 279 239 518 292 250 542 299 255 554 4,650 6,431 6,331 Source: Insurance Supervision Directorate, NBE
Table 4.7: Microfinance Institutions Performance as of September 30, 2018
(In Thousands of Birr)
Particulars
2017/18 2018/19 % Change Qtr.II Qtr.I Qtr.II A B C C/A C/B Total Capital 12,306,187.6 14,188,403.8 14,800,240.9 20.3 4.3 Saving 28,383,487.2 32,398,562.4 33,913,973.2 19.5 4.7 Credit 37,032,631.5 46,851,910.5 48,942,340.2 32.2 4.5 Total Assets 56,338,699.4 66,990,442.4 71,073,587.1 26.2 6.1 Source:Microfinance Supervision Directorate, NBE
4.5. Activities of the Banking System
4.5.1. Resource Mobilization
Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) increased by 38 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)
Particulars
Public Banks Private Banks Grand Total
% Change 1 2 (3) = (1) + (2)
Qtr.I
2018/19
Qtr.II
2018/19
Qtr.I
2018/19
Qtr.II
2018/19
Qtr.II
2017/18
Qtr.I
2018/19
Qtr.II
2018/19
A B C C/A C/B
1.Deposits (net change)
5,653.0 23,917.2 14,446.5 18,420.0 29,804.3 20,099.5 42,337.1 42.1 110.6 -Demand -4,304.8 10,520.3 -2,061.5 6,113.1 13,587.5 -6,366.3 16,633.3 22.4 -361.3 -Saving 8,840.1 12,016.3 15,784.7 10,922.1 13,487.2 24,624.7 22,938.4 70.1 -6.8 -Time 1,117.7 1,380.6 723.4 1,384.8 2,729.6 1,841.1 2,765.4 1.3 50.2
2. Borrowing (net
change)
1,385.2 5,428.4 0.0 0.0 655.1 1,385.2 5,428.4 728.7 291.9 -Local 122.4 5,345.1 0.0 0.0 380.9 122.4 5,345.1 1,303.3 4,266.1 -Foreign 1,262.8 83.3 0.0 0.0 274.2 1,262.8 83.3 -69.6 -93.4
3. Collection of
Loans
11,670.3 7,740.1 17,940.6 19,380.3 23,807.7 29,610.9 27,120.4 13.9 -8.4
4. Total Resources Mobilized
(1+2+3)
18,708.5 37,085.7 32,387.1 37,800.3 54,267.1 51,095.6 74,886.0 38.0 46.6
5. Disbursement 13,288.4 16,410.7 16,776.7 29,636.1 22,805.3 30,065.1 46,046.8 101.9 53.2
6. Change in
Liquidity (4-5)
5,420.1 20,674.9 15,610.4 8,164.2 31,461.9 21,030.6 28,839.2 -8.3 37.1 Memorandum Item:
Outstanding
Credit* 217,772.5 231,115.7 187,965.8 217,304.1 330,165.7 405,738.3 448,419.8 35.8 10.5 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE)
Table 4.6: Branch Network & Capital of Insurance Companies
(Branch in Number & Capital in Millions of Birr) S.
No. Insurance Companies
Branch Capital
2017/18 2018/19 2017/18 2018/19
Quarter II Quarter I Quarter II Quarter
II
Quarter I
Quarter II
A.A Reg Total A.A Reg Total A.A Reg Total Capital Capital Capital 1 Ethiopian Insurance Corporation 25 58 83 25 60 85 25 63 88 1,179 1,571 1,556 2 Awash Insurance Company 27 17 44 27 18 45 27 19 46 368 1,025 944 3 Africa Insurance Company 15 13 28 16 13 29 16 13 29 242 236 180 4 National Insurance Corporation of Ethiopia 19 15 34 21 16 37 21 16 37 127 168 128 5 United Insurance Company 23 12 35 25 12 37 25 12 37 364 444 455 6 Global Insurance Company 8 7 15 8 8 16 11 8 19 139 154 158 7 Nile Insurance Company 19 20 39 20 20 40 20 20 40 384 468 478 8 Nyala Insurance Company 15 16 31 15 16 31 15 16 31 464 694 722 9 Nib Insurance Company 24 13 37 26 13 39 27 13 40 282 330 378 10 Lion Insurance Company 16 15 31 16 15 31 16 15 31 104 153 153 11 Ethio-Life Insurance Company 15 5 20 15 5 20 16 5 21 101 119 107 12 Oromia Insurance Company 18 19 37 19 20 39 19 20 39 212 290 263 13 Abay Insurance Company S.C. 12 11 23 13 12 25 13 13 26 243 286 296 14 Berhan insurance S.C 9 2 11 10 5 15 10 5 15 112 116 106 15 Tsehay Insurance S.C. 12 6 18 12 7 19 14 7 21 120 128 152 16 Lucy 11 4 15 12 4 16 12 4 16 130 141 132 17 Bunna Insurance S.C. 11 6 17 12 6 18 12 6 18 79 108 123 TOTAL 279 239 518 292 250 542 299 255 554 4,650 6,431 6,331 Source: Insurance Supervision Directorate, NBE Second Quarter 2018/19 27 National Bank of Ethiopia Quarterly Bulletin

Table 4.7: Microfinance Institutions Performance as of September 30, 2018
(In Thousands of Birr)
Particulars
2017/18 2018/19 % Change Qtr.II Qtr.I Qtr.II A B C C/A C/B Total Capital 12,306,187.6 14,188,403.8 14,800,240.9 20.3 4.3 Saving 28,383,487.2 32,398,562.4 33,913,973.2 19.5 4.7 Credit 37,032,631.5 46,851,910.5 48,942,340.2 32.2 4.5 Total Assets 56,338,699.4 66,990,442.4 71,073,587.1 26.2 6.1 Source:Microfinance Supervision Directorate, NBE
4.5. Activities of the Banking System
4.5.1. Resource Mobilization
Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) increased by 38 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)
Particulars
Public Banks Private Banks Grand Total
% Change 1 2 (3) = (1) + (2)
Qtr.I
2018/19
Qtr.II
2018/19
Qtr.I
2018/19
Qtr.II
2018/19
Qtr.II
2017/18
Qtr.I
2018/19
Qtr.II
2018/19
A B C C/A C/B
1.Deposits (net change)
5,653.0 23,917.2 14,446.5 18,420.0 29,804.3 20,099.5 42,337.1 42.1 110.6 -Demand -4,304.8 10,520.3 -2,061.5 6,113.1 13,587.5 -6,366.3 16,633.3 22.4 -361.3 -Saving 8,840.1 12,016.3 15,784.7 10,922.1 13,487.2 24,624.7 22,938.4 70.1 -6.8 -Time 1,117.7 1,380.6 723.4 1,384.8 2,729.6 1,841.1 2,765.4 1.3 50.2
2. Borrowing
(net change)
1,385.2 5,428.4 0.0 0.0 655.1 1,385.2 5,428.4 728.7 291.9 -Local 122.4 5,345.1 0.0 0.0 380.9 122.4 5,345.1 1,303.3 4,266.1 -Foreign 1,262.8 83.3 0.0 0.0 274.2 1,262.8 83.3 -69.6 -93.4
3. Collection of
Loans
11,670.3 7,740.1 17,940.6 19,380.3 23,807.7 29,610.9 27,120.4 13.9 -8.4
4. Total Resources Mobilized
(1+2+3)
18,708.5 37,085.7 32,387.1 37,800.3 54,267.1 51,095.6 74,886.0 38.0 46.6
5. Disbursement 13,288.4 16,410.7 16,776.7 29,636.1 22,805.3 30,065.1 46,046.8 101.9 53.2
6. Change in
Liquidity (4-5)
Memorandum
Item:
5,420.1 20,674.9 15,610.4 8,164.2 31,461.9 21,030.6 28,839.2 -8.3 37.1 Outstanding Credit* 217,772.5 231,115.7 187,965.8 217,304.1 330,165.7 405,738.3 448,419.8 35.8 10.5 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) 28 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: Staff computation, NBE
4.5.1.1. Deposit Mobilization
Total deposit liabilities of the banking system reached Birr 792.7 billion by the close of the Second quarter of 2018/19, indicating 23.4 percent annual growth. This growth was a cumulative effect of the expansion of bank branches and improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 35.4 percent of the total deposits, reached Birr 280.9 billion showing a 15.1 percent annual expansion. Similarly, saving deposits went up 31.6 percent and accounted for54.3 percent of the total deposits while time deposits, which constituted 10.3 percent of the total deposit liabilities, increased14.4 percent over the same period of last year. The share of public banks in total deposits outstanding was 61 percent while that of private banks was 39 percent (Table 4.9).
Table 4.9: Stock of Deposits Mobilized by the Banking System
(In Millions of Birr)
Deposit by types
Quarter II
2017/18
%
Share
Quarter I
2018/19
%
Share
Quarter II
2018/19
%
Share C/A C/B
A B C
Demand Deposit 244,028.91 38.0 264,303.7 35.2 280,937.0 35.4 15.1 6.3 Saving Deposit 326,816.20 50.9 407,208.2 54.3 430,146.6 54.3 31.6 5.6 Time Deposit 71,358.81 11.1 78,845.3 10.5 81,610.7 10.3 14.4 3.5 Total 642,203.91 100.0 750,357.3 100.0 792,694.4 100.0 23.4 5.6 Share of Public Banks
64.2 62.2 61.0
Share of Private
Banks
35.8 37.8 39.0
Source:Commercial Banks and DBE
National Bank of Ethiopia
36
Second Quarter 2018/19
Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System
(In Millions of Birr)
Qtr.II
2017/18
Qtr.I
2018/19
Qtr.II
2018/19
A B C C/A C/B
1.Deposits (net change) 5,653.0 23,917.2 14,446.5 18,420.0 29,804.3 20,099.5 42,337.1 42.1 110.6 -Demand -4,304.8 10,520.3 -2,061.5 6,113.1 13,587.5 -6,366.3 16,633.3 22.4 -361.3 -Saving 8,840.1 12,016.3 15,784.7 10,922.1 13,487.2 24,624.7 22,938.4 70.1 -6.8 -Time 1,117.7 1,380.6 723.4 1,384.8 2,729.6 1,841.1 2,765.4 1.3 50.2
2. Borrowing (net change) 1,385.2 5,428.4 0.0 0.0 655.1 1,385.2 5,428.4 728.7 291.9
-Local 122.4 5,345.1 0.0 0.0 380.9 122.4 5,345.1 1,303.3 4,266.1 -Foreign 1,262.8 83.3 0.0 0.0 274.2 1,262.8 83.3 -69.6 -93.4
3. Collection of Loans 11,670.3 7,740.1 17,940.6 19,380.3 23,807.7 29,610.9 27,120.4 13.9 -8.4
4. Total Resources Mobilized (1+2+3)18,708.5 37,085.7 32,387.1 37,800.3 54,267.1 51,095.6 74,886.0 38.0 46.6
5. Disbursement 13,288.4 16,410.7 16,776.7 29,636.1 22,805.3 30,065.1 46,046.8 101.9 53.2
6. Change in Liquidity (4-5) 5,420.1 20,674.9 15,610.4 8,164.2 31,461.9 21,030.6 28,839.2 -8.3 37.1
Memorandum Item:
Outstanding Credit* 217,772.5 231,115.7 187,965.8 217,304.1 330,165.7 405,738.3 448,419.8 35.8 10.5 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2018/19 Qtr.II 2018/19 Qtr.I 2018/19 Qtr.II 2018/19 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) 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 I II III IV I II III IV I II 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 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation, NBE Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: Staff computation, NBE
4.5.1.1. Deposit Mobilization
Total deposit liabilities of the banking system reached Birr 792.7 billion by the close of the Second quarter of 2018/19, indicating 23.4 percent annual growth. This growth was a cumulative effect of the expansion of bank branches and improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 35.4 percent of the total deposits, reached Birr 280.9 billion showing a 15.1 percent annual expansion. Similarly, saving deposits went up 31.6 percent and accounted for54.3 percent of the total deposits while time deposits, which constituted 10.3 percent of the total deposit liabilities, increased14.4 percent over the same period of last year. The share of public banks in total deposits outstanding was 61 percent while that of private banks was 39 percent (Table 4.9).
Table 4.9: Stock of Deposits Mobilized by the Banking System
(In Millions of Birr)
Deposit by types
Quarter II
2017/18
%
Share
Quarter I
2018/19
%
Share
Quarter II
2018/19
%
Share C/A C/B
A B C
Demand Deposit 244,028.91 38.0 264,303.7 35.2 280,937.0 35.4 15.1 6.3 Saving Deposit 326,816.20 50.9 407,208.2 54.3 430,146.6 54.3 31.6 5.6 Time Deposit 71,358.81 11.1 78,845.3 10.5 81,610.7 10.3 14.4 3.5 Total 642,203.91 100.0 750,357.3 100.0 792,694.4 100.0 23.4 5.6 Share of Public Banks
64.2 62.2 61.0
Share of Private
Banks
35.8 37.8 39.0
Source:Commercial Banks and DBE
National Bank of Ethiopia
38
Second Quarter 2018/19
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 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 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE
4.5.1.2. Collection of Loans
During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks
28.5 percent. About 97 percent of the loan was
collected from private enterprises (Table 4.12).
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a
67.8 percent annual increase.
Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1
Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr)
2017/18
Quarter II Quarter I Quarter II
A B C C/B C/A
Domestic Borrowing 37,888.6 58,247.52 63,592.6 67.8 9.2 Foreign Borrowing 5,226.4 8,111.85 8,195.2 56.8 1.0 Total 43,115.0 66,359.4 71,787.8 66.5 8.2 Banks Percentage change 2018/19 Source: Commercial Banks and Development Bank of Ethiopia Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership Source: Staff Computation, NBE
4.5.1.2. Collection of Loans
During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks
28.5 percent. About 97 percent of the loan was
collected from private enterprises (Table 4.12).
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a
67.8 percent annual increase.
Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1
Table 4.10: Public Outstanding Borrowing of the Banking System by Sources
(In Millions of Birr)
Banks
2017/18 2018/19 Percentage change Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 37,888.6 58,247.52 63,592.6 9.2 67.8 Foreign Borrowing 5,226.4 8,111.85 8,195.2 1.0 56.8 Total 43,115.0 66,359.4 71,787.8 8.2 66.5 Source: Commercial Banks and Development Bank of Ethiopia
4.5.2. Disbursement of Fresh Loans
During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr 4.5 billion or 10 percent). The remaining balance was taken up by other economic sectors (Table4.11).
4.5.1.1. Deposit Mobilization
Total deposit liabilities of the banking system reached Birr 792.7 billion by the close of the Second quarter of 2018/19, indicating 23.4 percent annual growth. This growth was a cumulative effect of the expansion of bank branches and improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 35.4 percent of the total deposits, reached Birr 280.9 billion showing a 15.1 percent annual expansion. Similarly, saving deposits went up 31.6 percent and accounted for54.3 percent of the total deposits while time deposits, which constituted 10.3 percent of the total deposit liabilities, increased14.4 percent over the same period of last year. The share of public banks in total deposits outstanding was 61 percent while that of private banks was 39 percent (Table 4.9). Second Quarter 2018/19 29 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
36
Second Quarter 2018/19
Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System
(In Millions of Birr)
Qtr.II
2017/18
Qtr.I
2018/19
Qtr.II
2018/19
A B C C/A C/B
1.Deposits (net change) 5,653.0 23,917.2 14,446.5 18,420.0 29,804.3 20,099.5 42,337.1 42.1 110.6 -Demand -4,304.8 10,520.3 -2,061.5 6,113.1 13,587.5 -6,366.3 16,633.3 22.4 -361.3 -Saving 8,840.1 12,016.3 15,784.7 10,922.1 13,487.2 24,624.7 22,938.4 70.1 -6.8 -Time 1,117.7 1,380.6 723.4 1,384.8 2,729.6 1,841.1 2,765.4 1.3 50.2
2. Borrowing (net change) 1,385.2 5,428.4 0.0 0.0 655.1 1,385.2 5,428.4 728.7 291.9
-Local 122.4 5,345.1 0.0 0.0 380.9 122.4 5,345.1 1,303.3 4,266.1 -Foreign 1,262.8 83.3 0.0 0.0 274.2 1,262.8 83.3 -69.6 -93.4
3. Collection of Loans 11,670.3 7,740.1 17,940.6 19,380.3 23,807.7 29,610.9 27,120.4 13.9 -8.4
4. Total Resources Mobilized (1+2+3)18,708.5 37,085.7 32,387.1 37,800.3 54,267.1 51,095.6 74,886.0 38.0 46.6
5. Disbursement 13,288.4 16,410.7 16,776.7 29,636.1 22,805.3 30,065.1 46,046.8 101.9 53.2
6. Change in Liquidity (4-5) 5,420.1 20,674.9 15,610.4 8,164.2 31,461.9 21,030.6 28,839.2 -8.3 37.1
Memorandum Item:
Outstanding Credit* 217,772.5 231,115.7 187,965.8 217,304.1 330,165.7 405,738.3 448,419.8 35.8 10.5 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2018/19 Qtr.II 2018/19 Qtr.I 2018/19 Qtr.II 2018/19 Source: Commercial Banks and staff computation Notes: Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) 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 I II III IV I II III IV I II 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 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation, NBE National Bank of Ethiopia 38 Second Quarter 2018/19 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 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 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE
4.5.1.2. Collection of Loans
During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks
28.5 percent. About 97 percent of the loan was
collected from private enterprises (Table 4.12).
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a
67.8 percent annual increase.
Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1
Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr)
2017/18
Quarter II Quarter I Quarter II
A B C C/B C/A
Domestic Borrowing 37,888.6 58,247.52 63,592.6 67.8 9.2 Foreign Borrowing 5,226.4 8,111.85 8,195.2 56.8 1.0 Total 43,115.0 66,359.4 71,787.8 66.5 8.2 Banks Percentage change 2018/19 Source: Commercial Banks and Development Bank of Ethiopia Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership Source: Staff Computation, NBE
4.5.1.2. Collection of Loans
During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks
28.5 percent. About 97 percent of the loan was
collected from private enterprises (Table 4.12).
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a
67.8 percent annual increase.
Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1
Table 4.10: Public Outstanding Borrowing of the Banking System by Sources
(In Millions of Birr)
Banks
2017/18 2018/19 Percentage change Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 37,888.6 58,247.52 63,592.6 9.2 67.8 Foreign Borrowing 5,226.4 8,111.85 8,195.2 1.0 56.8 Total 43,115.0 66,359.4 71,787.8 8.2 66.5 Source: Commercial Banks and Development Bank of Ethiopia
4.5.2. Disbursement of Fresh Loans
During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr 4.5 billion or 10 percent). The remaining balance was taken up by other economic sectors (Table4.11). National Bank of Ethiopia 36 Second Quarter 2018/19
Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System
(In Millions of Birr)
Qtr.II
2017/18
Qtr.I
2018/19
Qtr.II
2018/19
A B C C/A C/B
1.Deposits (net change) 5,653.0 23,917.2 14,446.5 18,420.0 29,804.3 20,099.5 42,337.1 42.1 110.6 -Demand -4,304.8 10,520.3 -2,061.5 6,113.1 13,587.5 -6,366.3 16,633.3 22.4 -361.3 -Saving 8,840.1 12,016.3 15,784.7 10,922.1 13,487.2 24,624.7 22,938.4 70.1 -6.8 -Time 1,117.7 1,380.6 723.4 1,384.8 2,729.6 1,841.1 2,765.4 1.3 50.2
2. Borrowing (net change) 1,385.2 5,428.4 0.0 0.0 655.1 1,385.2 5,428.4 728.7 291.9
-Local 122.4 5,345.1 0.0 0.0 380.9 122.4 5,345.1 1,303.3 4,266.1 -Foreign 1,262.8 83.3 0.0 0.0 274.2 1,262.8 83.3 -69.6 -93.4
3. Collection of Loans 11,670.3 7,740.1 17,940.6 19,380.3 23,807.7 29,610.9 27,120.4 13.9 -8.4
4. Total Resources Mobilized (1+2+3)18,708.5 37,085.7 32,387.1 37,800.3 54,267.1 51,095.6 74,886.0 38.0 46.6
5. Disbursement 13,288.4 16,410.7 16,776.7 29,636.1 22,805.3 30,065.1 46,046.8 101.9 53.2
6. Change in Liquidity (4-5) 5,420.1 20,674.9 15,610.4 8,164.2 31,461.9 21,030.6 28,839.2 -8.3 37.1
Memorandum Item:
Outstanding Credit 217,772.5 231,115.7 187,965.8 217,304.1 330,165.7 405,738.3 448,419.8 35.8 10.5 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2018/19 Qtr.II 2018/19 Qtr.I 2018/19 Qtr.II 2018/19 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) 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 I II III IV I II III IV I II 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 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation, NBE National Bank of Ethiopia 38 Second Quarter 2018/19 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 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 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE
4.5.1.2. Collection of Loans
During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks
28.5 percent. About 97 percent of the loan was
collected from private enterprises (Table 4.12).
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a
67.8 percent annual increase.
Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1
Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr)
2017/18
Quarter II Quarter I Quarter II
A B C C/B C/A
Domestic Borrowing 37,888.6 58,247.52 63,592.6 67.8 9.2 Foreign Borrowing 5,226.4 8,111.85 8,195.2 56.8 1.0 Total 43,115.0 66,359.4 71,787.8 66.5 8.2 Banks Percentage change 2018/19 Source: Commercial Banks and Development Bank of Ethiopia Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership Source: Staff Computation, NBE
4.5.1.2. Collection of Loans
During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks
28.5 percent. About 97 percent of the loan was
collected from private enterprises (Table 4.12).
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a
67.8 percent annual increase.
Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1
Table 4.10: Public Outstanding Borrowing of the Banking System by Sources
(In Millions of Birr)
Banks
2017/18 2018/19 Percentage change Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 37,888.6 58,247.52 63,592.6 9.2 67.8 Foreign Borrowing 5,226.4 8,111.85 8,195.2 1.0 56.8 Total 43,115.0 66,359.4 71,787.8 8.2 66.5 Source: Commercial Banks and Development Bank of Ethiopia
4.5.2. Disbursement of Fresh Loans
During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr 4.5 billion or 10 percent). The remaining balance was taken up by other economic sectors (Table4.11). Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership Source: Staff Computation, NBE
4.5.1.2. Collection of Loans
During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks
28.5 percent. About 97 percent of the loan was
collected from private enterprises (Table 4.12).
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a
67.8 percent annual increase.
Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1
Table 4.10: Public Outstanding Borrowing of the Banking System by Sources
(In Millions of Birr)
Banks
2017/18 2018/19 Percentage change Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 37,888.6 58,247.52 63,592.6 9.2 67.8 Foreign Borrowing 5,226.4 8,111.85 8,195.2 1.0 56.8 Total 43,115.0 66,359.4 71,787.8 8.2 66.5 Source: Commercial Banks and Development Bank of Ethiopia
4.5.2. Disbursement of Fresh Loans
During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr 4.5 billion or 10 percent). The remaining balance was taken up by other economic sectors (Table4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership 30 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
39
Second Quarter 2018/19
4.5.2. Disbursement of Fresh Loans
During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr
4.5 billion or 10 percent). The remaining
balance was taken up by other economic sectors (Table4.11).
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 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 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia National Bank of Ethiopia 40 Second Quarter 2018/19
Table 4.11: Summary of Banking System Loans & advances by receiving Sectors
(In Millions of Birr)
D C O/S D C O/S D C O/S
Central Government * - - 54,175 - - - - - 54,175 Agriculture 5,449 22,738 1,265 204 182 5,653 1,447 24,519 1,781 Industry 4,867 139,564 4,093 2,200 29,910 8,960 4,719 169,474 2,518 Domestic Trade 438 4,969 10,708 5,418 51,022 11,719 5,856 55,991 1,011 International Trade 446 19,097 6,902 6,030 70,217 7,930 6,476 89,314 1,028 Export 387 352 8,480 4,658 3,898 49,598 5,045 4,250 58,078 Imports 640 10,617 2,244 2,132 20,619 2,885 2,226 31,236 93 Hotels and Tourism 394 583 4,292 966 588 1,360 1,171 11,909 7,617 Transport & Communication 3 215 1,136 824 1,416 12,188 827 1,630 13,324 Housing & Construction 917 670 10,766 3,619 2,440 30,724 4,536 3,110 41,490 Mines, Power & Water Res. 235 1,401 - 31 125 235 75 1,526 105 Others 691 207 6,810 466 316 1,158 1,604 8,414 524 Personal 1,815 20,342 1,854 760 12,116 3,669 2,083 32,459 1,324 Total 16,411 285,291 29,636 19,380 217,304 46,047 7,740 502,595 27,120 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D = Disbursement, C = Collection, O/S= Outstanding Credit
4.5.3. Outstanding Credit
Total outstanding credit of the banking system (excluding credit to government) increased to Birr 448.4 billion, about 35.8 percent higher than last year same quarter. Out of total outstanding loans and advances of the private banks, 99.8 percent was claims on the private sector compared with 41.2 percent for public banks (Table 4.12) Sector wise, credit to industry stood at Birr 169.5 billion (37 percent) followed by international trade (Birr 89.3billion or 19.9 percent), domestic trade (Birr 56.0 billion or 12.5 percent),housing & construction (Birr 41.5 billion or 9.3 percent) and agriculture (Birr 24.5 billion or 5.5 percent). Credit to other economic sectors took the remaining balance (Table4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Commercial Banks and Development Bank of Ethiopia
Table 4.11: Summary of Banking System Loans & advances by receiving Sectors
(In Millions of Birr)
Borrowing Sector
Public Banks Private Banks Total
(1) (2) (3)
D C O/S D C O/S D C O/S
Central Government * - - 54,175 - - - - - 54,175 Agriculture 5,449 1,265 22,738 204 182 1,781 5,653 1,447 24,519 Industry 4,867 2,518 139,564 4,093 2,200 29,910 8,960 4,719 169,474 Domestic Trade 1,011 438 4,969 10,708 5,418 51,022 11,719 5,856 55,991 International Trade 1,028 446 19,097 6,902 6,030 70,217 7,930 6,476 89,314 Export 387 352 8,480 4,658 3,898 49,598 5,045 4,250 58,078 Imports 640 93 10,617 2,244 2,132 20,619 2,885 2,226 31,236 Hotels and Tourism 394 583 4,292 966 588 7,617 1,360 1,171 11,909 Transport & Communication 3 215 1,136 824 1,416 12,188 827 1,630 13,324 Housing & Construction 917 670 10,766 3,619 2,440 30,724 4,536 3,110 41,490 Mines, Power & Water Res. 235 75 1,401 - 31 125 235 105 1,526 Others 691 207 6,810 466 316 1,604 1,158 524 8,414 Personal 1,815 1,324 20,342 1,854 760 12,116 3,669 2,083 32,459 Total 16,411 7,740 285,291 29,636 19,380 217,304 46,047 27,120 502,595 Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D = Disbursement, C = Collection, O/S= Outstanding Credit National Bank of Ethiopia 41 Second Quarter 2018/19
Table 4.12: Breakdown of Banking System Credit by Clients
(In Millions of Birr)
Particulars
Loan
Disburseme nt % Share
Loan
Collectio n % Share
Outstandin g Loan % Share
Public Banks 16,410.7 35.6 7,740.1 28.5 285,290.8 56.8 Central Government 0.0 54,175.1 19.0 State Enterprises 3,045.6 18.6 803.2 10.4 113,523.9 39.8 Cooperatives 5,503.3 33.5 1,287.3 16.6 16,808.9 5.9 Private Enterprises 7,861.8 47.9 5,649.7 73.0 100,782.9 35.3 Private Banks 29,636.1 64.4 19,380.3 71.5 217,304.1 43.2 Central Government 0.0 State Enterprises 14.5 0.0 22.7 0.1 541.7 0.2 Cooperatives 1,027.0 3.5 457.1 2.4 3,396.9 1.6 Private Enterprises 28,594.5 96.5 18,900.5 97.5 213,365.5 98.2 Grand Total 46,046.8 100.0 27,120.4 100.0 502,594.9 100.0 Source: Commercial banks and staff computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE 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 QI QII QIII QIV QI QII QIII QIV QI QII 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 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 42
4.6. Financial Activities of NBE
Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds
4.1 percent. Direct advance to central
government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13).
Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr)
2018/19
Qtr.II Qtr.I Qtr.II
A B C C/A C/B
1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0
1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2
Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1
2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3
2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4
O/W:
-Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 % Change Particulars 2017/18 Source: NBE
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the second quarter of the fiscal year 2018/19, the amount of T-bills
4.5.3. Outstanding Credit
Total outstanding credit of the banking system (excluding credit to government) increased to Birr 448.4 billion, about 35.8 percent higher than last year same quarter. Out of total outstanding loans and advances of the private banks, 99.8 percent was claims on the private sector compared with 41.2 percent for public banks (Table 4.12) Sector wise, credit to industry stood at Birr
169.5 billion (37 percent) followed by international trade (Birr 89.3billion or 19.9 percent), domestic trade (Birr 56.0 billion or 12.5
percent),housing & construction (Birr 41.5 billion or 9.3 percent) and agriculture (Birr 24.5 billion or 5.5 percent). Credit to other economic sectors took the remaining balance (Table4.11).
Table 4.12: Breakdown of Banking System Credit by Clients
(In Millions of Birr)
Particulars Loan
Disbursement % Share Loan
Collection % Share Outstanding
Loan % Share
Public Banks 16,410.7 35.6 7,740.1 28.5 285,290.8 56.8 Central Government 0.0 54,175.1 19.0 State Enterprises 3,045.6 18.6 803.2 10.4 113,523.9 39.8 Cooperatives 5,503.3 33.5 1,287.3 16.6 16,808.9 5.9 Private Enterprises 7,861.8 47.9 5,649.7 73.0 100,782.9 35.3 Private Banks 29,636.1 64.4 19,380.3 71.5 217,304.1 43.2 Central Government* 0.0 State Enterprises 14.5 0.0 22.7 0.1 541.7 0.2 Cooperatives 1,027.0 3.5 457.1 2.4 3,396.9 1.6 Private Enterprises 28,594.5 96.5 18,900.5 97.5 213,365.5 98.2 Grand Total 46,046.8 100.0 27,120.4 100.0 502,594.9 100.0 Source: Commercial banks and staff computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: Staff computation, NBE
4.6. Financial Activities of NBE
Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13).
Table 4.13: Financial Activities of NBE during second quarter of 2018/19
(In Millions of Birr)
Particulars
2017/18 2018/19
Qtr.II Qtr.I Qtr.II % Change
A B C C/A C/B
1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0
1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2
Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1
2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3
2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4
O/W:
-Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 Source: NBE
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the second quarter of the fiscal year 2018/19, the amount of T-bills supplied to the weekly T-bills auction market reached Birr
98.4 billion, reflecting a 30.2 percent annual
growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as non-bank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a
48.1 percent increase against the same period
last year. T-bills during the review quarter were
1.66 percent which was 16.2 percentage points
higher than a year ago (Table 4.13).
National Bank of Ethiopia
43
Second Quarter 2018/19 supplied to the weekly T-bills auction market reached Birr 98.4 billion, reflecting a 30.2 percent annual growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as nonbank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a 48.1 percent increase against the same period last year. T-bills during the review quarter were 1.66 percent which was 16.2 percentage points higher than a year ago (Table 4.13).
Table 4.13: Results of Treasury Bills Auction (In Millions Birr)

2017/18 2018/19 % Change
Quarter II Quarter I Quarter II
A B C C/A C/B
Number of Bidders 50.00 46.00 50.00 0.00 8.70 Public 50.00 46.00 50.00 0.00 8.70 Private - - - 0.00 0.00 Number of Bids received 50.00 49.00 51.00 2.00 4.08 Public 50.00 49.00 51.00 2.00 4.08 Private - - - Amount Demanded (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 28-day bill 240.00 0.00 0.00 91-day bill 70,382.56 87,636.56 94,167.56 33.79 7.45 182-day bill 685.00 516.00 685.00 0.00 32.75 364-day bill 7,666.00 2,750.00 7,666.00 - 178.76 Amount Supplied (Mn. Birr) 73,202.56 83,412.56 98,432.56 34.47 18.01 28-day bill 240.00 260.00 240.00 0.00 -7.69 91-day bill 64,586.56 80,016.56 89,345.56 38.33 11.66 182-day bill 710.00 386.00 685.00 -3.52 77.46 364-day bill 7,666.00 2,750.00 8,162.00 - Amount Sold (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 Banks - - - Non-Banks 78,973.56 91,142.56 102,758.56 30.12 12.74 Average Weighted Price for Successful bids (%) 99.10 99.11 98.87 -0.23 -0.24 28-day bill 99.94 0.01 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.67 99.69 99.67 0.00 -0.01 364-day bill 97.10 97.10 96.17 0.00 Average Weighted Yield for Successful bids (%) 1.43 1.40 1.66 16.20 18.13 28-day bill 0.85 0.78 0.78 -7.70 0.00 91-day bill 1.20 0.00 -0.03 182-day bill 0.66 0.63 0.66 0.00 4.55 364-day bill 3.00 3.00 3.99 0.00 Outstanding bills at the end of Period 84,879.56 119,142.56 125,664.56 48.05 5.47 National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 42
4.6. Financial Activities of NBE
Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds
4.1 percent. Direct advance to central
government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13).
Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr)
2018/19
Qtr.II Qtr.I Qtr.II
A B C C/A C/B
1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0
1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2
Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1
2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3
2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4
O/W:
-Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 % Change Particulars 2017/18 Source: NBE
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the second quarter of the fiscal year 2018/19, the amount of T-bills
Table 4.11: Summary of Banking System Loans & advances by receiving Sectors
(In Millions of Birr)
Borrowing Sector
Public Banks Private Banks Total
(1) (2) (3)
D C O/S D C O/S D C O/S
Central Government * - - 54,175 - - - - - 54,175 Agriculture 5,449 1,265 22,738 204 182 1,781 5,653 1,447 24,519 Industry 4,867 2,518 139,564 4,093 2,200 29,910 8,960 4,719 169,474 Domestic Trade 1,011 438 4,969 10,708 5,418 51,022 11,719 5,856 55,991 International Trade 1,028 446 19,097 6,902 6,030 70,217 7,930 6,476 89,314 Export 387 352 8,480 4,658 3,898 49,598 5,045 4,250 58,078 Imports 640 93 10,617 2,244 2,132 20,619 2,885 2,226 31,236 Hotels and Tourism 394 583 4,292 966 588 7,617 1,360 1,171 11,909 Transport & Communication 3 215 1,136 824 1,416 12,188 827 1,630 13,324 Housing & Construction 917 670 10,766 3,619 2,440 30,724 4,536 3,110 41,490 Mines, Power & Water Res. 235 75 1,401 - 31 125 235 105 1,526 Others 691 207 6,810 466 316 1,604 1,158 524 8,414 Personal 1,815 1,324 20,342 1,854 760 12,116 3,669 2,083 32,459 Total 16,411 7,740 285,291 29,636 19,380 217,304 46,047 27,120 502,595 Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D = Disbursement, C = Collection, O/S= Outstanding Credit 32 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
41
Second Quarter 2018/19
Table 4.12: Breakdown of Banking System Credit by Clients
(In Millions of Birr)
Particulars
Loan
Disburseme nt % Share
Loan
Collectio n % Share
Outstandin g Loan % Share
Public Banks 16,410.7 35.6 7,740.1 28.5 285,290.8 56.8 Central Government* 0.0 54,175.1 19.0 State Enterprises 3,045.6 18.6 803.2 10.4 113,523.9 39.8 Cooperatives 5,503.3 33.5 1,287.3 16.6 16,808.9 5.9 Private Enterprises 7,861.8 47.9 5,649.7 73.0 100,782.9 35.3 Private Banks 29,636.1 64.4 19,380.3 71.5 217,304.1 43.2 Central Government* 0.0 State Enterprises 14.5 0.0 22.7 0.1 541.7 0.2 Cooperatives 1,027.0 3.5 457.1 2.4 3,396.9 1.6 Private Enterprises 28,594.5 96.5 18,900.5 97.5 213,365.5 98.2 Grand Total 46,046.8 100.0 27,120.4 100.0 502,594.9 100.0 Source: Commercial banks and staff computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE 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 QI QII QIII QIV QI QII QIII QIV QI QII 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 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 42
4.6. Financial Activities of NBE
Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds
4.1 percent. Direct advance to central
government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13).
Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr)
2018/19
Qtr.II Qtr.I Qtr.II
A B C C/A C/B
1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0
1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2
Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1
2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3
2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4
O/W:
-Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 % Change Particulars 2017/18 Source: NBE
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the second quarter of the fiscal year 2018/19, the amount of T-bills
4.5.3. Outstanding Credit
Total outstanding credit of the banking system (excluding credit to government) increased to Birr 448.4 billion, about 35.8 percent higher than last year same quarter. Out of total outstanding loans and advances of the private banks, 99.8 percent was claims on the private sector compared with 41.2 percent for public banks (Table 4.12) Sector wise, credit to industry stood at Birr
169.5 billion (37 percent) followed by international trade (Birr 89.3billion or 19.9 percent), domestic trade (Birr 56.0 billion or 12.5
percent),housing & construction (Birr 41.5 billion or 9.3 percent) and agriculture (Birr 24.5 billion or 5.5 percent). Credit to other economic sectors took the remaining balance (Table4.11).
Table 4.12: Breakdown of Banking System Credit by Clients
(In Millions of Birr)
Particulars Loan
Disbursement % Share Loan
Collection % Share Outstanding
Loan % Share
Public Banks 16,410.7 35.6 7,740.1 28.5 285,290.8 56.8 Central Government 0.0 54,175.1 19.0 State Enterprises 3,045.6 18.6 803.2 10.4 113,523.9 39.8 Cooperatives 5,503.3 33.5 1,287.3 16.6 16,808.9 5.9 Private Enterprises 7,861.8 47.9 5,649.7 73.0 100,782.9 35.3 Private Banks 29,636.1 64.4 19,380.3 71.5 217,304.1 43.2 Central Government* 0.0 State Enterprises 14.5 0.0 22.7 0.1 541.7 0.2 Cooperatives 1,027.0 3.5 457.1 2.4 3,396.9 1.6 Private Enterprises 28,594.5 96.5 18,900.5 97.5 213,365.5 98.2 Grand Total 46,046.8 100.0 27,120.4 100.0 502,594.9 100.0 Source: Commercial banks and staff computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: Staff computation, NBE
4.6. Financial Activities of NBE
Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13).
Table 4.13: Financial Activities of NBE during second quarter of 2018/19
(In Millions of Birr)
Particulars
2017/18 2018/19
Qtr.II Qtr.I Qtr.II % Change
A B C C/A C/B
1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0
1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2
Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1
2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3
2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4
O/W:
-Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 Source: NBE
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the second quarter of the fiscal year 2018/19, the amount of T-bills supplied to the weekly T-bills auction market reached Birr
98.4 billion, reflecting a 30.2 percent annual
growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as non-bank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a
48.1 percent increase against the same period
last year. T-bills during the review quarter were
1.66 percent which was 16.2 percentage points
higher than a year ago (Table 4.13).
National Bank of Ethiopia
43
Second Quarter 2018/19 supplied to the weekly T-bills auction market reached Birr 98.4 billion, reflecting a 30.2 percent annual growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as nonbank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a 48.1 percent increase against the same period last year. T-bills during the review quarter were 1.66 percent which was 16.2 percentage points higher than a year ago (Table 4.13).
Table 4.13: Results of Treasury Bills Auction (In Millions Birr)

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 42
4.6. Financial Activities of NBE
Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds
4.1 percent. Direct advance to central
government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13).
Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr)
2018/19
Qtr.II Qtr.I Qtr.II
A B C C/A C/B
1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0
1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2
Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1
2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3
2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4
O/W:
-Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 % Change Particulars 2017/18 Source: NBE
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the second quarter of the fiscal year 2018/19, the amount of T-bills
4.6. Financial Activities of NBE
Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13).
Table 4.13: Financial Activities of NBE during second quarter of 2018/19
(In Millions of Birr)
Particulars
2017/18 2018/19
Qtr.II Qtr.I Qtr.II % Change
A B C C/A C/B
1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0
1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2
Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1
2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3
2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4
O/W:
-Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 Source: NBE
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the second quarter of the fiscal year 2018/19, the amount of T-bills supplied to the weekly T-bills auction market reached Birr
98.4 billion, reflecting a 30.2 percent annual
growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as non-bank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a
48.1 percent increase against the same period
last year. T-bills during the review quarter were
1.66 percent which was 16.2 percentage points
higher than a year ago (Table 4.13).
National Bank of Ethiopia
43
Second Quarter 2018/19 supplied to the weekly T-bills auction market reached Birr 98.4 billion, reflecting a 30.2 percent annual growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as nonbank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a 48.1 percent increase against the same period last year. T-bills during the review quarter were 1.66 percent which was 16.2 percentage points higher than a year ago (Table 4.13).
Table 4.13: Results of Treasury Bills Auction (In Millions Birr)

2017/18 2018/19 % Change
Quarter II Quarter I Quarter II
A B C C/A C/B
Number of Bidders 50.00 46.00 50.00 0.00 8.70 Public 50.00 46.00 50.00 0.00 8.70 Private - - - 0.00 0.00 Number of Bids received 50.00 49.00 51.00 2.00 4.08 Public 50.00 49.00 51.00 2.00 4.08 Private - - - Amount Demanded (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 28-day bill 240.00 0.00 0.00 91-day bill 70,382.56 87,636.56 94,167.56 33.79 7.45 182-day bill 685.00 516.00 685.00 0.00 32.75 364-day bill 7,666.00 2,750.00 7,666.00 - 178.76 Amount Supplied (Mn. Birr) 73,202.56 83,412.56 98,432.56 34.47 18.01 28-day bill 240.00 260.00 240.00 0.00 -7.69 91-day bill 64,586.56 80,016.56 89,345.56 38.33 11.66 182-day bill 710.00 386.00 685.00 -3.52 77.46 364-day bill 7,666.00 2,750.00 8,162.00 - Amount Sold (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 Banks - - - Non-Banks 78,973.56 91,142.56 102,758.56 30.12 12.74 Average Weighted Price for Successful bids (%) 99.10 99.11 98.87 -0.23 -0.24 28-day bill 99.94 0.01 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.67 99.69 99.67 0.00 -0.01 364-day bill 97.10 97.10 96.17 0.00 Average Weighted Yield for Successful bids (%) 1.43 1.40 1.66 16.20 18.13 28-day bill 0.85 0.78 0.78 -7.70 0.00 91-day bill 1.20 0.00 -0.03 182-day bill 0.66 0.63 0.66 0.00 4.55 364-day bill 3.00 3.00 3.99 0.00 Outstanding bills at the end of Period 84,879.56 119,142.56 125,664.56 48.05 5.47 National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 42
4.6. Financial Activities of NBE
Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds
4.1 percent. Direct advance to central
government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13).
Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr)
2018/19
Qtr.II Qtr.I Qtr.II
A B C C/A C/B
1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0
1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2
Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1
2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3
2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4
O/W:
-Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 % Change Particulars 2017/18 Source: NBE
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the second quarter of the fiscal year 2018/19, the amount of T-bills
4.6. Financial Activities of NBE
Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13).
Table 4.13: Financial Activities of NBE during second quarter of 2018/19
(In Millions of Birr)
Particulars
2017/18 2018/19
Qtr.II Qtr.I Qtr.II % Change
A B C C/A C/B
1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0
1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2
Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1
2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3
2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4
O/W:
-Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 Source: NBE
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the second quarter of the fiscal year 2018/19, the amount of T-bills supplied to the weekly T-bills auction market reached Birr
98.4 billion, reflecting a 30.2 percent annual
growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as non-bank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a
48.1 percent increase against the same period
last year. T-bills during the review quarter were
1.66 percent which was 16.2 percentage points
higher than a year ago (Table 4.13).
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the second quarter of the fiscal year 2018/19, the amount of T-bills supplied to the weekly T-bills auction market reached Birr
98.4 billion, reflecting a 30.2 percent annual
growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as non-bank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a
48.1 percent increase against the same period
last year. T-bills during the review quarter were
1.66 percent which was 16.2 percentage points
higher than a year ago (Table 4.13).
34 Second Quarter 2018/19
National Bank of Ethiopia Quarterly Bulletin

Table 4.14: Results of Treasury Bills Auction
(In Millions Birr)
2017/18 2018/19 % Change Quarter II Quarter I Quarter II A B C C/A C/B Number of Bidders 50.00 46.00 50.00 0.00 8.70 Public 50.00 46.00 50.00 0.00 8.70 Private - - - 0.00 0.00 Number of Bids received 50.00 49.00 51.00 2.00 4.08 Public 50.00 49.00 51.00 2.00 4.08 Private - - - Amount Demanded (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 28-day bill 240.00 0.00 0.00 91-day bill 70,382.56

87,636.56 94,167.56 33.79 7.45
182-day bill 685.00 516.00 685.00 0.00 32.75 364-day bill 7,666.00

2,750.00 7,666.00 - 178.76
Amount Supplied (Mn. Birr) 73,202.56 83,412.56 98,432.56 34.47 18.01 28-day bill 240.00 260.00 240.00 0.00 -7.69 91-day bill 64,586.56

80,016.56 89,345.56 38.33 11.66
182-day bill 710.00 386.00 685.00 -3.52 77.46 364-day bill 7,666.00

2,750.00 8,162.00 -
Amount Sold (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 Banks - - - Non-Banks 78,973.56

91,142.56 102,758.56 30.12 12.74
Average Weighted Price for Successful bids (%) 99.10

99.11

98.87 -0.23 -0.24
28-day bill 99.94 0.01 0.00
91-day bill 99.70 0.00 0.00
182-day bill 99.67 99.69 99.67 0.00 -0.01
364-day bill 97.10 97.10 96.17 0.00
Average Weighted Yield for Successful bids (%) 1.43 1.40 1.66 16.20 18.13 28-day bill 0.85 0.78 0.78 -7.70 0.00 91-day bill 1.20 0.00 -0.03 182-day bill 0.66 0.63 0.66 0.00 4.55 364-day bill 3.00 3.00 3.99 0.00 Outstanding bills at the end of Period (Mn.Br.) 84,879.56

119,142.56

125,664.56 48.05 5.47
Banks - - -
Non-Banks 84,879.56 119,142.56 125,664.56 48.05 5.47 Source: NBE Second Quarter 2018/19 35 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
44
Second Quarter 2018/19
Fig IV.14: Developments in T-Bills Market (In Millions of Birr) Source: NBE 0 20000 40000 60000 80000 100000 120000 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 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 Demand Supply (Mn.Br.) Banks - - - Non-Banks 84,879.56 119,142.56 125,664.56 48.05 5.47 National Bank of Ethiopia 45 Second Quarter 2018/19 Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities (In Percent) Source: NBE
7.2. Inter- Bank Money Market
No inter-bank money market transaction was conducted during the quarter under review (Table 4.12).
4.7.3. Corporate Bond Market
Corporate bond market remained under developed in Ethiopia with the few big players being public institutions and regional governments. The purchaser of these bonds was Commercial Bank of Ethiopia (CBE). Accordingly, CBE purchased corporate bonds worth of Birr
29.8 billion during second quarter of
2018/19.
The respective shares of EEPCo, Addis
Ababa City Government and Railway
Corporation in total corporate bond purchase were 53.7 percent (Birr 16.0 billion), 26.2 percent (Birr 7.8 billion) and
21.0 percent (Birr 6.0 billion). Thus, the
stock of corporate bonds held by the CBE stood at Birr 304.4 billion by end of December 2018, of which 80.0 percent was claims on public enterprises and the balance 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In percent) 28-day 91-day 182-day 3.990 National Bank of Ethiopia 46 Second Quarter 2018/19 on regional governments (Table 4.15). EEPCO accounted for 67.2 percent of the bonds issued by public enterprises and 73.7 percent of the total outstanding corporate bond balance. Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding
Table 4.14 Corporate Bond purchased
In millions of Birr
Issuer of the Bond
2017/18 2018/19
QII QI QII
NP Red O/S NP Red O/S NP Red O/S
1.Puplic Enterprises 18,348.9 221.4 223,848.9 2,600.0 0.0 248,139.0 23,800.0 20.5 256,128.7 EEPCO 12,300.0 - 199,100.0 - 216,350.00 16,000.0 20.5 224,339.73 Railways Corporation 6,048.9 221.4 24,748.9 2,600.0 31,788.98

7,800.0 - 31,788.98
DBE - - . -
-

Regional
Governments 1,000.0 846.9 39,968.1 0.0 775.9 45,110.1 6,000.0 2,997.4 48,243.7 Oromia - 12.2 449.7 - 1.7

439.9

10.2 436.6
Amhara - - 0.2 -
-

0.2

- 0.2
  Tigray - 12.5 144.0 -
  6.2

133.3

18.6 133.3
SNNPRS - - 7.6 -
-

7.6

- 7.6
  Dire Dawa - - 0.0 -
  -

0.0

- 0.0
  Harari - - 0.0 -
  -

0.0

- 0.0
  City Government of
  Addis Ababa 1,000.0 822.1 39,366.6 -
  768.0

44,529.0

6,000.0 2,968.6 47,666.0
3.Grand Total (1+2) 19,348.9 1,068.3 263,817.0 2,600.0 775.9 293,249.1 29,800.0 3,018.0 304,372.4 Fig IV.13: Developments in T-Bills Market (In Millions of Birr) 36 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
45
Second Quarter 2018/19
Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities (In Percent) Source: NBE
7.2. Inter- Bank Money Market
No inter-bank money market transaction was conducted during the quarter under review (Table 4.12).
4.7.3. Corporate Bond Market
Corporate bond market remained under developed in Ethiopia with the few big players being public institutions and regional governments. The purchaser of these bonds was Commercial Bank of Ethiopia (CBE). Accordingly, CBE purchased corporate bonds worth of Birr
29.8 billion during second quarter of
2018/19.
The respective shares of EEPCo, Addis
Ababa City Government and Railway
Corporation in total corporate bond purchase were 53.7 percent (Birr 16.0 billion), 26.2 percent (Birr 7.8 billion) and
21.0 percent (Birr 6.0 billion). Thus, the
stock of corporate bonds held by the CBE stood at Birr 304.4 billion by end of December 2018, of which 80.0 percent was claims on public enterprises and the balance 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In percent) 28-day 91-day 182-day 3.990 National Bank of Ethiopia 46 Second Quarter 2018/19 on regional governments (Table 4.15). EEPCO accounted for 67.2 percent of the bonds issued by public enterprises and 73.7 percent of the total outstanding corporate bond balance. Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding
Table 4.14 Corporate Bond purchased
In millions of Birr
Issuer of the Bond
2017/18 2018/19
QII QI QII
NP Red O/S NP Red O/S NP Red O/S
1.Puplic Enterprises 18,348.9 221.4 223,848.9 2,600.0 0.0 248,139.0 23,800.0 20.5 256,128.7 EEPCO 12,300.0 - 199,100.0 - 216,350.00 16,000.0 20.5 224,339.73 Railways Corporation 6,048.9 221.4 24,748.9 2,600.0 31,788.98

7,800.0 - 31,788.98
DBE - - . -
-

Regional
Governments 1,000.0 846.9 39,968.1 0.0 775.9 45,110.1 6,000.0 2,997.4 48,243.7 Oromia - 12.2 449.7 - 1.7

439.9

10.2 436.6
Amhara - - 0.2 -
-

0.2

- 0.2
  Tigray - 12.5 144.0 -
  6.2

133.3

18.6 133.3
SNNPRS - - 7.6 -
-

7.6

- 7.6
  Dire Dawa - - 0.0 -
  -

0.0

- 0.0
  Harari - - 0.0 -
  -

0.0

- 0.0
  City Government of
  Addis Ababa 1,000.0 822.1 39,366.6 -
  768.0

44,529.0

6,000.0 2,968.6 47,666.0
3.Grand Total (1+2) 19,348.9 1,068.3 263,817.0 2,600.0 775.9 293,249.1 29,800.0 3,018.0 304,372.4 4.
Table 4.15 Corporate Bond purchased
In millions of Birr
Issuer of the
Bond
2017/18 2018/19
QII QI QII
NP Red O/S NP Red O/S NP Red O/S
1.Puplic Enterprises 18,348.9 221.4 223,848.9 2,600.0 0.0 248,139.0 23,800.0 20.5 256,128.7 EEPCO 12,300.0 - 199,100.0 - 216,350.00 16,000.0 20.5 224,339.73 Railways Corporation

6,048.9 221.4 24,748.9 2,600.0 31,788.98 7,800.0 - 31,788.98 DBE

- . - - - - - -

Regional
Governments 1,000.0 846.9 39,968.1 0.0 775.9 45,110.1 6,000.0 2,997.4 48,243.7 Oromia

12.2

449.7 - 1.7

439.9 - 10.2 436.6
Amhara

0.2 - -

0.2 - - 0.2
Tigray

12.5

144.0 - 6.2

133.3 - 18.6 133.3
SNNPRS

7.6 - -

7.6 - - 7.6
Dire Dawa

0.0 - -

0.0 - - 0.0
Harari

0.0 - -

0.0 - - 0.0
City Government of Addis
Ababa

1,000.0 822.1 39,366.6 - 768.0 44,529.0 6,000.0 2,968.6 47,666.0 3.Grand Total (1+2) 19,348.9 1,068.3 263,817.0 2,600.0 775.9 293,249.1 29,800.0 3,018.0 304,372.4 Source: NBE Second Quarter 2018/19 37 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
47
Second Quarter 2018/19
V. External Sector Developments
5.1. Balance of Payments
During the second quarter of 2018/19, the overall balance of payments registered USD 536.9 million deficit compared to USD 510.7 million gap a year ago. The widening of the deficit was mainly attributed to an increase in deficit of merchandise trade and net services coupled with the decline in official transfers despite improvement in private transfers and capital account (Table 5.1).
V. External Sector Developments
5.1. Balance of Payments
During the second quarter of 2018/19, the overall balance of payments registered USD 536.9 million deficit compared to USD 510.7 million gap a year ago. The widening of the deficit was mainly attributed to an increase in deficit of merchandise trade and net services coupled with the decline in official transfers despite improvement in private transfers and capital account (Table 5.1).
Table 5.1: Balance of Payments* (In Millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Exports, f.o.b. 669.5 628.0 584.6 -12.7 -6.9 Coffee 166.75 204.43 130.0 -22.1 -36.4 Other 502.8 423.6 454.6 -9.6 7.3 2 Imports 4,031.4 3,682.1 4,436.3 10.0 20.5 Fuel 571.0 663.3 673.6 18.0 1.5 Cereals 225.4 204.5 142.4 -36.8 -30.4 Aircraft 221.9 13.3 790.6 256.3 5,848.3 Imports excl. fuel, cereals, aircraft 3,013.2 2,800.9 2,829.7 -6.1 1.0 3 Trade Balance (1-2) -3,361.9 -3,054.0 -3,851.7 14.6 26.1 4 Services, net -211.8 248.3 -224.3 5.9 -190.3 Non-factor services, net -56.3 348.2 -134.3 138.6 -138.6 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 Factor services (Investment income), net -155.5 -99.9 -89.9 -42.2 -10.0 Interest, net -155.5 -99.9 -89.9 -42.2 -10.0 Dividend, net 5 Private transfers, net 1,531.7 1,597.9 1,690.5 10.4 5.8 o/w: NGO's,(Net) 307.2 176.0 148.3 -51.7 -15.7 Private Individuals 1,224.5 1,421.9 1,542.2 25.9 8.5 6 Current account balance excluding official transfers (3+4+5) -2,042.0 -1,207.8 -2,385.4 16.8 97.5 7 Official transfers, net 625.7 179.3 586.9 -6.2 227.4 8 Current account balance including official transfers(6+7) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 9 Capital account 2,100.1 963.3 2,119.9 0.9 120.1 Official Long-term Capital, net 257.7 124.6 505.1 96.0 305.6 Disbursements 304.4 179.0 621.8 104.2 247.4 Amortization 46.8 54.4 116.7 149.4 114.3 Other public long-term capital 490.4 144.1 357.0 -27.2 147.8 Private sector, long term 48.9 76.0 91.9 88.0 20.8 Foreign Direct Investment, net 1,327.3 665.1 1,113.3 -16.1 67.4 Short-term Capital -24.1 -46.5 52.6 -318.1 -213.2 10 Errors and omissions -1,194.5 -3.8 -858.3 11 Overall balance (8+9+10) -510.7 -69.1 -536.9 12 Financing 510.7 69.1 536.9 13 Reserves [ Increase(-), Decrease (+)] 510.7 69.1 536.9 14 Central Bank (NFA) 336.1 283.9 376.4 Asset -88.5 -897.4 -213.2 Liabilities 424.6 1,181.4 589.6 15 Commercial banks (NFA) 174.6 -214.9 160.5 16 Debt Relief Principal Interest Source: NBE Staff Compilation *preliminary 38 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
49
Second Quarter 2018/19
Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and
6.1 percent, respectively.
Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD
1.8 billion which was 27 percent wider
than a year ago (Table 5.2).
Table 5.2 Current Receipts and Payments
(In millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation National Bank of Ethiopia 50 Fourth Quarter 2017/18 Source: NBE Staff Compilation
5.2 Balance of Trade
Merchandise trade deficit widened by
14 percent in the second quarter and reached USD 3.9 billion from USD 3.4 billion a year ago, owing to the higher merchandise import bill coupled with the decline in goods export receipts. 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 ( I n M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ministry of Revenue 0 1000 2000 3000 4000 5000 6000 7000 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Millions of USD Fig 5.1 Trends in Current Receipts and Payments Current Receipts Current Payments Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and
6.1 percent, respectively.
Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD 1.8 billion which was 27 percent wider than a year ago (Table 5.2).
Table 5.2 Current Receipts and Payments
(In millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation Source: NBE Staff Compilation Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and
6.1 percent, respectively.
Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD 1.8 billion which was 27 percent wider than a year ago (Table 5.2).
Table 5.2 Current Receipts and Payments
(In millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation Source: NBE Staff Compilation National Bank of Ethiopia 49 Second Quarter 2018/19 Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and
6.1 percent, respectively.
Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD
1.8 billion which was 27 percent wider
than a year ago (Table 5.2).
Table 5.2 Current Receipts and Payments
(In millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation National Bank of Ethiopia 50 Fourth Quarter 2017/18 Source: NBE Staff Compilation
5.2 Balance of Trade
Merchandise trade deficit widened by
14 percent in the second quarter and reached USD 3.9 billion from USD 3.4 billion a year ago, owing to the higher merchandise import bill coupled with the decline in goods export receipts. 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 ( I n M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ministry of Revenue 0 1000 2000 3000 4000 5000 6000 7000 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Millions of USD Fig 5.1 Trends in Current Receipts and Payments Current Receipts Current Payments Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and
6.1 percent, respectively.
Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD 1.8 billion which was 27 percent wider than a year ago (Table 5.2).
Table 5.2 Current Receipts and Payments
(In millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation Source: NBE Staff Compilation Second Quarter 2018/19 39 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
49
Second Quarter 2018/19
Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and
6.1 percent, respectively.
Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD
1.8 billion which was 27 percent wider
than a year ago (Table 5.2).
Table 5.2 Current Receipts and Payments
(In millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation National Bank of Ethiopia 50 Fourth Quarter 2017/18 Source: NBE Staff Compilation
5.2 Balance of Trade
Merchandise trade deficit widened by
14 percent in the second quarter and reached USD 3.9 billion from USD 3.4 billion a year ago, owing to the higher merchandise import bill coupled with the decline in goods export receipts. 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 ( I n M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ministry of Revenue 0 1000 2000 3000 4000 5000 6000 7000 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Millions of USD Fig 5.1 Trends in Current Receipts and Payments Current Receipts Current Payments Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and
6.1 percent, respectively.
Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD 1.8 billion which was 27 percent wider than a year ago (Table 5.2).
Table 5.2 Current Receipts and Payments
(In millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation Source: NBE Staff Compilation National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation
5.2.1 Export of Goods
Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to
8.7 percent drop in price and 14.6
percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by
36.2 percent owing to a 48.4 percent fall
in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from
21.3 percent a year ago.
Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite
5.1 percent rise in international unit
price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by
6.4 percent vis-à-vis the same quarter of
last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to
9.0 percent.
Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite 40 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
51
Second Quarter 2018/19
Source: NBE Staff Computation
5.2.1 Export of Goods
Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to
8.7 percent drop in price and 14.6
percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by
36.2 percent owing to a 48.4 percent fall
in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from
21.3 percent a year ago.
Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite
5.1 percent rise in international unit
price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by
6.4 percent vis-à-vis the same quarter of
last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to
9.0 percent.
Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation
5.2.1 Export of Goods
Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to
8.7 percent drop in price and 14.6
percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by
36.2 percent owing to a 48.4 percent fall
in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from
21.3 percent a year ago.
Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite
5.1 percent rise in international unit
price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by
6.4 percent vis-à-vis the same quarter of
last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to
9.0 percent.
Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation
5.2.1 Export of Goods
Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to
8.7 percent drop in price and 14.6
percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by
36.2 percent owing to a 48.4 percent fall
in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from
21.3 percent a year ago.
Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite
5.1 percent rise in international unit
price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by
6.4 percent vis-à-vis the same quarter of
last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to
9.0 percent.
Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation
5.2.1 Export of Goods
Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to
8.7 percent drop in price and 14.6
percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by
36.2 percent owing to a 48.4 percent fall
in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from
21.3 percent a year ago.
Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite
5.1 percent rise in international unit
price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by
6.4 percent vis-à-vis the same quarter of
last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to
9.0 percent.
Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation
5.2.1 Export of Goods
Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to
8.7 percent drop in price and 14.6
percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by
36.2 percent owing to a 48.4 percent fall
in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from
21.3 percent a year ago.
Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite
5.1 percent rise in international unit
price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by
6.4 percent vis-à-vis the same quarter of
last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to
9.0 percent.
Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite Second Quarter 2018/19 41 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
51
Second Quarter 2018/19
Source: NBE Staff Computation
5.2.1 Export of Goods
Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to
8.7 percent drop in price and 14.6
percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by
36.2 percent owing to a 48.4 percent fall
in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from
21.3 percent a year ago.
Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite
5.1 percent rise in international unit
price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by
6.4 percent vis-à-vis the same quarter of
last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to
9.0 percent.
Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation
5.2.1 Export of Goods
Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to
8.7 percent drop in price and 14.6
percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by
36.2 percent owing to a 48.4 percent fall
in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from
21.3 percent a year ago.
Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite
5.1 percent rise in international unit
price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by
6.4 percent vis-à-vis the same quarter of
last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to
9.0 percent.
Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation
5.2.1 Export of Goods
Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to
8.7 percent drop in price and 14.6
percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by
36.2 percent owing to a 48.4 percent fall
in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from
21.3 percent a year ago.
Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite
5.1 percent rise in international unit
price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by
6.4 percent vis-à-vis the same quarter of
last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to
9.0 percent.
Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 53 Second Quarter 2018/19
3.6 percent fall in international price.
Thus, the share of meat & meat products in total merchandise exports inched up to
3.6 percent from 3.2 percent a year
earlier (Tables 5.3, 5.4 and 5.5).
Table 5.3: Values of Major Export Items
(In millions of USD)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A %share B %share C %share C/A C/B
Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 54 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19
Percentage Change QII QI QII
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products
1.7 1.5 1.7 3.0 12.1
Pulses 110.4 69.1 109.5 -0.8 58.5
Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8
Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power
Table 5.3: Values of Major Export Items
(In millions of USD)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A %share B %share C %share C/A C/B
Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 53 Second Quarter 2018/19
3.6 percent fall in international price.
Thus, the share of meat & meat products in total merchandise exports inched up to
3.6 percent from 3.2 percent a year
earlier (Tables 5.3, 5.4 and 5.5).
Table 5.3: Values of Major Export Items
(In millions of USD)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A %share B %share C %share C/A C/B
Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 54 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19
Percentage Change QII QI QII
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products
1.7 1.5 1.7 3.0 12.1
Pulses 110.4 69.1 109.5 -0.8 58.5
Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8
Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power
Table 5.3: Values of Major Export Items
(In millions of USD)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A %share B %share C %share C/A C/B
Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 53 Second Quarter 2018/19
3.6 percent fall in international price.
Thus, the share of meat & meat products in total merchandise exports inched up to
3.6 percent from 3.2 percent a year
earlier (Tables 5.3, 5.4 and 5.5).
Table 5.3: Values of Major Export Items
(In millions of USD)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A %share B %share C %share C/A C/B
Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 54 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19
Percentage Change QII QI QII
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products
1.7 1.5 1.7 3.0 12.1
Pulses 110.4 69.1 109.5 -0.8 58.5
Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8
Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power
Table 5.3: Values of Major Export Items
(In millions of USD)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A %share B %share C %share C/A C/B
Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power 42 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 5.3: Values of Major Export Items
(In millions of USD)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A %share B %share C %share C/A C/B
Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 National Bank of Ethiopia Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power 53 Second Quarter 2018/19
3.6 percent fall in international price.
Thus, the share of meat & meat products in total merchandise exports inched up to
3.6 percent from 3.2 percent a year
earlier (Tables 5.3, 5.4 and 5.5).
Table 5.3: Values of Major Export Items
(In millions of USD)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A %share B %share C %share C/A C/B
Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 54 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19
Percentage Change QII QI QII
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products
1.7 1.5 1.7 3.0 12.1
Pulses 110.4 69.1 109.5 -0.8 58.5
Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8
Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power
Table 5.3: Values of Major Export Items
(In millions of USD)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A %share B %share C %share C/A C/B
Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Second Quarter 2018/19 43 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
55
Second Quarter 2018/19
0
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100
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QI
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2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (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
2017/18 2018/19
Percentage Change QII QI QII
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 56 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (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
During the second quarter of 2018/19, total merchandise import stood at USD
4.4 billion, about 10 percent higher than
a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by
8.0 percent during the same period and
its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power 44 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 56 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (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
During the second quarter of 2018/19, total merchandise import stood at USD
4.4 billion, about 10 percent higher than
a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by
8.0 percent during the same period and
its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went National Bank of Ethiopia 56 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (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
During the second quarter of 2018/19, total merchandise import stood at USD
4.4 billion, about 10 percent higher than
a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by
8.0 percent during the same period and
its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Second Quarter 2018/19 45 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
56
Second Quarter 2018/19
0
1
2
3
4
5
6
7
0
5
10
15
20
25
30
35
40
45
50
55
QI
QII
QIII
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QI
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2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (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
During the second quarter of 2018/19, total merchandise import stood at USD
4.4 billion, about 10 percent higher than
a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by
8.0 percent during the same period and
its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went National Bank of Ethiopia 56 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (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
During the second quarter of 2018/19, total merchandise import stood at USD
4.4 billion, about 10 percent higher than
a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by
8.0 percent during the same period and
its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 56 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (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
During the second quarter of 2018/19, total merchandise import stood at USD
4.4 billion, about 10 percent higher than
a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by
8.0 percent during the same period and
its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went National Bank of Ethiopia 56 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (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
During the second quarter of 2018/19, total merchandise import stood at USD
4.4 billion, about 10 percent higher than
a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by
8.0 percent during the same period and
its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 56 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (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
During the second quarter of 2018/19, total merchandise import stood at USD
4.4 billion, about 10 percent higher than
a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by
8.0 percent during the same period and
its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went National Bank of Ethiopia 56 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (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
During the second quarter of 2018/19, total merchandise import stood at USD
4.4 billion, about 10 percent higher than
a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by
8.0 percent during the same period and
its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 51.5 59.2 44.0 -14.6 -25.7
Oilseeds 117.7 42.4 60.7 -48.4 43.3
Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2017/18 2018/19 Percentage
QII QI QII Change
A B C C/A C/B
Coffee 3.2 3.5 3.0 -8.7 -14.4
Oilseeds 1.2 1.4 1.5 23.6 8.9
Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 57 Second Quarter 2018/19 down to 26.8 percent from 30.7 percent last year same quarter.

Meanwhile, total franco-valuta import increased by 46.9 percent and stood at USD 1.8 billion and accounted for 41.2 percent of the total imports.
Table 5.6: Values of Major Import Items
(In millions Of USD)
Source: Ministry of Revenue

Particular
2017/18 2018/19
Qtr II Percentage Changes
Share
(%) Qtr I
Share
(%) Qtr II
Share
(%)
A B C C/A C/B
Raw Materials 28.1 0.7 50.4 1.4 41.5 0.9 47.5 -17.8 Semi-finished Goods 600.5 14.9 554.1 15.0 632.3 14.3 5.3 14.1 Fertilizers 79.5 2.0 7.6 0.2 6.9 0.2 -91.3 -8.9 Fuel 571.0 14.2 663.3 18.0 673.6 15.2 18.0 1.5 Petroleum Products 540.7 13.4 630.3 17.1 634.3 14.3 17.3 0.6 Others 30.3 0.8 33.1 0.9 39.3 0.9 29.5 18.8 Capital Goods 1,516.9 37.6 1,195.8 32.5 1,825.0 41.1 20.3 52.6 Transport 494.7 12.3 140.1 3.8 930.9 21.0 88.2 564.5 Agricultural 23.2 0.6 16.4 0.4 14.0 0.3 -39.5 -14.7 Industrial 999.0 24.8 1,039.2 28.2 880.0 19.8 -11.9 -15.3 Consumer Goods 1,238.3 30.7 1,148.4 31.2 1,189.5 26.8 -3.9 3.6 Durables 382.0 9.5 295.0 8.0 316.5 7.1 -17.1 7.3 Non-durables 856.3 21.2 853.4 23.2 872.9 19.7 1.9 2.3 Miscellaneous 76.5 1.9 70.0 1.9 74.5 1.7 -2.7 6.4 Total Imports 4,031.4 100 3,682.1 100 4,436.3 100 10.0 20.5
Table 5.6: Values of M ajor I mport I tems
(In millions Of USD)
Particular
2017/18 2018/19 Percentage
Qtr II Share (%) Qtr I Share (%) Qtr II Share (%) Changes A B C C/A C/B Raw Materials 28.1 0.7 50.4 1.4 41.5 0.9 47.5 -17.8 Semi-fin - ished Goods 600.5 14.9 554.1 15.0 632.3 14.3 5.3 14.1 Fertilizers 79.5 2.0 7.6 0.2 6.9 0.2 -91.3 -8.9 Fuel 571.0 14.2 663.3 18.0 673.6 15.2 18.0 1.5 Petroleum Products 540.7 13.4 630.3 17.1 634.3 14.3 17.3 0.6 Others 30.3 0.8 33.1 0.9 39.3 0.9 29.5 18.8 C a p i t a l Goods 1,516.9 37.6 1,195.8 32.5 1,825.0 41.1 20.3 52.6 Transport 494.7 12.3 140.1 3.8 930.9 21.0 88.2 564.5 Agricultural 23.2 0.6 16.4 0.4 14.0 0.3 -39.5 -14.7 Industrial 999.0 24.8 1,039.2 28.2 880.0 19.8 -11.9 -15.3 C o n s u m e r Goods 1,238.3 30.7 1,148.4 31.2 1,189.5 26.8 -3.9 3.6 Durables 382.0 9.5 295.0 8.0 316.5 7.1 -17.1 7.3 Non-durables 856.3 21.2 853.4 23.2 872.9 19.7 1.9 2.3 Miscellaneous 76.5 1.9 70.0 1.9 74.5 1.7 -2.7 6.4 Total Imports 4,031.4 100 3,682.1 100 4,436.3 100 10.0 20.5 Source: Ministry of Revenue

Table 5.7: The Value of Franco Valuta Impor t
(In millions of USD
Commodity Group
2017/18 2018/19 Percentage
Qtr II Qtr I Qtr II Change
A B C C/A C/B
Beverages 0.3 0.1 0.2 -35.9 183.5
Chemicals 9.2 6.1 7.1 -22.5 15.7
Clothing 15.6 12.5 5.7 -63.8 -54.8
Food and live animals 152.8 84.6 90.6 -40.7 7.1 Textiles 4.7 8.6 4.3 -9.0 -50.2 Tobacco 0.0 0.0 0.1 170.5 75.0 Soap & polish 0.3 0.5 0.6 93.2 19.5 Fertilizer 26.8 60.6 131.2 390.4 116.6 Paper & paper manufacturing 1.0 1.8 2.1 109.8 16.1 Metal & metal manufacturing 103.6 86.4 87.8 -15.2 1.6 Medical and pharmaceuticals products 18.9 14.0 33.5 77.1 139.6 Rubber products 10.5 14.2 6.6 -37.1 -53.6 Petroleum Crude 0.0 - 2.1 - - Petroleum product 4.9 7.4 27.9 467.4 275.3 Glass & glass ware 6.7 3.6 4.1 -39.0 11.9 Electrical material 79.2 96.4 73.8 -6.8 -23.5 Machine 302.0 408.0 254.7 -15.7 -37.6 Road & motor vehicles 55.0 53.7 40.3 -26.7 -24.9 Tele apparatus 1.6 1.2 4.1 155.0 255.1 Cement 0.08 0.0 0.0 Others 451.6 230.6 1,051.5 132.8 356.0 Total 1,244.6 1,090.4 1,828.4 46.9 67.7 Source: Ministry of Revenue
5.2.3 Direction of Trade
5.2.3.1 Export of Goods
The major export destinations for Ethiopian goods were Asia, Europe and Africa. Asia accounted for 44.7 percent of the total exports. Saudi Arabia was the largest market for Ethiopia’s export with a 17.4 percent share in total export earnings from Asia, followed by China, Mainland (13.5 percent), Israel (11.3 percent), United Arab Emirates (10.3 percent), Japan (9.4 percent), India (5.3 percent), Indonesia (4.4 percent), Yemen (3.9 percent), South Korea (3.3 percent) and Hong Kong (1.1 percent). All these countries accounted for 80 percent of Ethiopia’s total export to Asia. Europe accounted for 22.5 percent of Ethiopia’s total export revenue, with the Netherlands taking a 32.7 percent share, followed by Germany (13.7 percent), Turkey (10.4 percent), Belgium (8.7 percent), United Kingdom (5.8 percent), Italy (3.8 percent), Switzerland (3.4 percent), France (3.0 percent), Spain (2.2 percent) and Russia (2.1 percent). These countries together had a 85.8 percent share of Ethiopia’s total exports to Europe. About 24.7 percent of Ethiopia’s export earnings originated from markets in Africa, mainly National Bank of Ethiopia 57 Second Quarter 2018/19 down to 26.8 percent from 30.7 percent last year same quarter.

Table 5.7: The Value of Franco Valuta Impor t
(In millions of USD
Commodity Group
2017/18 2018/19 Percentage
Qtr II Qtr I Qtr II Change
A B C C/A C/B
Beverages 0.3 0.1 0.2 -35.9 183.5
Chemicals 9.2 6.1 7.1 -22.5 15.7
Clothing 15.6 12.5 5.7 -63.8 -54.8
Food and live animals 152.8 84.6 90.6 -40.7 7.1 Textiles 4.7 8.6 4.3 -9.0 -50.2 Tobacco 0.0 0.0 0.1 170.5 75.0 Soap & polish 0.3 0.5 0.6 93.2 19.5 Fertilizer 26.8 60.6 131.2 390.4 116.6 Paper & paper manufacturing 1.0 1.8 2.1 109.8 16.1 Metal & metal manufacturing 103.6 86.4 87.8 -15.2 1.6 Medical and pharmaceuticals products 18.9 14.0 33.5 77.1 139.6 Rubber products 10.5 14.2 6.6 -37.1 -53.6 Petroleum Crude 0.0 - 2.1 - - Petroleum product 4.9 7.4 27.9 467.4 275.3 Glass & glass ware 6.7 3.6 4.1 -39.0 11.9 Electrical material 79.2 96.4 73.8 -6.8 -23.5 Machine 302.0 408.0 254.7 -15.7 -37.6 Road & motor vehicles 55.0 53.7 40.3 -26.7 -24.9 Tele apparatus 1.6 1.2 4.1 155.0 255.1 Cement 0.08 0.0 0.0 Others 451.6 230.6 1,051.5 132.8 356.0 Total 1,244.6 1,090.4 1,828.4 46.9 67.7 Source: Ministry of Revenue
5.2.3 Direction of Trade
5.2.3.1 Export of Goods
The major export destinations for Ethiopian goods were Asia, Europe and Africa. Asia accounted for 44.7 percent of the total exports. Saudi Arabia was the largest market for Ethiopia’s export with a 17.4 percent share in total export earnings from Asia, followed by China, Mainland (13.5 percent), Israel (11.3 percent), United Arab Emirates (10.3 percent), Japan (9.4 percent), India (5.3 percent), Indonesia (4.4 percent), Yemen (3.9 percent), South Korea (3.3 percent) and Hong Kong (1.1 percent). All these countries accounted for 80 percent of Ethiopia’s total export to Asia. Europe accounted for 22.5 percent of Ethiopia’s total export revenue, with the Netherlands taking a 32.7 percent share, followed by Germany (13.7 percent), Turkey (10.4 percent), Belgium (8.7 percent), United Kingdom (5.8 percent), Italy (3.8 percent), Switzerland (3.4 percent), France (3.0 percent), Spain (2.2 percent) and Russia (2.1 percent). These countries together had a 85.8 percent share of Ethiopia’s total exports to Europe. About 24.7 percent of Ethiopia’s export earnings originated from markets in Africa, mainly 46 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 5.6: Values of Major Import Items
(In millions Of USD)
Particular
2017/18 2018/19 Percentage
Qtr II Share (%) Qtr I Share (%) Qtr II Share (%) Changes A B C C/A C/B Raw Materials 28.1 0.7 50.4 1.4 41.5 0.9 47.5 -17.8 Semi-finished Goods 600.5 14.9 554.1 15.0 632.3 14.3 5.3 14.1 Fertilizers 79.5 2.0 7.6 0.2 6.9 0.2 -91.3 -8.9 Fuel 571.0 14.2 663.3 18.0 673.6 15.2 18.0 1.5 Petroleum Products 540.7 13.4 630.3 17.1 634.3 14.3 17.3 0.6 Others 30.3 0.8 33.1 0.9 39.3 0.9 29.5 18.8 Capital Goods 1,516.9 37.6 1,195.8 32.5 1,825.0 41.1 20.3 52.6 Transport 494.7 12.3 140.1 3.8 930.9 21.0 88.2 564.5 Agricultural 23.2 0.6 16.4 0.4 14.0 0.3 -39.5 -14.7 Industrial 999.0 24.8 1,039.2 28.2 880.0 19.8 -11.9 -15.3 Consumer Goods 1,238.3 30.7 1,148.4 31.2 1,189.5 26.8 -3.9 3.6 Durables 382.0 9.5 295.0 8.0 316.5 7.1 -17.1 7.3 Non-durables 856.3 21.2 853.4 23.2 872.9 19.7 1.9 2.3 Miscellaneous 76.5 1.9 70.0 1.9 74.5 1.7 -2.7 6.4 Total Imports 4,031.4 100 3,682.1 100 4,436.3 100 10.0 20.5 Source: Ministry of Revenue

Table 5.7: The Value of Franco Valuta Import
(In millions of USD
Commodity Group
2017/18 2018/19 Percentage
Qtr II Qtr I Qtr II Change
A B C C/A C/B
Beverages 0.3 0.1 0.2 -35.9 183.5
Chemicals 9.2 6.1 7.1 -22.5 15.7
Clothing 15.6 12.5 5.7 -63.8 -54.8
Food and live animals 152.8 84.6 90.6 -40.7 7.1 Textiles 4.7 8.6 4.3 -9.0 -50.2 Tobacco 0.0 0.0 0.1 170.5 75.0 Soap & polish 0.3 0.5 0.6 93.2 19.5 Fertilizer 26.8 60.6 131.2 390.4 116.6 Paper & paper manufacturing 1.0 1.8 2.1 109.8 16.1 Metal & metal manufacturing 103.6 86.4 87.8 -15.2 1.6 Medical and pharmaceuticals products 18.9 14.0 33.5 77.1 139.6 Rubber products 10.5 14.2 6.6 -37.1 -53.6 Petroleum Crude 0.0 - 2.1 - - Petroleum product 4.9 7.4 27.9 467.4 275.3 Glass & glass ware 6.7 3.6 4.1 -39.0 11.9 Electrical material 79.2 96.4 73.8 -6.8 -23.5 Machine 302.0 408.0 254.7 -15.7 -37.6 Road & motor vehicles 55.0 53.7 40.3 -26.7 -24.9 Tele apparatus 1.6 1.2 4.1 155.0 255.1 Cement 0.08 0.0 0.0 Others 451.6 230.6 1,051.5 132.8 356.0 Total 1,244.6 1,090.4 1,828.4 46.9 67.7 Source: Ministry of Revenue
5.2.3 Direction of Trade
5.2.3.1 Export of Goods
The major export destinations for Ethiopian goods were Asia, Europe and Africa. Asia accounted for 44.7 percent of the total exports. Saudi Arabia was the largest market for Ethiopia’s export with a 17.4 percent share in total export earnings from Asia, followed by China, Mainland (13.5 percent), Israel (11.3 percent), United Arab Emirates (10.3 percent), Japan (9.4 percent), India (5.3 percent), Indonesia (4.4 percent), Yemen (3.9 percent), South Korea (3.3 percent) and Hong Kong (1.1 percent). All these countries accounted for 80 percent of Ethiopia’s total export to Asia. Europe accounted for 22.5 percent of Ethiopia’s total export revenue, with the Netherlands taking a 32.7 percent share, followed by Germany (13.7 percent), Turkey (10.4 percent), Belgium (8.7 percent), United Kingdom (5.8 percent), Italy (3.8 percent), Switzerland (3.4 percent), France (3.0 percent), Spain (2.2 percent) and Russia (2.1 percent). These countries together had a 85.8 percent share of Ethiopia’s total exports to Europe. About 24.7 percent of Ethiopia’s export earnings originated from markets in Africa, mainly Second Quarter 2018/19 47 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
59
Second Quarter 2018/19
5.2.3 Direction of Trade
5.2.3.1 Export of Goods
The major export destinations for
Ethiopian goods were Asia, Europe and
Africa. Asia accounted for 44.7 percent of the total exports. Saudi Arabia was the largest market for Ethiopia’s export with a 17.4 percent share in total export earnings from Asia, followed by China, Mainland (13.5 percent), Israel (11.3 percent), United Arab Emirates (10.3 percent), Japan (9.4 percent), India (5.3 percent), Indonesia (4.4 percent), Yemen (3.9 percent), South Korea (3.3 percent) and Hong Kong (1.1 percent). All these countries accounted for 80 percent of Ethiopia’s total export to Asia. Europe accounted for 22.5 percent of Ethiopia’s total export revenue, with the Netherlands taking a 32.7 percent share, followed by Germany (13.7 percent), Turkey (10.4 percent), Belgium (8.7 percent), United Kingdom (5.8 percent), Italy (3.8 percent), Switzerland (3.4 percent), France (3.0 percent), Spain (2.2 percent) and Russia (2.1 percent). These countries together had a 85.8 percent share of Ethiopia’s total exports to Europe. About 24.7 percent of Ethiopia’s export earnings originated from markets in Africa, mainly Somalia (46.2 percent), Djibouti (23.6 percent), Sudan (15.4 percent), Egypt (3.0 percent) and Nigeria (2.7 percent) which altogether accounted for 90.8 percent of the total exports to Africa. America accounted for 7.6 percent of Ethiopia’s total export earning, of which
57.7 percent was from exports to the
United States and 6.5 percent to Canada, which in total accounted for 64.2 percent of the total exports to America National Bank of Ethiopia 60 Second Quarter 2018/19 Source: NBE Staff Compilation
5.2.3.2 Import of Goods
During the second quarter of 2018/19,
Asia accounted for 55.1 percent of the total imports of Ethiopia. The major imports from Asia originated from China (39.3 percent), Kuwait (15.6 percent), India (15.1 percent), U.A.E (5.6 percent), Malaysia (4.7 percent), Japan (4.2 percent), Saudi Arabia (3.7 percent), Indonesia (3.5 percent), South Korea (2.1 percent) and Thailand (2.0 percent) whose combined share was 95.5 percent. Imports from Europe accounted for 19.5 percent of Ethiopia’s total imports with the major countries being Turkey (19.5 percent), Belgium (15.3 percent), Italy (11.6 percent), Germany (9.7 percent), Ukraine (8.3 percent), United Kingdom (8.1 percent), France (6.6 percent), the Netherlands (3.2 percent), Denmark (3.0 percent), Spain (2.6 percent), Russia (2.1 percent) and Rumania (1.8 percent). These countries jointly accounted for 91.8 percent of Ethiopia’s total imports from Europe. Imports from America accounted for 22.2 percent of the total import bill, of which the share of United States was 96.39 percent followed by Canada and Brazil with 2.2 percent and 1.1 percent respective share. 24.7% 22.5% 7.6% 44.7% 0.6% Fig V.7 Export By Destination Africa Europe America Asia Oceania 48 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
59
Second Quarter 2018/19
5.2.3 Direction of Trade
5.2.3.1 Export of Goods
The major export destinations for
Ethiopian goods were Asia, Europe and
Africa. Asia accounted for 44.7 percent of the total exports. Saudi Arabia was the largest market for Ethiopia’s export with a 17.4 percent share in total export earnings from Asia, followed by China, Mainland (13.5 percent), Israel (11.3 percent), United Arab Emirates (10.3 percent), Japan (9.4 percent), India (5.3 percent), Indonesia (4.4 percent), Yemen (3.9 percent), South Korea (3.3 percent) and Hong Kong (1.1 percent). All these countries accounted for 80 percent of Ethiopia’s total export to Asia. Europe accounted for 22.5 percent of Ethiopia’s total export revenue, with the Netherlands taking a 32.7 percent share, followed by Germany (13.7 percent), Turkey (10.4 percent), Belgium (8.7 percent), United Kingdom (5.8 percent), Italy (3.8 percent), Switzerland (3.4 percent), France (3.0 percent), Spain (2.2 percent) and Russia (2.1 percent). These countries together had a 85.8 percent share of Ethiopia’s total exports to Europe. About 24.7 percent of Ethiopia’s export earnings originated from markets in Africa, mainly Somalia (46.2 percent), Djibouti (23.6 percent), Sudan (15.4 percent), Egypt (3.0 percent) and Nigeria (2.7 percent) which altogether accounted for 90.8 percent of the total exports to Africa. America accounted for 7.6 percent of Ethiopia’s total export earning, of which
57.7 percent was from exports to the
United States and 6.5 percent to Canada, which in total accounted for 64.2 percent of the total exports to America National Bank of Ethiopia 60 Second Quarter 2018/19 Source: NBE Staff Compilation
5.2.3.2 Import of Goods
During the second quarter of 2018/19,
Asia accounted for 55.1 percent of the total imports of Ethiopia. The major imports from Asia originated from China (39.3 percent), Kuwait (15.6 percent), India (15.1 percent), U.A.E (5.6 percent), Malaysia (4.7 percent), Japan (4.2 percent), Saudi Arabia (3.7 percent), Indonesia (3.5 percent), South Korea (2.1 percent) and Thailand (2.0 percent) whose combined share was 95.5 percent. Imports from Europe accounted for 19.5 percent of Ethiopia’s total imports with the major countries being Turkey (19.5 percent), Belgium (15.3 percent), Italy (11.6 percent), Germany (9.7 percent), Ukraine (8.3 percent), United Kingdom (8.1 percent), France (6.6 percent), the Netherlands (3.2 percent), Denmark (3.0 percent), Spain (2.6 percent), Russia (2.1 percent) and Rumania (1.8 percent). These countries jointly accounted for 91.8 percent of Ethiopia’s total imports from Europe. Imports from America accounted for 22.2 percent of the total import bill, of which the share of United States was 96.39 percent followed by Canada and Brazil with 2.2 percent and 1.1 percent respective share. 24.7% 22.5% 7.6% 44.7% 0.6% Fig V.7 Export By Destination Africa Europe America Asia Oceania Second Quarter 2018/19 49 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
61
Second Quarter 2018/19
Africa accounted for about 3.3 percent of
Ethiopia’s total merchandise import. The major countries of origin were Egypt (38.8 percent), South Africa (36.4 percent), Sudan (11.3 percent) and Kenya (7.0 percent), whose combined share reached 93.6 percent in total imports from the continent. Source: NBE Staff Compilation
5.3. Services and Transfers
]
Net payments for services trade stood at
USD 224.3 million compared with USD
211.8 million last year same period. The
5.9 percent increase in net service
payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. 3.3% 19.3% 22.2% 55.1% 0.1% Fig V.8 Import by Origin Africa Europe America Asia Oceania National Bank of Ethiopia 62 Second Quarter 2018/19 Source: NBE Staff Compilation
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 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 -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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Million USD) Fig.V.9 Trends in Net Services Net Services Net Travel Net Transportation Net Government (n.i.e)
5.3. Services and Transfers
Net payments for services trade stood at USD
224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed
to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. Source: NBE Staff Compilation
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2017/18 2018/19 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 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 National Bank of Ethiopia 61 Second Quarter 2018/19 Africa accounted for about 3.3 percent of Ethiopia’s total merchandise import. The major countries of origin were Egypt (38.8 percent), South Africa (36.4 percent), Sudan (11.3 percent) and Kenya (7.0 percent), whose combined share reached 93.6 percent in total imports from the continent. Source: NBE Staff Compilation
5.3. Services and Transfers
]
Net payments for services trade stood at
USD 224.3 million compared with USD
211.8 million last year same period. The
5.9 percent increase in net service
payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. 3.3% 19.3% 22.2% 55.1% 0.1% Fig V.8 Import by Origin Africa Europe America Asia Oceania National Bank of Ethiopia 62 Second Quarter 2018/19 Source: NBE Staff Compilation
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 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 -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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Million USD) Fig.V.9 Trends in Net Services Net Services Net Travel Net Transportation Net Government (n.i.e)
5.3. Services and Transfers
Net payments for services trade stood at USD
224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed
to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. Source: NBE Staff Compilation
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2017/18 2018/19 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 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 National Bank of Ethiopia 61 Second Quarter 2018/19 Africa accounted for about 3.3 percent of Ethiopia’s total merchandise import. The major countries of origin were Egypt (38.8 percent), South Africa (36.4 percent), Sudan (11.3 percent) and Kenya (7.0 percent), whose combined share reached 93.6 percent in total imports from the continent. Source: NBE Staff Compilation
5.3. Services and Transfers
]
Net payments for services trade stood at
USD 224.3 million compared with USD
211.8 million last year same period. The
5.9 percent increase in net service
payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. 3.3% 19.3% 22.2% 55.1% 0.1% Fig V.8 Import by Origin Africa Europe America Asia Oceania National Bank of Ethiopia 62 Second Quarter 2018/19 Source: NBE Staff Compilation
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 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 -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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Million USD) Fig.V.9 Trends in Net Services Net Services Net Travel Net Transportation Net Government (n.i.e)
5.3. Services and Transfers
Net payments for services trade stood at USD
224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed
to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. Source: NBE Staff Compilation
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2017/18 2018/19 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 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 National Bank of Ethiopia 61 Second Quarter 2018/19 Africa accounted for about 3.3 percent of Ethiopia’s total merchandise import. The major countries of origin were Egypt (38.8 percent), South Africa (36.4 percent), Sudan (11.3 percent) and Kenya (7.0 percent), whose combined share reached 93.6 percent in total imports from the continent. Source: NBE Staff Compilation
5.3. Services and Transfers
]
Net payments for services trade stood at
USD 224.3 million compared with USD
211.8 million last year same period. The
5.9 percent increase in net service
payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. 3.3% 19.3% 22.2% 55.1% 0.1% Fig V.8 Import by Origin Africa Europe America Asia Oceania National Bank of Ethiopia 62 Second Quarter 2018/19 Source: NBE Staff Compilation
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2017/18 2018/19
QII QI QII Percentage Change
A B C D=C/A E=C/B
1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 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 -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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Million USD) Fig.V.9 Trends in Net Services Net Services Net Travel Net Transportation Net Government (n.i.e)
5.3. Services and Transfers
Net payments for services trade stood at USD
224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed
to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. Source: NBE Staff Compilation
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2017/18 2018/19 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 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 50 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
63
Second Quarter 2018/19
During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, on account of 8.9 percent rise in receipts from private transfers outweighing a 6.1 percent decline in official transfers. On the other hand, total transfer payments declined by 66 percent due to 91.1 percent decrease in private transfer payments and
2.8 percent slowdown in official transfer
payments.
Table 5.9: Developments in Transfer Accounts
(In Millions of USD)
S/N
Particulars
2017/18 2018/19 Percentage
QII Change %
Share
QI %
Share
QII %
A B C Share D=C/A E=C/B
1 Private Transfers, Net (2-5) 1,531.7 71.0 1,597.9 89.9 1,690.5 74.2 10.4 5.8 2 Credit (3+4) 1,554.9 71.0 1,600.7 89.0 1,692.6 74.0 8.9 5.7 3 NGO's 330.4 15.1 178.8 9.9 150.4 6.6 -54.5 -15.9 4 Private individuals 1,224.5 55.9 1,421.9 79.0 1,542.2 67.4 25.9 8.5 5 Debit 23.2 71.5 2.8 13.1 2.1 18.6 -91.1 -27.4 6 Official Transfers, Net (7-8) 625.7 29.0 179.3 10.1 586.9 25.8 -6.2 227.4 7 Credit 634.9 29.0 198.1 11.0 595.9 26.0 -6.1 200.8 8 Debit 9.2 28.5 18.9 86.9 9.0 81.4 -2.8 -52.4 9 Total Receipts 2,189.9 100.0 1,798.9 100.0 2,288.5 100.0 4.5 27.2 10 Total Payments 32.4 100.0 21.7 100.0 11.0 100.0 -66.0 -49.1 11 Net Transfers 2,157.4 100.0 1,777.2 100.0 2,277.5 100.0 5.6 28.2 Source: NBE Staff Computation National Bank of Ethiopia 64 Second Quarter 2018/19

Source: NBE Staff Compilation
5.4. Current Account Balance
Hence, current account balance
(including official transfers) registered
USD 1.8 billion deficit during the second quarter of 2018/19, compared with USD 1.4 billion deficit a year ago (Table 5.1).
5.5. Capital Account
In the review period, capital account recorded USD 2.1 billion surplus, which was 0.9 percent higher than that of a year earlier. This was attributed to the increase in net official long term capital (96.0 percent) and private sector long term capital (88.0 percent) and improvement in net inflows of short term capital (Table 5.1).
5.6. Changes in Reserve Position
The net foreign assets of the National
Bank of Ethiopia and commercial banks declined by 376.4 and 160.5 million, respectively. Thus, foreign reserve as of December 31, 2018 was sufficient to cover 2.8 months of imports (Table 5.1). 0 500 1000 1500 2000 2500 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V. 10 Trends in Private and Official Transfers Private Transfers Official Transfers During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, on account of 8.9 percent rise in receipts from private transfers outweighing a 6.1 percent decline in official transfers. On the other hand, total transfer payments declined by 66 percent due to 91.1 percent decrease in private transfer payments and 2.8 percent slowdown in official transfer payments.
Table 5.9: Developments in Transfer Accounts
(In Millions of USD)
S/N Particulars
2017/18 2018/19 Percentage
QII % Change
Share
QI %
Share
QII %
A B C Share D=C/A E=C/B
1 Private Transfers,
Net (2-5)
1,531.7 71.0 1,597.9 89.9 1,690.5 74.2 10.4 5.8 2 Credit (3+4) 1,554.9 71.0 1,600.7 89.0 1,692.6 74.0 8.9 5.7 3 NGO's 330.4 15.1 178.8 9.9 150.4 6.6 -54.5 -15.9 4 Private individuals 1,224.5 55.9 1,421.9 79.0 1,542.2 67.4 25.9 8.5 5 Debit 23.2 71.5 2.8 13.1 2.1 18.6 -91.1 -27.4 6 Official Transfers, Net (7-8)
625.7 29.0 179.3 10.1 586.9 25.8 -6.2 227.4
7 Credit 634.9 29.0 198.1 11.0 595.9 26.0 -6.1 200.8 8 Debit 9.2 28.5 18.9 86.9 9.0 81.4 -2.8 -52.4 9 Total Receipts 2,189.9 100.0 1,798.9 100.0 2,288.5 100.0 4.5 27.2 10 Total Payments 32.4 100.0 21.7 100.0 11.0 100.0 -66.0 -49.1 11 Net Transfers 2,157.4 100.0 1,777.2 100.0 2,277.5 100.0 5.6 28.2 Source: NBE Staff Computation Source: NBE Staff Compilation
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2017/18 2018/19 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 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 Second Quarter 2018/19 51 National Bank of Ethiopia Quarterly Bulletin

During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, on account of 8.9 percent rise in receipts from private transfers outweighing a 6.1 percent decline in official transfers. On the other hand, total transfer payments declined by 66 percent due to 91.1 percent decrease in private transfer payments and 2.8 percent slowdown in official transfer payments.
Table 5.9: Developments in Transfer Accounts
(In Millions of USD)
S/N Particulars
2017/18 2018/19 Percentage
QII % Change
Share
QI %
Share
QII %
A B C Share D=C/A E=C/B
1 Private Transfers,
Net (2-5)
1,531.7 71.0 1,597.9 89.9 1,690.5 74.2 10.4 5.8 2 Credit (3+4) 1,554.9 71.0 1,600.7 89.0 1,692.6 74.0 8.9 5.7 3 NGO's 330.4 15.1 178.8 9.9 150.4 6.6 -54.5 -15.9 4 Private individuals 1,224.5 55.9 1,421.9 79.0 1,542.2 67.4 25.9 8.5 5 Debit 23.2 71.5 2.8 13.1 2.1 18.6 -91.1 -27.4 6 Official Transfers, Net (7-8)
625.7 29.0 179.3 10.1 586.9 25.8 -6.2 227.4
7 Credit 634.9 29.0 198.1 11.0 595.9 26.0 -6.1 200.8 8 Debit 9.2 28.5 18.9 86.9 9.0 81.4 -2.8 -52.4 9 Total Receipts 2,189.9 100.0 1,798.9 100.0 2,288.5 100.0 4.5 27.2 10 Total Payments 32.4 100.0 21.7 100.0 11.0 100.0 -66.0 -49.1 11 Net Transfers 2,157.4 100.0 1,777.2 100.0 2,277.5 100.0 5.6 28.2 Source: NBE Staff Computation Source: NBE Staff Compilation National Bank of Ethiopia 63 Second Quarter 2018/19 During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, on account of 8.9 percent rise in receipts from private transfers outweighing a 6.1 percent decline in official transfers. On the other hand, total transfer payments declined by 66 percent due to 91.1 percent decrease in private transfer payments and
2.8 percent slowdown in official transfer
payments.
Table 5.9: Developments in Transfer Accounts
(In Millions of USD)
S/N
Particulars
2017/18 2018/19 Percentage
QII Change %
Share
QI %
Share
QII %
A B C Share D=C/A E=C/B
1 Private Transfers, Net (2-5) 1,531.7 71.0 1,597.9 89.9 1,690.5 74.2 10.4 5.8 2 Credit (3+4) 1,554.9 71.0 1,600.7 89.0 1,692.6 74.0 8.9 5.7 3 NGO's 330.4 15.1 178.8 9.9 150.4 6.6 -54.5 -15.9 4 Private individuals 1,224.5 55.9 1,421.9 79.0 1,542.2 67.4 25.9 8.5 5 Debit 23.2 71.5 2.8 13.1 2.1 18.6 -91.1 -27.4 6 Official Transfers, Net (7-8) 625.7 29.0 179.3 10.1 586.9 25.8 -6.2 227.4 7 Credit 634.9 29.0 198.1 11.0 595.9 26.0 -6.1 200.8 8 Debit 9.2 28.5 18.9 86.9 9.0 81.4 -2.8 -52.4 9 Total Receipts 2,189.9 100.0 1,798.9 100.0 2,288.5 100.0 4.5 27.2 10 Total Payments 32.4 100.0 21.7 100.0 11.0 100.0 -66.0 -49.1 11 Net Transfers 2,157.4 100.0 1,777.2 100.0 2,277.5 100.0 5.6 28.2 Source: NBE Staff Computation National Bank of Ethiopia 64 Second Quarter 2018/19

5.4. Current Account Balance
Hence, current account balance (including official transfers) registered USD 1.8 billion deficit during the second quarter of 2018/19, compared with USD 1.4 billion deficit a year ago (Table 5.1).
5.5. Capital Account
In the review period, capital account recorded USD 2.1 billion surplus, which was 0.9 percent higher than that of a year earlier. This was attributed to the increase in net official long term capital (96.0 percent) and private sector long term capital (88.0 percent) and improvement in net inflows of short term capital (Table 5.1).
5.6. Changes in Reserve Position
The net foreign assets of the National Bank of Ethiopia and commercial banks declined by
376.4 and 160.5 million, respectively. Thus,
foreign reserve as of December 31, 2018 was sufficient to cover 2.8 months of imports (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 Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar.
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
2017/18 27.2621 26.1082 12.5 0.0
Qtr. II C 27.2051 26.7099 3.20 0.00
October 27.0234 25.8431 1.10 0.00
November 27.1657 27.0979 1.05 0.00
December 27.2051 27.1888 1.05 0.00
2018/19
Qtr. I B 27.5889 27.4295 3.10 0.00
July 27.3703 27.3186 1.10 0.00
August 27.4849 27.4302 1.10 0.00
September 27.5889 27.5398 0.90 0.00
Qtr. II A 28.0398 27.8139 3.30 0.00
October 27.7353 27.6652 1.15 0.00
November 27.8813 27.8117 1.10 0.00
December 28.0398 27.9649 1.05 0.00
Percentage
Changes
A/B 1.63 1.40 6.45
A/C 3.07 4.13 3.12
Source: National Bank of Ethiopia
In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was Birr 28.3515/USD, both showing 3.7 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent up from
1.90 percent a year ago (Table 5.11).
National Bank of Ethiopia
65
Second Quarter 2018/19
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 Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar.
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
2017/18 27.2621 26.1082 12.5 0.0
Qtr. II C 27.2051 26.7099 3.20 0.00
October 27.0234 25.8431 1.10 0.00
November 27.1657 27.0979 1.05 0.00
December 27.2051 27.1888 1.05 0.00
2018/19
Qtr. I B 27.5889 27.4295 3.10 0.00
July 27.3703 27.3186 1.10 0.00
August 27.4849 27.4302 1.10 0.00
September 27.5889 27.5398 0.90 0.00
Qtr. II A 28.0398 27.8139 3.30 0.00
October 27.7353 27.6652 1.15 0.00
November 27.8813 27.8117 1.10 0.00
December 28.0398 27.9649 1.05 0.00
Percentage
Changes
A/B 1.63 1.40 6.45
A/C 3.07 4.13 3.12
Source: National Bank of Ethiopia
In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was National Bank of Ethiopia 66 Second Quarter 2018/19 Birr 28.3515/USD, both showing 3.7 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent up from 1.90 percent a year ago (Table 5.11).
5.4. Current Account Balance
Hence, current account balance (including official transfers) registered USD 1.8 billion deficit during the second quarter of 2018/19, compared with USD 1.4 billion deficit a year ago (Table 5.1).
5.5. Capital Account
In the review period, capital account recorded USD 2.1 billion surplus, which was 0.9 percent higher than that of a year earlier. This was attributed to the increase in net official long term capital (96.0 percent) and private sector long term capital (88.0 percent) and improvement in net inflows of short term capital (Table 5.1).
5.6. Changes in Reserve Position
The net foreign assets of the National Bank of Ethiopia and commercial banks declined by
376.4 and 160.5 million, respectively. Thus,
foreign reserve as of December 31, 2018 was sufficient to cover 2.8 months of imports (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 Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar.
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
2017/18 27.2621 26.1082 12.5 0.0
Qtr. II C 27.2051 26.7099 3.20 0.00
October 27.0234 25.8431 1.10 0.00
November 27.1657 27.0979 1.05 0.00
December 27.2051 27.1888 1.05 0.00
2018/19
Qtr. I B 27.5889 27.4295 3.10 0.00
July 27.3703 27.3186 1.10 0.00
August 27.4849 27.4302 1.10 0.00
September 27.5889 27.5398 0.90 0.00
Qtr. II A 28.0398 27.8139 3.30 0.00
October 27.7353 27.6652 1.15 0.00
November 27.8813 27.8117 1.10 0.00
December 28.0398 27.9649 1.05 0.00
Percentage
Changes
A/B 1.63 1.40 6.45
A/C 3.07 4.13 3.12
Source: National Bank of Ethiopia
In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was Birr 28.3515/USD, both showing 3.7 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent up from
1.90 percent a year ago (Table 5.11).
National Bank of Ethiopia
65
Second Quarter 2018/19
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 Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar.
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
2017/18 27.2621 26.1082 12.5 0.0
Qtr. II C 27.2051 26.7099 3.20 0.00
October 27.0234 25.8431 1.10 0.00
November 27.1657 27.0979 1.05 0.00
December 27.2051 27.1888 1.05 0.00
2018/19
Qtr. I B 27.5889 27.4295 3.10 0.00
July 27.3703 27.3186 1.10 0.00
August 27.4849 27.4302 1.10 0.00
September 27.5889 27.5398 0.90 0.00
Qtr. II A 28.0398 27.8139 3.30 0.00
October 27.7353 27.6652 1.15 0.00
November 27.8813 27.8117 1.10 0.00
December 28.0398 27.9649 1.05 0.00
Percentage
Changes
A/B 1.63 1.40 6.45
A/C 3.07 4.13 3.12
Source: National Bank of Ethiopia
In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was National Bank of Ethiopia 66 Second Quarter 2018/19 Birr 28.3515/USD, both showing 3.7 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent up from 1.90 percent a year ago (Table 5.11).
5.4. Current Account Balance
Hence, current account balance (including official transfers) registered USD 1.8 billion deficit during the second quarter of 2018/19, compared with USD 1.4 billion deficit a year ago (Table 5.1).
5.5. Capital Account
In the review period, capital account recorded USD 2.1 billion surplus, which was 0.9 percent higher than that of a year earlier. This was attributed to the increase in net official long term capital (96.0 percent) and private sector long term capital (88.0 percent) and improvement in net inflows of short term capital (Table 5.1).
5.6. Changes in Reserve Position
The net foreign assets of the National Bank of Ethiopia and commercial banks declined by
376.4 and 160.5 million, respectively. Thus,
foreign reserve as of December 31, 2018 was sufficient to cover 2.8 months of imports (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 Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar.
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
2017/18 27.2621 26.1082 12.5 0.0
Qtr. II C 27.2051 26.7099 3.20 0.00
October 27.0234 25.8431 1.10 0.00
November 27.1657 27.0979 1.05 0.00
December 27.2051 27.1888 1.05 0.00
2018/19
Qtr. I B 27.5889 27.4295 3.10 0.00
July 27.3703 27.3186 1.10 0.00
August 27.4849 27.4302 1.10 0.00
September 27.5889 27.5398 0.90 0.00
Qtr. II A 28.0398 27.8139 3.30 0.00
October 27.7353 27.6652 1.15 0.00
November 27.8813 27.8117 1.10 0.00
December 28.0398 27.9649 1.05 0.00
Percentage
Changes
A/B 1.63 1.40 6.45
A/C 3.07 4.13 3.12
Source: National Bank of Ethiopia
In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was Birr 28.3515/USD, both showing 3.7 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent up from
1.90 percent a year ago (Table 5.11).
54 Second Quarter 2018/19
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)
No. Name of Forex Bureaux
2017/18 2018/19
Percentage change Quarter II Quarter I Quarter II A B C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 55,804.6 38,839.5 122,586.5 41,748.8 71,425.8 60,367.7 -41.73 44.60 27.99 55.43 2 Bank of Abyssinia 773.7 1,995.8 7,990.5 5,633.6 2,545.1 6,579.0 -68.15 16.78 228.96 229.64 3 Dashen Bank 3,049.2 3,578.9 13,770.7 7,881.6 4,654.9 10,497.2 -66.20 33.19 52.66 193.30 4 Awash International Bank 1,655.2 3,334.6 19,759.3 15,392.8 2,796.6 7,808.1 -85.8 -49.3 69.0 134.2 5 Construction & Business Bank - - - - - - 6 Wegagen Bank 1,446.9 1,462.8 10,007.0 3,227.6 6,846.4 3,045.7 -31.6 -5.6 373.2 108.2 7 United Bank 1,646.3 2,560.7 9,961.6 6,173.0 7,513.3 7,515.8 -24.6 21.8 356.4 193.5 8 Development Bank - 63.5 4.7 75.3 1.1 6,866.1 9014.8 10706.2 9 Nib International Bank 586.0 917.9 3,647.8 1,947.3 2,353.7 2,034.1 -35.5 4.5 301.7 121.6 10 Lion International Bank 2,371.0 522.7 8,021.9 1,399.9 18,174.9 1,883.6 126.6 34.6 666.6 260.4 11 Oromia International Bank 1,583.2 1,571.3 6,044.2 4,208.3 4,784.5 2,908.5 -20.8 -30.9 202.2 85.1 12 Zemen Bank 110.5 1,813.8 1,539.2 4,344.3 209.7 3,682.7 -86.4 -15.2 89.8 103.0 13 Cooperative Bank of Oromia 236.1 1,227.4 5,211.6 1,796.3 507.7 2,849.9 -90.3 58.7 115.0 132.2 14 Buna International Bank 1,734.9 859.0 11,342.1 1,940.6 6,254.7 778.3 -44.9 -59.9 260.5 -9.4 15 Birhan International Bank 195.5 644.2 2,838.0 2,225.9 741.8 2,802.3 - 25.9 279.5 - 16 Abay Bank 341.9 239.0 12,026.2 381.6 4,580.6 523.1 -61.9 37.1 1239.7 118.9 17 Addis International Bank 551.4 439.8 3,751.4 756.5 1,759.7 811.9 -53.1 7.3 219.1 84.6 18 Debub Global Bank 7.6 30.7 494.2 249.5 493.3 709.8 -0.2 184.5 6395.4 2210.2 19 Enat Bank 236.6 266.6 1,505.3 1,040.4 904.6 1,326.4 -39.9 27.5 282.3 397.5 Total 72,330.7 60,368.4 240,502.1 100,423.2 136,548.4 122,990.3 -43.2 22.5 88.8 103.7 Average Exchange Rate 26.8186 27.3288 27.4341 27.9518 27.8068 28.3515 1.4 1.4 3.7 3.7 Spread 1.90 1.89 1.96 Source: National Bank of Ethiopia Note: * refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter. Second Quarter 2018/19 55 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
68
Second Quarter 2018/19
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 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 QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Percent Birr per USD Selling Rate Buying Rate Spread Source: NBE Staff Compilation In the official forex market, US dollar has appreciated on annual as well as quarterly basis against major currencies. This was mainly due to a sharp global sell-off in risk assets triggered by rising concerns about future corporate earnings as well as fears about broader global growth amid ongoing global trade tensions6 .

6
For more read Reserve Bank of America’s
‘Treasury and Federal Reserve Foreign Exchange Operations’ Report for QIV of 2018 On annual basis, USD appreciated against Japanese Yen (8.0 percent), Euro (3.04 percent), Pound Sterling (3.0 percent), SDR (1.4 percent) and Swiss Franc (0.9 percent). Likewise, on quarterly basis, USD strengthened against Japanese Yen (9.2 percent), Euro (1.9 percent), Pound Sterling (1.21 percent), Swiss Franc (1.2 percent) and SDR (1.0 percent) (Table 5.12). 56 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

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 2017/18 QII C 1.1772 0.0089 1.4070 1.3268 1.0131 October 1.1767 0.0089 1.4106 1.3208 1.0201 November 1.1720 0.0089 1.3959 1.3198 1.0073 December 1.1829 1.1828 1.1829 0.0089 1.41461 1.4146 1.4146 1.3397 1.0118 2018/19 QI B 1.1630 0.0090 1.4007 1.3032 1.0164 July 1.1676 0.0090 1.4055 1.3167 1.0049 August 1.1551 0.0090 1.3958 1.2884 1.0106 September 1.1664 0.0089 1.4007 1.3044 1.0338 QII A 1.1414 0.0081 1.3875 1.3870 1.3872 1.2874 1.0045 1.0040 1.0043 October 1.1497 0.0089 1.3923 1.3024 1.0079 1.0063 1.0071 November 1.1360 0.0078 1.3851 1.3836 1.3844 1.2899 0.9981 December 1.1384 0.0078 1.3850 1.2699 1.0076 Percentage Changes A/B -1.86 -9.18 -9.19 -9.19 -0.94 -0.98 -0.96 -1.21 -1.17 -1.22 -1.20 A/C -3.04 -8.01 -8.00 -8.00 -1.39 -1.43 -1.41 -2.97 -0.84 -0.89 -0.87 Source: National Bank of Ethiopia Second Quarter 2018/19 57 National Bank of Ethiopia Quarterly Bulletin

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Likewise, the Birr has depreciated both on quarterly and annual basis against all selected major currencies except Euro. On quarterly basis, it depreciated by 1.4 percent against USD, 0.4 percent against SDR, 0.17 percent against Swiss Franc, 0.15 percent against Pound Sterling and 0.12 percent against Japanese Yen while the Birr has appreciated 0.5 percent against Euro. On yearly basis, Birr weakened against Japanese Yen (4.2 percent), USD (4.1 percent), Swiss Franc (3.2 percent), SDR (2.7 percent), Pound Sterling (1.0 percent) and Euro (0.9 percent) (Table5.13). 58 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 5.13: Period Average Exchange Rates (Birr per Major 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 2017/18 QII C 26.7099 26.9770 26.8435 31.4439 31.7583 31.6011 0.2366 0.2389 0.2378 37.5813 37.9571 37.7692 35.4405 35.7949 35.6177 27.0538 27.3243 27.1891 October 25.8431 26.1015 25.9723 30.4119 30.7160 30.5639 0.2290 0.2312 0.2301 36.4543 36.8188 36.6366 34.1312 34.4725 34.3018 26.3565 26.6200 26.4883 November 27.0979 27.3688 27.2334 31.7596 32.0772 31.9184 0.2400 0.2423 0.2411 37.8279 38.2062 38.0170 35.7653 36.1229 35.9441 27.2950 27.5679 27.4314 December 27.1888 27.4607 27.3247 32.1603 32.4818 32.3211 0.2408 0.2432 0.2420 38.4616 38.8462 38.6539 36.4252 36.7894 36.6073 27.5099 27.7850 27.6475 2018/19 QI B 27.4295 27.7038 27.5667 31.9013 32.2203 32.0608 0.2461 0.2486 0.2473 38.4198 38.8040 38.6119 35.7445 36.1019 35.9232 27.8813 28.1601 28.0207 July 27.3186 27.5918 27.4552 31.8968 32.2158 32.0563 0.2452 0.2476 0.2464 38.3961 38.7801 38.5881 35.9716 36.3314 36.1515 27.4519 27.7264 27.5892 August 27.4302 27.7045 27.5673 31.6838 32.0007 31.8422 0.2469 0.2494 0.2481 38.2876 38.6705 38.4790 35.3397 35.6931 35.5164 27.7209 27.9981 27.8595 September 27.5398 27.8152 27.6775 32.1233 32.4446 32.2840 0.2463 0.2488 0.2475 38.5758 38.9616 38.7687 35.9220 36.2812 36.1016 28.4710 28.7557 28.6134 QII A 27.8090 28.0870 27.9480 31.7393 32.0567 31.8980 0.2464 0.2489 0.2477 38.5840 38.9555 38.7698 35.7992 36.1572 35.9782 27.9351 28.1999 28.0675 October 27.6652 27.9419 27.8036 31.8063 32.1243 31.9653 0.2452 0.2477 0.2464 38.5190 38.9042 38.7116 36.0315 36.3919 36.2117 27.8836 28.1190 28.0013 November 27.8117 28.0898 27.9507 31.5927 31.9086 31.7506 0.2454 0.2478 0.2466 38.5226 38.8648 38.6937 35.8733 36.2320 36.0527 27.7583 28.0359 27.8971 December 27.9499 28.2294 28.0897 31.8191 32.1373 31.9782 0.2487 0.2512 0.2500 38.7105 39.0976 38.9041 35.4929 35.8478 35.6703 28.1633 28.4449 28.3041 Percentage Change A/B -1.86 -9.18 -9.19 -9.19 -0.94 -0.98 -0.96 -1.21 -1.17 -1.22 -1.20 A/B 1.38 -0.51 0.13 0.12 0.13 0.43 0.39 0.41 0.15 0.19 0.14 0.17 A/C 4.11473 4.1147 4.11 0.94 4.16 4.17 4.16 2.67 2.63 2.65 1.01 3.26 3.20 3.23 Source: National Bank of Ethiopia Second Quarter 2018/19 59 National Bank of Ethiopia Quarterly Bulletin

Table 5.14: Birr per Unit of Currency End Period Mid Market Rate
Currency
December
2017
September
2018
December
2018 Percentage Change
C B A A/B A/C
USD 27.3412 27.3984 28.1800 2.85 3.07
Pound 36.7437 35.8563 35.7548 -0.28 -2.69
Swedish Kroner 3.3092 3.0469 3.1510 3.42 -4.78 Djibouti Frank 0.1534 0.1538 0.1581 2.83 3.06 Swiss Frank 27.8679 27.4479 28.7346 4.69 3.11 Saudi Riyal 7.2900 7.3055 7.5117 2.82 3.04 UAE Dirhams 7.4432 7.4584 7.6712 2.85 3.06 Canadian Dollar 21.6770 20.6065 20.7221 0.56 -4.40 Japanese Yen 0.2422 0.2486 0.2556 2.82 5.51 Euro 32.6087 31.7301 32.3027 1.80 -0.94 SDR 38.7670 38.5879 39.0772 1.27 0.80 Source: NBE Staff Compilation
5.7.2. Movements in the Real Effective Exchange Rate
During the second quarter of 2018/19, on yearly basis, Birr depreciated significantly (23.8 percent) in real terms as a result of strengthening of the US dollar against other trading partner’s currencies, notably Sudanese Pound (435 percent) and Turkish Lira (45 percent). On quarterly basis, REERI appreciated by 10.3 percent as well. Likewise, NEERI appreciated by 22 percent vis-à-vis last year same quarter, owing to the appreciation of the Birr against those trading partners currencies. It was linked to the appreciation of USD against almost all of trading partners’ currencies such as Sudanese Pound (434.7 percent), Turkish Lira (44.7), Indian Rupee (11.4 percent), Swedish Krona (8.6 percent), Israel Shekel (5.5 percent), Chinese Yuan (4.7 percent), British Pound (3.2 percent) and Euro (3.2 percent). Similarly, the REERI depreciated by 10.7 percent year on year (Table 5.15).
Table 5.15 Trends in the Real and Nominal Effective Exchange Rates
Item
2017/18 2018/19 Percentage Change QII QI QII A B C C/B C/A REERI 151.4 169.8 187.3 10.3 23.8 NEERI 35.7 39.3 43.5 10.7 22.0 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.
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Second Quarter 2018/19
Table 5.15 Trends in the Real and Nominal Effective Exchange Rates
Item
2017/18 2018/19
QII QI QII Percentage Change
A B C C/B C/A
REERI 151.4 169.8 187.3 10.3 23.8
NEERI 35.7 39.3 43.5 10.7 22.0
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.13: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2012/13 2013/14 2014/15 201516 2016/17 2017/18 2018/19 NEERI REERI Source: NBE Staff Compilation National Bank of Ethiopia 75 Second Quarter 2018/19
5.7.3 Volume of Transactions
In the second quarter of 2018/19, foreign exchange traded in the inter-bank foreign exchange market reached USD 3.3 million, which was 6.5 percent higher than that of preceding quarter and 3.1 percent greater than that of last year same quarter. The total amount traded in the inter-bank market during the review period was supplied exclusively by NBE to stabilize the foreign exchange market (Table 5:10). Fig V.14 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation In the same period, Forex Bureaus of commercial banks purchased USD 136.5 million and sold USD 123 million. Hence, the amount of forex purchased and sold surged significantly by 88.8 percent and
103.7 percent relative to last year same
quarter due to the government’s appeal to public convert foreign exchange in commercial banks (Table 5.11). National Bank of Ethiopia 75 Second Quarter 2018/19
5.7.3 Volume of Transactions
In the second quarter of 2018/19, foreign exchange traded in the inter-bank foreign exchange market reached USD 3.3 million, which was 6.5 percent higher than that of preceding quarter and 3.1 percent greater than that of last year same quarter. The total amount traded in the inter-bank market during the review period was supplied exclusively by NBE to stabilize the foreign exchange market (Table 5:10). Fig V.14 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation In the same period, Forex Bureaus of commercial banks purchased USD 136.5 million and sold USD 123 million. Hence, the amount of forex purchased and sold surged significantly by 88.8 percent and
103.7 percent relative to last year same
quarter due to the government’s appeal to public convert foreign exchange in commercial banks (Table 5.11). National Bank of Ethiopia Second quarter 2018/19 76
VI. FEDERAL GOVERNMENT FINANCE
During the second quarter of 2018/19, total revenue and grant mobilized by the Federal government was Birr 57.6 billion and went up by 9.6 percent on quarterly basis and 3.4 percent year-on-year basis. The performance of revenue and grant was 24.2 percent of the annual budget plan (Table 6.1). On the other hand, Federal government expenditure went up by 12.2 percent on annual basis to reach Birr 80.4 billion. Its performance was 25.2 percent of annual budget plan. Hence, the overall fiscal balance (including grants) recorded a deficit of Birr 22.8 billion (Table 6.1).

Fig. V.12: Movements in the Real and Nominal Effective Exchange Rate Fig. V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Second Quarter 2018/19 61 National Bank of Ethiopia Quarterly Bulletin

62 Second Quarter 2018/19
National Bank of Ethiopia Quarterly Bulletin

VI. FEDERAL GOVERNMENT FINANCE
During the second quarter of 2018/19, total revenue and grant mobilized by the Federal government was Birr 57.6 billion and went up by 9.6 percent on quarterly basis and 3.4 percent year-on-year basis. The performance of revenue and grant was 24.2 percent of the annual budget plan (Table 6.1). On the other hand, Federal government expenditure went up by 12.2 percent on annual basis to reach Birr 80.4 billion. Its performance was 25.2 percent of annual budget plan. Hence, the overall fiscal balance (including grants) recorded a deficit of Birr 22.8 billion (Table 6.1).
Table 6.1 Summary of Quarterly Federal Government Finance
(In millions of Birr)
No Finer points
2017/18 2018/19 Percentage changes performance rate A B C D D/A D/C D/B QII Budget QI QII 1 Revenue and Grants 55,697.5 238,067.0 52,531.7 57,572.7 3.4 9.6 24.2
1.1 Total Revenue 53,150.7 235,732.5 52,531.7 56,183.3 5.7 7.0 23.8
Tax Revenue 48,544.5 211,111.4 43,802.7 53,314.5 9.8 21.7 25.3 Direct tax 16,392.1 56,684.3 13,449.8 22,034.3 34.4 63.8 38.9 Indirect tax 32,152.4 154,427.1 30,352.8 31,280.3 (2.7) 3.1 20.3 Non-Tax Revenue 4,606.2 24,621.1 8,729.0 2,868.7 (37.7) (67.1) 11.7
1.2 Grant & Relief 2,546.8 2,334.4 1,389.5 (45.4) 59.5
2 Current Expenditure 20,316.6 84,384.7 17,490.7 16,953.9 (16.6) (3.1) 20.1 3 Current Surplus/Deficit (Including Grants) 35,380.9 153,682.2 35,040.9 40,618.8 14.8 15.9 26.4 (Excluding Grants) 32,834.1 151,347.8 35,040.9 39,229.4 19.5 12.0 25.9 4 Capital Expenditure 19,990.6 97,316.1 21,130.6 21,396.7 7.0 1.3 22.0 5 Regional Transfers 31,378.8 137,218.7 30,561.4 42,115.7 34.2 37.8 30.7 6 Total Expenditure (2+4+5) 71,685.9 318,919.5 69,182.7 80,466.3 12.2 16.3 25.2 7 Overall Surplus/Deficit (Including Grants) (15,988.5) (80,852.6) (16,651.1) (22,893.6) 43.2 37.5 28.3 (Excluding Grants) (18,535.3) (83,187.0) (16,651.1) (24,283.0) 31.0 45.8 29.2 8 Total Financing 15,988.5 80,852.6 16,651.1 22,893.6 43.2 37.5 28.3
8.1 Net External Borrowings 4,080.1 22,038.6 2,707.6 3,944.3 (3.3) 45.7 17.9
External Borrowing 4,481.7 20,970.8 3,983.9 2,945.9 (34.3) (26.1) 14.0 Amortization 1,009.1 6,797.9 1,387.1 1,089.8 8.0 (21.4) 16.0
8.2 Net Domestic Borrowings 16,200.1 58,813.9 18,372.4 12,647.7 (21.9) (31.2) 21.5
Banking System 10,401.1 - 11,439.4 6,244.7 (40.0) (45.4) Non-Bank Sources 5,799.0 - 6,933.0 6,403.0 10.4 (7.6)
8.3 Privatization receipts
8.4 Others and Residuals (4,291.7) - (4,428.9) 6,301.5 (246.8) (242.3)
Source: Ministry of Finance
Second Quarter 2018/19 63
National Bank of Ethiopia Quarterly Bulletin

6.1. Revenue and Grants
Total revenue and grants collected during the second quarter of 2018/19 was Birr 57.6 billion, of which Birr 56.2 billion (97.6 percent ) was from domestic sources and Birr 1.4 billion (2.4 percent) from grants & relief. Total domestic revenue rose by 5.7 percent on annual terms. Tax revenue, which constituted the largest portion of the domestic revenue (94.9 percent) stood at Birr 53.3 billion and showed 9.8 percent annual growth.
Table 6.2.Summary of Federal Government Revenue by Component
(In Millions of Birr)
No Particulars
2017/18 2018/19

Percentage
Change
Performance
Rate
QII Budget QI QII
A B C D D/A D/C D/B
Total Revenue and
Grants 55,697.5 238,067.0 52,531.7 57,572.7 3.4 9.6 24.2 Total Domestic Revenue 53,150.7 235,732.5 52,531.7 56,183.3 5.7 7.0 23.8 1 Tax Revenue 48,544.5 211,111.4 43,802.7 53,314.5 9.8 21.7 25.3
1.1 Direct Tax Revenue 16,392.1 56,684.3 13,449.8 22,034.3 34.4 63.8 38.9
1.1.1 Income Taxes 14,621.3 50,761.3 11,953.4 20,211.7 38.2 69.1 39.8

Personal 2,374.0 8,821.4 2,325.5 2,912.1 22.7 25.2 33.0
Business 12,247.3 41,939.9 9,627.9 17,299.9 41.3 79.7 41.2
1.1.2 Others1 1,770.8 5,923.0 1,496.4 1,822.6 2.9 21.8 4.3
1.2 Indirect Taxes 32,152.4 154,427.1 30,352.8 31,280.3 (2.7) 3.1 20.3
1.2.1 Domestic
Taxes 12,526.1 62,593.6 12,168.5 13,714.7 9.5 12.7 21.9
1.2.2 Foreign Trade
Taxes 19,626.3 91,833.5 18,184.3 17,565.6 (10.5) (3.4) 19.1
Import 19,626.3 91,833.5 18,184.3 17,565.6 (10.5) (3.4) 19.1
2 Non-Tax Revenue 4,606.2 24,621.1 8,729.0 2,868.7 (37.7) (67.1) 11.7 3 Privatization - 4 Grants and Relief 2,546.8 2,334.4 1,389.5 (45.4) 59.5 Source: Ministry of Finance 1/ includes withholding tax on import, tax on dividend, royalty and interest income

National Bank of Ethiopia
Second quarter 2018/19 78
6.1. Revenue and Grants
Total revenue and grants collected during the second quarter of 2018/19 was Birr
57.6 billion, of which Birr 56.2 billion (97.6
percent ) was from domestic sources and
Birr 1.4 billion (2.4 percent) from grants & relief. Total domestic revenue rose by 5.7 percent on annual terms. Tax revenue, which constituted the largest portion of the domestic revenue (94.9 percent) stood at Birr 53.3 billion and showed 9.8 percent annual growth.
6.1. Revenue and Grants
Total revenue and grants collected during the second quarter of 2018/19 was Birr 57.6 billion, of which Birr 56.2 billion (97.6 percent ) was from domestic sources and Birr 1.4 billion (2.4 percent) from grants & relief. Total domestic revenue rose by 5.7 percent on annual terms. Tax revenue, which constituted the largest portion of the domestic revenue (94.9 percent) stood at Birr 53.3 billion and showed 9.8 percent annual growth.
Table 6.2.Summary of Federal Government Revenue by Component
(In Millions of Birr)
No Particulars
2017/18 2018/19

Personal 2,374.0 8,821.4 2,325.5 2,912.1 22.7 25.2 33.0
Business 12,247.3 41,939.9 9,627.9 17,299.9 41.3 79.7 41.2
1.1.2 Others1 1,770.8 5,923.0 1,496.4 1,822.6 2.9 21.8 4.3
1.2 Indirect Taxes 32,152.4 154,427.1 30,352.8 31,280.3 (2.7) 3.1 20.3
1.2.1 Domestic
Taxes 12,526.1 62,593.6 12,168.5 13,714.7 9.5 12.7 21.9
1.2.2 Foreign Trade
Taxes 19,626.3 91,833.5 18,184.3 17,565.6 (10.5) (3.4) 19.1
Import 19,626.3 91,833.5 18,184.3 17,565.6 (10.5) (3.4) 19.1
2 Non-Tax Revenue 4,606.2 24,621.1 8,729.0 2,868.7 (37.7) (67.1) 11.7 3 Privatization - 4 Grants and Relief 2,546.8 2,334.4 1,389.5 (45.4) 59.5 Source: Ministry of Finance 1/ includes withholding tax on import, tax on dividend, royalty and interest income

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National Bank of Ethiopia
Second quarter 2018/19 80
Fig. VI.1 Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Of the total tax revenue, 58.7 percent was collected from indirect taxes and
41.3 percent from direct taxes.
During the review period, indirect taxes went down by 2.7 percent to Birr 31.3 billion owing to 10.5 percent a decrease in import taxes. Revenue from direct taxes was Birr 22.0 billion and it increased by 34.4 percent compared with a year ago. Meanwhile, non-tax revenue reached Birr 2.8 billion and showing a 37.7 percent slowdown against last year same quarter (Table 6.2). 0 10000 20000 30000 40000 50000 60000 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarter and Year Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue National Bank of Ethiopia Second quarter 2018/19 81 Fig.VI.2 Domestic Revenue by Major Components during the Second Quarter of 2018/19
6.2. Expenditure
Total Federal government expenditures
(including regional transfers) stood at
Birr 80.4 billion, depicting 12.2 percent annual growth due to higher capital expenditure and regional transfers. During the review period, regional transfers reached Birr 42.1 billion and accounted for 52.3 percent of the total expenditure, while capital expenditure at Birr 21.4 billion had a 26.6 percent share. The remaining Birr 16.9 billion or
21.1 percent constituted current
expenditure (Table6.3).
Direct Tax Revenue
39.2%
Indirect Taxes
55.7%
Non-Tax Revenue
5.1%
National Bank of Ethiopia
Second quarter 2018/19 80
Fig. VI.1 Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Of the total tax revenue, 58.7 percent was collected from indirect taxes and
41.3 percent from direct taxes.
During the review period, indirect taxes went down by 2.7 percent to Birr 31.3 billion owing to 10.5 percent a decrease in import taxes. Revenue from direct taxes was Birr 22.0 billion and it increased by 34.4 percent compared with a year ago. Meanwhile, non-tax revenue reached Birr 2.8 billion and showing a 37.7 percent slowdown against last year same quarter (Table 6.2). 0 10000 20000 30000 40000 50000 60000 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarter and Year Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue National Bank of Ethiopia Second quarter 2018/19 81 Fig.VI.2 Domestic Revenue by Major Components during the Second Quarter of 2018/19
6.2. Expenditure
Total Federal government expenditures
(including regional transfers) stood at
Birr 80.4 billion, depicting 12.2 percent annual growth due to higher capital expenditure and regional transfers. During the review period, regional transfers reached Birr 42.1 billion and accounted for 52.3 percent of the total expenditure, while capital expenditure at Birr 21.4 billion had a 26.6 percent share. The remaining Birr 16.9 billion or
21.1 percent constituted current
expenditure (Table6.3).
Direct Tax Revenue
39.2%
Indirect Taxes
55.7%
Non-Tax Revenue
5.1%
Second Quarter 2018/19 65
National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
Second quarter 2018/19 80
Fig. VI.1 Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Of the total tax revenue, 58.7 percent was collected from indirect taxes and
41.3 percent from direct taxes.
During the review period, indirect taxes went down by 2.7 percent to Birr 31.3 billion owing to 10.5 percent a decrease in import taxes. Revenue from direct taxes was Birr 22.0 billion and it increased by 34.4 percent compared with a year ago. Meanwhile, non-tax revenue reached Birr 2.8 billion and showing a 37.7 percent slowdown against last year same quarter (Table 6.2). 0 10000 20000 30000 40000 50000 60000 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarter and Year Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue National Bank of Ethiopia Second quarter 2018/19 81 Fig.VI.2 Domestic Revenue by Major Components during the Second Quarter of 2018/19
6.2. Expenditure
Total Federal government expenditures
(including regional transfers) stood at
Birr 80.4 billion, depicting 12.2 percent annual growth due to higher capital expenditure and regional transfers. During the review period, regional transfers reached Birr 42.1 billion and accounted for 52.3 percent of the total expenditure, while capital expenditure at Birr 21.4 billion had a 26.6 percent share. The remaining Birr 16.9 billion or
21.1 percent constituted current
expenditure (Table6.3).
Direct Tax Revenue
39.2%
Indirect Taxes
55.7%
Non-Tax Revenue
5.1%
National Bank of Ethiopia
Second quarter 2018/19 81
Fig.VI.2 Domestic Revenue by Major Components during the Second Quarter of 2018/19
6.2. Expenditure
Total Federal government expenditures
(including regional transfers) stood at
Birr 80.4 billion, depicting 12.2 percent annual growth due to higher capital expenditure and regional transfers. During the review period, regional transfers reached Birr 42.1 billion and accounted for 52.3 percent of the total expenditure, while capital expenditure at Birr 21.4 billion had a 26.6 percent share. The remaining Birr 16.9 billion or
21.1 percent constituted current
expenditure (Table6.3).
Direct Tax Revenue
39.2%
Indirect Taxes
55.7%
Non-Tax Revenue
5.1%
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National Bank of Ethiopia
Second quarter 2018/19 83
Fig VI.3: Major Components of Federal Governments Expenditure during the Second Quarter of 2018/19 Current Expenditure 21.1% Capital Expenditure 26.6% Regional Transfer 52.3% National Bank of Ethiopia Second quarter 2018/19 83 Fig VI.3: Major Components of Federal Governments Expenditure during the Second Quarter of 2018/19 Current Expenditure 21.1% Capital Expenditure 26.6% Regional Transfer 52.3%
6.2. Expenditure
Total Federal government expenditures (including regional transfers) stood at Birr 80.4 billion, depicting 12.2 percent annual growth due to higher capital expenditure and regional transfers. During the review period, regional transfers reached Birr 42.1 billion and accounted for
52.3 percent of the total expenditure, while
capital expenditure at Birr 21.4 billion had a
26.6 percent share. The remaining Birr 16.9
billion or 21.1 percent constituted current expenditure (Table6.3).
Table 6.3.Summary of Federal Government Expenditure by Component
(In Millions of Birr)
No Particulars
2017/18 2018/19

Percentage
Change
Performance
Rate
QII Budget QI QII
A B C D D/A D/C D/B
Total
Expenditure

71,685.9

318,919.5

69,182.7

80,466.3

12.2

16.3 25.2
1 Current
Expenditure

20,316.6

84,384.7

17,490.7

16,953.9

(16.6)

(3.1) 20.1

General
Services 6,434.5

28,890.8 6,905.7

6,417.3

(0.3)

(7.1) 22.2

Economic
Services 1,170.7

5,325.9 847.0

1,228.8

5.0

45.1 23.1

Social
Services 8,620.6

27,260.8 6,695.0

5,678.2

(34.1)

(15.2) 20.8

Others
expenditure

7,685.4 192.4

156.8

(18.5) 2.0

Debt
Service 4,090.9

15,221.9 2,850.7

3,472.8

(15.1)

21.8 22.8
2 Capital
Expenditure

19,990.6

97,316.1

21,130.6

21,396.7

7.0

1.3 22.0

Economic
Development 12,328.5

67,862.4

14,616.1

14,530.4

17.9

(0.6) 21.4

Social
Development 6,534.1

22,861.6 6,071.0

6,077.3

(7.0)

0.1 26.6

General
Development 1,128.0

6,592.1 443.5

788.9

(30.1)

77.9 12.0
4 Regional
Transfers 31,378.8

137,218.7

30,561.4 42,115.7

34.2

37.8 30.7
Source: Ministry of Finance
Second Quarter 2018/19 67
National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
Second quarter 2018/19 84
Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers National Bank of Ethiopia Second quarter 2018/19 85
6.3 Deficit Financing
The Federal government budget operation (including grant) resulted in an overall deficit of Birr 22.8 billion compared to Birr 16 billion deficits a year ago. The deficit was financed by net external borrowing (Birr 3.9 billion), net domestic borrowing (12.6 billion) and residuals & others (6.3 billion) (Table 6.1). Fig.VI.5 Federal Government Finance during Second Quarter of F.Y 2018/19 0 20000 40000 60000 80000 100000 120000 140000 160000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants National Bank of Ethiopia Second quarter 2018/19 84 Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers National Bank of Ethiopia Second quarter 2018/19 85
6.3 Deficit Financing
The Federal government budget operation (including grant) resulted in an overall deficit of Birr 22.8 billion compared to Birr 16 billion deficits a year ago. The deficit was financed by net external borrowing (Birr 3.9 billion), net domestic borrowing (12.6 billion) and residuals & others (6.3 billion) (Table 6.1). Fig.VI.5 Federal Government Finance during Second Quarter of F.Y 2018/19 0 20000 40000 60000 80000 100000 120000 140000 160000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants National Bank of Ethiopia Second quarter 2018/19 85
6.3 Deficit Financing
The Federal government budget operation (including grant) resulted in an overall deficit of Birr 22.8 billion compared to Birr 16 billion deficits a year ago. The deficit was financed by net external borrowing (Birr 3.9 billion), net domestic borrowing (12.6 billion) and residuals & others (6.3 billion) (Table 6.1). Fig.VI.5 Federal Government Finance during Second Quarter of F.Y 2018/19 0 20000 40000 60000 80000 100000 120000 140000 160000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants National Bank of Ethiopia Second quarter 2018/19 85
6.3 Deficit Financing
The Federal government budget operation (including grant) resulted in an overall deficit of Birr 22.8 billion compared to Birr 16 billion deficits a year ago. The deficit was financed by net external borrowing (Birr 3.9 billion), net domestic borrowing (12.6 billion) and residuals & others (6.3 billion) (Table 6.1). Fig.VI.5 Federal Government Finance during Second Quarter of F.Y 2018/19 0 20000 40000 60000 80000 100000 120000 140000 160000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants 68 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
86
VII. Developments in Investment
During the second quarter of 2018/19, 177 investment projects having investment capital of Birr 814.3 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed 71.8 and 32.9 percent increments. Although declined by 67.5 and 86.2 percent respectively compared with the previous quarter. All reported investment projects were private and about 98.3 percent were domestic and merely 1.7 percent foreign. The domestic projects had Birr 747.4 million (91.8 percent) investment capital while that of foreign projects Birr 66.9 million (8.2 percent). All the investment projects have generated employment opportunities for 4,089 people which was 126.7 percent higher than last year same quarter. Of the total employment about 54 percent was permanent and 46.1 percent casual (Table 7.1).
Table 7.1: Performance of Operational Investment Projects Capital
(In millions of Birr)
Type of Projects Items
2017/18 2018/19 Percentage
QII QI QII Changes
A B C Share C/A C/B
1. Total Investment
Number of projects 103 544 177 100 71.8 -67.5 Capital 612.5 5,886.8 814.3 100 32.9 -86.2 Permanent Employment 837 12,506 2,202 100 163.1 -82.4 Temporary Employment 967 5,174 1,887 100 95.1 -63.5
2. Private Investment
Number of projects 103 544 177 100 71.8 -67.5 Capital 612.5 5,886.8 814.3 100 32.9 -86.2 Permanent Employment 837 12,506 2,202 100 163.1 -82.4 Temporary Employment 967 5,174 1,887 100 95.1 -63.5
2.1 Domestic Investment
Number of projects 102 538 174 98.3 70.6 -67.7 Capital 609.8 5,687.6 747.4 91.8 22.6 -86.9 Permanent Employment 817 9,409 1,401 63.6 71.5 -85.1 Temporary Employment 967 3,018 1,782 94.4 84.3 -41.0
2.2. Foreign Investment
Number of projects 1 6 3 1.7 200.0 -50.0
Capital 2.7 199.2 66.9 8.2 2,369.1 -66.4
Permanent Employment 20 3,097 801 36.4 3,905.0 -74.1 Temporary Employment 0 2,156 105 5.6 -95.1
3. Public Investment
Number of projects
Capital
Permanent Employment
Temporary Employment
Source: Ethiopian Investment Commission.
As for sectoral distribution, real estate, renting & business activities constituted the lion share by contributing 76.3 percent of total investment projects. Manufacturing on its part has a share of 10.7 percent followed by construction (7.3 percent). The remaining sectors have a share of
5.6 percent in total. Out of the total Birr 814.3
million capital invested, real estate, renting & business activities sector received 57.7 percent followed by manufacturing (33.7 percent), and construction (4.4 percent). The rest of the sectors contribute the remaining balance. With regard to job opportunity, more than half of permanent employment (64.3 percent) was created by manufacturing followed by real estate, renting & business activities (24.4 percent), education (6 percent) and construction (2.6 percent). Agriculture, hunting & forestry and real estate, renting & business activities was the leading sector by employing 37.6 (percent each) of temporary labor force. Manufacturing and education on their part accounted for
9.1 and 6.9 percent of temporary employment,
respectively (Table 7.2).
National Bank of Ethiopia
88 followed by manufacturing (33.7 percent), and construction (4.4 percent). The rest of the sectors contribute the remaining balance. With regard to job opportunity, more than half of permanent employment (64.3 percent) was created by manufacturing followed by real estate, renting & business activities (24.4 percent), education (6 percent) and construction (2.6 percent). Agriculture, hunting & forestry and real estate, renting & business activities was the leading sector by employing 37.6 (percent each) of temporary labor force. Manufacturing and education on their part accounted for 9.1 and 6.9 percent of temporary employment, respectively (Table 7.2).
Table 7.2: Investment Distribution by Sector during the Second Quarter of 2018/19
Sectors
No. of
Proj.
Share
(%)
Capital (in
Million Birr)
Share
(%)
Perm.
Emp.
Share
(%)
Temp.
Emp.
Share
(%)
Agriculture, hunting and forestry 7 4.0 12.5 1.5 48 2.2 710 37.6 Construction 13 7.3 36.2 4.4 57 2.6 60 3.2 Education 2 1.1 15.2 1.9 132 6.0 130 6.9 Electricity, gas, steam and water supply Health and social work Hotels and restaurants Manufacturing 19 10.7 274.7 33.7 1,416 64.3 172 9.1 Mining and quarrying Other community, social and personal service activities Real estate, renting and business activities 135 76.3 470.2 57.7 537 24.4 710 37.6 Tour operation, transport, and communication Wholesale, retail trade & repair service Others 1 0.6 5.5 0.7 12 0.5 105 5.6 Grand Total 177 100 814.3 100 2,202 100 1,887 100 Source: Ethiopian Investment Commission.
Table 7.1: Performance of Operational Investment Projects Capital
(In millions of Birr)
Type of Projects Items
2017/18 2018/19 Percentage
QII QI QII Changes
A B C Share C/A C/B
1. Total Investment
Number of projects 103 544 177 100 71.8 -67.5 Capital 612.5 5,886.8 814.3 100 32.9 -86.2 Permanent Employment 837 12,506 2,202 100 163.1 -82.4 Temporary Employment 967 5,174 1,887 100 95.1 -63.5
2. Private Investment
Number of projects 103 544 177 100 71.8 -67.5 Capital 612.5 5,886.8 814.3 100 32.9 -86.2 Permanent Employment 837 12,506 2,202 100 163.1 -82.4 Temporary Employment 967 5,174 1,887 100 95.1 -63.5
2.1 Domestic Investment
Number of projects 102 538 174 98.3 70.6 -67.7 Capital 609.8 5,687.6 747.4 91.8 22.6 -86.9 Permanent Employment 817 9,409 1,401 63.6 71.5 -85.1 Temporary Employment 967 3,018 1,782 94.4 84.3 -41.0
2.2. Foreign Investment
Number of projects 1 6 3 1.7 200.0 -50.0
Capital 2.7 199.2 66.9 8.2 2,369.1 -66.4
Permanent Employment 20 3,097 801 36.4 3,905.0 -74.1 Temporary Employment 0 2,156 105 5.6 -95.1
3. Public Investment
Number of projects
Capital
Permanent Employment
Temporary Employment
Source: Ethiopian Investment Commission.
As for sectoral distribution, real estate, renting & business activities constituted the lion share by contributing 76.3 percent of total investment projects. Manufacturing on its part has a share of 10.7 percent followed by construction (7.3 percent). The remaining sectors have a share of
5.6 percent in total. Out of the total Birr 814.3
million capital invested, real estate, renting & business activities sector received 57.7 percent followed by manufacturing (33.7 percent), and construction (4.4 percent). The rest of the sectors contribute the remaining balance. With regard to job opportunity, more than half of permanent employment (64.3 percent) was created by manufacturing followed by real estate, renting & business activities (24.4 percent), education (6 percent) and construction (2.6 percent). Agriculture, hunting & forestry and real estate, renting & business activities was the leading sector by employing 37.6 (percent each) of temporary labor force. Manufacturing and education on their part accounted for
9.1 and 6.9 percent of temporary employment,
respectively (Table 7.2).
Second Quarter 2018/19 69
National Bank of Ethiopia Quarterly Bulletin

Table 7.2: Investment Distribution by Sector during the Second Quarter of 2018/19
Sectors No. of
Proj.
Share
(%)
Capital (in
Million Birr)
Share
(%)
Perm.
Emp.
Share
(%)
Temp.
Emp.
Share
(%)
Agriculture, hunting and forestry 7 4.0 12.5 1.5 48 2.2 710 37.6 Construction 13 7.3 36.2 4.4 57 2.6 60 3.2 Education 2 1.1 15.2 1.9 132 6.0 130 6.9 Electricity, gas, steam and water supply Health and social work Hotels and restaurants Manufacturing 19 10.7 274.7 33.7 1,416 64.3 172 9.1 Mining and quarrying Other community, social and personal service activities Real estate, renting and business activities 135 76.3 470.2 57.7 537 24.4 710 37.6 Tour operation, transport, and communication Wholesale, retail trade & repair service Others 1 0.6 5.5 0.7 12 0.5 105 5.6 Grand Total 177 100 814.3 100 2,202 100 1,887 100 Source: Ethiopian Investment Commission. About 81.9 percent of the total projects with
63.8 percent of total investment capital were
operational in Oromia, about 14.1 percent of total projects with 34 percent of capital in Addis Ababa and 4 percent of the projects having
2.2 percent of total capital in Tigray. In terms of
job creation Addis Ababa is the leading region followed by Oromia and Tigray (Table 7.3).
Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr 2017/18 2018/19 Growth Rate
QII QI QII C/A C/B
A B C Share In (%)
Region No of Proj Capital Perm emp Tempemp No of Proj. Capital Permemp Tempemp No of Proj. Capital. Perm.emp Tempemp No of Proj. Capital. Perm.emp Temp.emp No of Proj. Capital. Perm emp Temp emp No of Proj. Capital. Perm emp Tempemp Addis Ababa 61 339.9 382 218 533 5,699.7 9,500 2,861 25 276.8 1,554 338 14.1 34.0 70.6 17.9 -59.0 -18.6 306.8 55.0 -95.3 -95.1 -83.6 -88.2 Afar 21 151.0 363 575

Amhara 1 2.0 2 4 1 39.9 1,000 2,000

B.Gumuz

Dire Dawa
Oromia 1 112.9 483 - 145 519.8 578
As for sectoral distribution, real estate, renting & business activities constituted the lion share by contributing 76.3 percent of total investment projects. Manufacturing on its part has a share of 10.7 percent followed by construction (7.3 percent). The remaining sectors have a share of
5.6 percent in total. Out of the total Birr 814.3
million capital invested, real estate, renting & business activities sector received 57.7 percent followed by manufacturing (33.7 percent), and construction (4.4 percent). The rest of the sectors contribute the remaining balance. With regard to job opportunity, more than half of permanent employment (64.3 percent) was created by manufacturing followed by real estate, renting & business activities (24.4 percent), education (6 percent) and construction (2.6 percent). Agriculture, hunting & forestry and real estate, renting & business activities was the leading sector by employing 37.6 (percent each) of temporary labor force. Manufacturing and education on their part accounted for
9.1 and 6.9 percent of temporary employment,
respectively (Table 7.2).
About 81.9 percent of the total projects with
63.8 percent of total investment capital were
operational in Oromia, about 14.1 percent of total projects with 34 percent of capital in Addis Ababa and 4 percent of the projects having
2.2 percent of total capital in Tigray. In terms of
job creation Addis Ababa is the leading region followed by Oromia and Tigray (Table 7.3) 70 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr
2017/18 2018/19
Growth Rate
QII QI QII
A B C Share In (%) C/B C/A
Region
No of Proj
Capital
Perm emp
Tempemp
No of Proj.
Capital
Permemp
Tempemp
No of Proj.
Capital.
Perm.emp
Tempemp
No of Proj.
Capital.
Perm.emp
Temp.emp
No of Proj.
Capital.
Perm emp
Temp emp
No of Proj.
Capital.
Perm
Tempemp
Addis
Ababa 61 339.9 382 218 533 5,699.7 9,500 2,861 25 276.8 1,554 338 14.1 34.0 70.6 17.9 -59.0 -18.6 306.8 55.0 -95.3 -95.1 -83.6 -88.2 Afar 21 151.0 363 575 Amhara 1 2.0 2 4 1 39.9 1,000 2,000 B.Gumuz Dire Dawa Oromia 1 112.9 483 - 145 519.8 578 789 81.9 63.8 26.2 41.8 14,400 360.4 19.7 SNNPR Gambellaa Somali Harari Tigray 20 119.7 90 170 9 34.3 1,523 313 7 17.7 70 760 4.0 2.2 3.2 40.3 -65.0 -85.2 -22.2 347.1 -22.2 -48.5 -95.4 142.8 Multiregional Grand Total 103 612.5 837 967 544 5,886.8 12,506 5,174 177 814.3 2,202 1,887 100 71.8 32.9 163.1 95.1 -67.5 -86.2 -82.4 -63.5 Source: Ethiopian Investment Commission Second Quarter 2018/19 71 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
91
VIII. International Economic Developments
8.1 Overview of the World Economy7
In the second quarter of 2018/19 the global economic growth momentum has slowed due to geopolitical uncertainties and vulnerabilities in emerging markets. Global trade decelerated towards the end of 2018 as downside risks related to unresolved trade disputes remained prominent and growth in emerging markets slowed down. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the second quarter of 2018/19, mainly owing to a continued deceleration in global manufacturing activity. The service sector remained more resilient than manufacturing. In the United States real GDP growth expanded at an annualized rate of 3.4 percent in the second quarter of 2018/19 which was well above the potential. The US government shutdown has added to the uncertainty generated by US trade policy in respect of China and is weighing on US economic activity in the near term.

7
Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 5/2018. In the United Kingdom, growth declined after a robust outturn in the first quarter of 2018/19. The strong quarter-on-quarter growth of 0.6 percent in the first quarter 2018/19 reflected temporary boost to consumption and public investment, as well as a strong rebound in exports. However, business investment fell for the third consecutive quarter. In Japan, real GDP for the second quarter of 2018/19 was set to return to positive growth. Natural disasters and extreme weather conditions caused volatility in GDP in 2018. The economy is expected to remain on a moderate growth path in the future, supported by highly accommodative monetary policy and the domestic capital expenditure cycle. In China economic activity was losing growth momentum, mainly the manufacturing sector showing signs of weakening. In December 2018, the manufacturing PMI dropped below 50 for the first time since 2017, while the services sector – less exposed to the US trade tensions – was more resilient. National Bank of Ethiopia 92
8.2. Inflation Developments
As a result of decline in oil prices, global inflation slowed. Annual consumer price inflation in the countries of OECD moderated to 2.7 percent in November 2018, while inflation excluding food and energy decreased marginally to 2.2 percent. Global inflationary pressures are expected to remain contained. Wage growth in advanced economies continues to be moderate, despite a tightening of labor markets and rising capacity constraints. In United States, headline consumer price inflation declined to 1.9 percent in December 2018 due to a sharp deceleration in energy prices, while average hourly earnings remained strong. In Japan, headline inflation declined significantly in December due to the recent softening of oil and food prices. In Euro area annual HICP inflation declined to 1.6 percent in December from 1.9 percent in November, mainly due to lower energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to decline further over the coming months. Measures of underlying inflation remain generally muted, but labor cost pressures are continuing to strengthen and broaden amid high levels of capacity utilization and tightening labor markets.
8.3. Commodity Price
Oil prices declined in the second quarter of 2018/19, mainly on account of oversupply fears related to the waivers on the US sanctions on Iranian oil exports, coupled with continued high production growth in the United States. These effects initially outweighed the possible price effects of production cuts by OPEC and a group of allied oil-producing nations, particularly because market uncertainty persisted regarding the cuts agreed on December 7, 2018. Non-oil commodity prices have increased slightly, mainly on the back of food price increases. 72 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

7
Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 5/2018. In the United Kingdom, growth declined after a robust outturn in the first quarter of 2018/19. The strong quarter-on-quarter growth of 0.6 percent in the first quarter 2018/19 reflected temporary boost to consumption and public investment, as well as a strong rebound in exports. However, business investment fell for the third consecutive quarter. In Japan, real GDP for the second quarter of 2018/19 was set to return to positive growth. Natural disasters and extreme weather conditions caused volatility in GDP in 2018. The economy is expected to remain on a moderate growth path in the future, supported by highly accommodative monetary policy and the domestic capital expenditure cycle. In China economic activity was losing growth momentum, mainly the manufacturing sector showing signs of weakening. In December 2018, the manufacturing PMI dropped below 50 for the first time since 2017, while the services sector – less exposed to the US trade tensions – was more resilient. National Bank of Ethiopia 92
8.2. Inflation Developments
As a result of decline in oil prices, global inflation slowed. Annual consumer price inflation in the countries of OECD moderated to 2.7 percent in November 2018, while inflation excluding food and energy decreased marginally to 2.2 percent. Global inflationary pressures are expected to remain contained. Wage growth in advanced economies continues to be moderate, despite a tightening of labor markets and rising capacity constraints. In United States, headline consumer price inflation declined to 1.9 percent in December 2018 due to a sharp deceleration in energy prices, while average hourly earnings remained strong. In Japan, headline inflation declined significantly in December due to the recent softening of oil and food prices. In Euro area annual HICP inflation declined to 1.6 percent in December from 1.9 percent in November, mainly due to lower energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to decline further over the coming months. Measures of underlying inflation remain generally muted, but labor cost pressures are continuing to strengthen and broaden amid high levels of capacity utilization and tightening labor markets.
8.3. Commodity Price
Oil prices declined in the second quarter of 2018/19, mainly on account of oversupply fears related to the waivers on the US sanctions on Iranian oil exports, coupled with continued high production growth in the United States. These effects initially outweighed the possible price effects of production cuts by OPEC and a group of allied oil-producing nations, particularly because market uncertainty persisted regarding the cuts agreed on December 7, 2018. Non-oil commodity prices have increased slightly, mainly on the back of food price increases. Second Quarter 2018/19 73 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia
93
8.4 Exchange Rate Developments8
In foreign exchange markets, the U.S. dollar appreciated 1.8 percent in the second quarter of 2018/19, amid numerous cross-currents. The dollar’s modest appreciation occurred despite a notable decline in U.S. Treasury yields—partly attributed to the net lowering of expectations regarding the future path of the target range for the federal funds rate - and the resultant narrowing of U.S. interest rate differentials vis-à-vis other major economies. The dominant force supporting dollar appreciation was a sharp global sell-off in risk assets precipitated by rising concerns about future corporate earnings as well as concerns about broader global growth amid ongoing global trade tensions. Among major currencies, the dollar appreciated 1.2 percent against the euro and 5.6 percent against the Canadian dollar. By contrast, the dollar depreciated 3.5 percent against the Japanese yen amid the decline in risk sentiment. The dollar was little changed on net against the Chinese renminbi, despite notable intra quarter volatility.

8
This section is taken from Federal Reserve Bank of America’s ‘Treasury and Federal Reserve Foreign Exchange Operations’ Report Oct.-Dec. 2018 National Bank of Ethiopia 94
8.5. Impact of Global Economic Development on Ethiopian Economy
During the second quarter of F.Y. 2018/19, global economic activities indicators pointed to a steady growth momentum. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the second quarter of 2018/19. Global headline inflation, meanwhile, has declined supported by the decrease in oil prices. This together with high domestic prices made the REER to appreciate by 23.8 percent. On the other hand, the decrease in oil price could decrease the country’s import bills to have depressing effect on the current account deficit. 74 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

8
This section is taken from Federal Reserve Bank of America’s ‘Treasury and Federal Reserve Foreign Exchange Operations’ Report Oct.-Dec. 2018 National Bank of Ethiopia 94
8.5. Impact of Global Economic Development on Ethiopian Economy
During the second quarter of F.Y. 2018/19, global economic activities indicators pointed to a steady growth momentum. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the second quarter of 2018/19. Global headline inflation, meanwhile, has declined supported by the decrease in oil prices. This together with high domestic prices made the REER to appreciate by 23.8 percent. On the other hand, the decrease in oil price could decrease the country’s import bills to have depressing effect on the current account deficit. Second Quarter 2018/19 75 National Bank of Ethiopia Quarterly Bulletin

StatiStiCal taBlES
76 Second Quarter 2018/19
National Bank of Ethiopia Quarterly Bulletin

table 1(a): Statement of Condition of National Bank of Ethiopia:
assets
(In Millions of Birr)
End of Period Total
Foreign Assets Claims on Government
Advance
To DBE
Silver
Coins
Other
Gold Assets
Reserve
Tranche
Foreign
Exchange Others Total Bond
Direct
Advance Others
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 QII 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 Second Quarter 2018/19 77 National Bank of Ethiopia Quarterly Bulletin

table 1(b): Statement of Condition of National Bank of Ethipia:
liabilities
(In Millions of Birr)
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 QII 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 78 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 2(a): Statement of Condition of Commercial Banks:
assets
(In Millions of Birr)
End of
Period
Reserves
Foreign
Assets
4
Claims
On Gov't
5
Claims on Non-Central Gov't
Other
Assets
10
Total
(2+3)
1
Cash in
Hand
2
Deposits with NBE
3
Total
(7+8+9)
6
Loans
&Adv.
7
Investment
8
Commercial
Banks
9
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 6,525.70 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 75,725.45 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 79,531.90 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 68,091.40 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 QII 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 Second Quarter 2018/19 79 National Bank of Ethiopia Quarterly Bulletin

table 2(b): Statement of Condition of Commercial Banks:
liabilities
(In Millions of Birr)
End of
Period
Total
(Liab.=
Assets)
Non-Central Gov't Deposits
Gov't
Depos.
Foreign
Liab.
Capital Account
Other
Liab.
Total
(3+4+5) Demand Time Saving
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 9,352.30 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 9,775.09 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 QII 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 80 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia:
assets
(In Millions of Birr)
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
Cooperatives
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 7,911.06 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 QII 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 Second Quarter 2018/19 81 National Bank of Ethiopia Quarterly Bulletin

table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia:
liablities
(In Millions of Birr)
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
Total N.B.E Others Items
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 7,911.06 124.71 369.44 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 Qrt.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 82 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 4: Money Supply and its Determinants
(In Millions of Birr)
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) QuasiMoney Total Volume (3+4) Total Credit (7+10) Net Claims on Gov't Claims on Non-Cen Gov't Total (8+9) Nat. Bank Comm. Banks 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 60,064.15 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 (29,000.23) 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 QII 92,192.58 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 Second Quarter 2018/19 83 National Bank of Ethiopia Quarterly Bulletin

table 5: Seasonally adjusted data of Monetary Variables (1)
(In Millions of Birr)
End of
Period
Money and Quasi-Money Domestic Credit
Currency Outside
Banks
Net Demand
Deposit
Money
Supply
QuasiMoney
Total
Volume
Central Gov't
(Net)
Non-Cent.
Gov't
Foreign Assets
(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 QII 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 23,531.23 1/ Obtained by multiplying each original observation by appropriate index for the month 84 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 6: international Reserves and Net foreign assets of National Bank & Commercial Banks
(In Millions of Birr)
End of
Period
Gross Reserve
Foreign Liabilities Net Foreign Assets National Bank of Ethiopia international Reserves Comm. Banks Reserve Gross Reserves NBE Total Gold Foreign Exc. Others Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 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 9,775.09 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 2018/19 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 QII 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 Second Quarter 2018/19 85 National Bank of Ethiopia Quarterly Bulletin

table 7: Domestic Credit by Sector
(In Millions of Birr)
End of
Period
Gross
Domestic
Credit
Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm. Banks Total Loans & Advances Investments 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 46,095.08 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 85,795.45 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 QII 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 86 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 8: Deposits by type and Sector
(In Millions of Birr)
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 48,471.39 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 QII 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 Second Quarter 2018/19 87 National Bank of Ethiopia Quarterly Bulletin

table 9: Reserve and liquidity position of the Commercial Banks, and turnover of Deposits
(In Millions of Birr)
End of
Period
Reserve
Requirments
Actual
Rese.
Excess
Rese.
Foreign
Assets
Foreign Liabilities Actual
Reserve+
Net For.
Assets
Liquidity
Ratio
Ratio:
Loans
Adv.to
Dep.
Debit
Balance
TurnOver of
Deposit
Short Long
Total Term 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 9,775.09 9,775.09 - 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 68,091.40 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 - 107,734.41 16.13 54.41 (7,494.41) (0.03) QII 38,073.40 85,123.08 47,049.67 28,357.05 15,913.29 15,913.29 - 97,566.83 14.26 55.87 2,464.99 0.01

Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency).
Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net.
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.
Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits.
88 Second Quarter 2018/19
National Bank of Ethiopia Quarterly Bulletin

table 10: Circulating Notes and Coins by Denomination
(In Millions of Birr)
End of
Period
Value of
Notes &
Coins
Denomination of Notes: Birr
Total
Value
(Coins)
Denominations of Coins: Cents
Total
Value
(Notes) 1 5 10 50 100 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 QII 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 Second Quarter 2018/19 89 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- Cooperatives State Private Jan. 1, 1995 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 Deposit rates 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
Minimum and Maximum Interest Rates
Jan. 2, 1995- Dec. 1, 1995- June 1, 1996- Sep.16,1996- Jan. 1,1998- Mar. 4,2002- Aug. 2002 to 8-Feb-05 04-Jul-07 01-Dec-10 11-Oct-17 Nov. 30, 1995 May 30, 1996 Sep. 15, 1996 Dec. 31,1997 Mar. 3, 2002 August-02 7-Feb-05 04-Jul-07 30-Nov-10 to 10-Oct -2017 to todate Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 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 90 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 12: Government internal Debt by holder
(In Millions of Birr)
End of
Period
Total
Gov't
Indebtedness
1=2+6+9
NBE
Total
2=3 to 5
National Bank of Ethiopia Commercial Banks Others Direct Advance Gov't Bonds Interest bearing Comm. Banks Total Gov't Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 3 4 5 6=7+8 7 8 9=10+11 10 11 2007/08 Qtr.I 48586.6 30269.3 20370.0 9417.1 482.2 16049.9 4070.5 11979.4 2267.4 282.4 1985.0 Qtr.II 50558.8 31995.3 22096.0 9417.1 482.2 16074.0 4059.4 12014.6 2489.5 274.5 2215.0 Qtr.III 50549.4 33917.3 24018.0 9417.1 482.2 12177.8 4058.3 8119.5 4454.3 430.3 4024.0 Qtr.IV 54229.6 41563.1 31818.0 9270.9 474.2 6648.2 3914.0 2734.1 6018.3 430.3 5588.0 2008/09 Qtr.I 56674.5 44271.0 34578.0 9270.9 422.1 6234.9 3891.8 2343.1 6168.5 430.3 5738.2 Qtr.II 54951.3 42949.0 33256.0 9270.9 422.1 5547.2 3879.3 1668.0 6455.1 413.9 6041.2 Qtr.III 54449.5 42249.0 32556.0 9270.9 422.1 5548.9 3878.2 1670.7 6651.6 370.6 6281.0 Qtr.IV 56589.9 44498.7 34891.0 9193.6 414.1 5409.4 3741.6 1667.7 6681.8 370.6 6311.2 2009/10 Qtr.I 56667.5 44326.6 34771.0 9193.6 362.0 5740.1 3469.4 2270.7 6600.8 370.6 6230.2 Qtr.II 55892.6 43610.8 34055.2 9193.6 362.0 5177.6 3456.8 1720.7 7104.2 354.2 6750.0 Qtr.III 58880.0 45989.7 36434.1 9193.6 362.0 5627.9 3456.8 2171.0 7262.4 310.9 6951.5 Qtr.IV 59921.2 45522.8 36044.1 9124.7 354.0 7415.3 3319.4 4095.8 6983.1 310.9 6672.2 2010/11 Qtr.I 60527.5 47983.7 38557.1 9124.7 301.9 5480.7 3047.2 2433.5 7063.1 310.9 6752.2 Qtr.II 61613.2 50488.6 41062.0 9124.7 301.9 4102.9 2784.7 1318.2 7021.7 269.3 6752.4 Qtr.III 64015.5 51930.6 42504.0 9124.7 301.9 4953.2 2784.5 2168.7 7131.7 269.3 6862.4 Qtr.IV 69415.2 55614.6 46265.0 9055.7 293.9 3568.7 2670.3 898.4 10231.9 269.3 9962.6 2011/12 Qtr.I 71052.0 55566.5 46264.9 9055.7 245.8 4121.7 2424.6 1697.1 11363.8 251.2 11112.6 Qrt.II 71122.3 55562.5 46264.9 9055.7 241.8 2857.2 2423.2 434.0 12702.6 251.2 12451.4 Qrt.III 75502.2 55562.5 46264.9 9055.7 241.8 3068.3 2419.2 649.1 16871.4 200.0 16671.4 Qtr.IV 77812.0 55562.5 46264.9 9055.7 241.8 4421.2 2419.2 2002.0 17828.4 200.0 17628.4 2012/13 Qtr.I 82079.1 55510.4 46264.9 9055.7 189.7 8511.9 2455.9 6056.0 18056.8 200.0 17856.8 Qtr.II 81380.8 55510.4 46264.9 9055.7 189.7 6693.0 2397.6 4295.5 19177.4 200.0 18977.4 Qtr.III 85794.0 59510.4 50264.9 9055.7 189.7 5407.5 2419.7 2987.7 20876.1 200.0 20676.1 Qtr.IV 93019.2 64510.4 55264.9 9055.7 189.7 5700.0 2380.4 3319.6 22808.9 200.0 22608.9 2013/14 Qtr.I 91279.3 64381.3 55264.9 8986.8 129.6 4089.1 1753.9 2335.2 22808.9 200.0 22608.9 Qtr.II 90654.2 64381.3 55264.9 8986.8 129.6 3464.0 1753.8 1710.2 22808.9 200.0 22608.9 Qtr.III 97944.0 73381.3 64264.9 8986.8 129.6 1753.8 1753.8 0.0 22808.9 200.0 22608.9 Qtr.IV 107318.5 73304.4 64264.9 8917.8 121.6 1629.7 1629.7 0.0 32384.5 97.6 32286.9 2014/15 Qtr.I 109794.8 73175.3 64264.9 8848.9 61.5 1227.5 1227.5 0.0 35392.0 97.6 35294.4 Qtr.II 116383.3 78175.3 69264.9 8848.9 61.5 1246.3 1246.3 0.0 36961.7 54.3 36907.4 Qtr.III 121824.8 81175.3 72264.9 8848.9 61.5 1252.3 1252.3 0.0 39397.2 54.3 39342.9 Qtr.IV 135190.4 92175.3 83264.9 8848.9 61.5 1256.0 1256.0 0.0 41759.1 54.3
41704.8 2015/16 Qtr.I 144937.8 99657.3 91264.9 8344.4 48.0 905.4 905.4 0.0 44375.1 54.3 44320.8 Qtr.II 154426.6 104657.3 96264.9 8344.4 48.0 905.4 905.4 0.0 48863.9 54.3 48809.6 Qtr.III 159157.7 104657.3 96264.9 8344.4 48.0 905.4 905.4 0.0 53595.0 72.4 53522.6 Qtr.IV 163461.0 109080.4 100764.9 8275.5 40.0 785.7 785.7 0.0 53595.0 72.4 53522.6 2016/17 Qtr.I 161914.2 107764.9 107764.9 0.0 0.0 554.3 554.3 0.0 53595.0 72.4 53522.6 Qtr.II 171344.9 120640.8 112764.9 7839.9 36.0 554.3 554.3 0.0 50149.8 36.2 50113.6 Qtr.III 184406.9 129640.8 121764.9 7839.9 36.0 530.3 530.3 0.0 54235.8 36.2 54199.6 Qtr.IV 230923.3 135632.8 127764.9 7839.9 28.0 21982.7 21982.7 0.0 73307.8 36.2 73271.6 2017/18 Qtr.I 251943.3 150632.8 142764.9 7839.9 28.0 22208.8 22208.8 0.0 79101.7 18.1 79083.6 Qtr.II 264416.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 82100.7 18.1 82082.6 Qtr.III 270410.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 88094.7 18.1 88076.6 Qtr.IV 286601.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 104285.7 18.1 104267.6 2018/19 Qtr.I 306121.1 166685.3 159264.9 7404.4 16.0 22567.1 22567.1 0.0 116868.7 18.1 116850.6 Qtr.II 324319.7 178685.3 171264.9 7404.4 16.0 22521.7 22521.7 0.0 123,112.7 18.1 123094.6 Second Quarter 2018/19 91 National Bank of Ethiopia Quarterly Bulletin

table 13. General Government Quarterly Revenue
Ethiopian fiscal year
Fiscal year ending July 7
2010 2011
2017/18 2018/19
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 (In million Birr) Tax revenue 266,609.4 53,367.7 119,446.2 66,078.5 177,027.8 57,581.6 235229.5 58,201.7 289,521.3 60,080.5 135,807.6 75,727.1 Direct taxes 101,768.6 19,902.6 50,054.4 30,151.8 74,130.6 24,076.3 97646.0 23,515.4 114,487.6 24,546.3 63,348.8 38,802.4 Income and profits tax 98,632.1 19,320.1 48,693.0 29,373.0 72,068.6 23,375.5 94837.3 22,768.8 109,067.1 23,865.0 61,802.0 37,936.9 Personal income 30,896.0 6,759.0 15,302.6 8,543.6 24,487.7 9,185.1 34810.6 10,322.9 36,708.6 8,326.0 19,071.6 10,745.6 Rental income tax 2,354.3 782.1 1,362.6 580.5 1,610.5 248.0 1727.2 116.7 2,488.1 913.8 1,850.1 936.3 Business profits 52,146.7 9,931.1 28,118.6 18,187.6 35,219.0 7,100.3 44732.7 9,513.7 57,607.9 12,851.3 36,695.3 23,844.0 Withholding income tax on imports 4,005.8 919.7 1,782.1 862.4 2,528.0 745.9 3308.6 780.5 2,916.9 889.0 1,742.0 853.0 Agriculture income 617.8 9.3 103.1 93.8 272.0 168.9 401.0 129.0 698.1 7.1 59.9 52.8 Other income 7,720.2 637.9 1,408.7 770.8 6,851.0 5,442.3 8356.9 1,505.9 7,632.4 449.7 1,550.0 1,100.4 Interest income tax 799.9 247.3 517.0 269.7 957.2 440.1 1261.8 304.6 877.2 370.0 685.0 315.0 Capital gains tax 91.4 33.7 98.2 64.5 143.2 45.0 238.7 95.5 137.9 58.3 148.1 89.8 Rural land use fee 486.1 10.6 85.9 75.3 243.2 157.3 376.3 133.1 2,300.4 12.1 70.2 58.1 Urban land lease fee 2,650.4 572.0 1,275.4 703.5 1,818.8 543.4 2,432.4 613.6 3,120.0 669.2 1,476.6 807.3 0.0 Domestic indirect taxes 78,503.1 14,524.3 30,824.7 16,300.4 48,018.7 17,194.0 67172.4 19,153.7 83,200.3 17,349.9 36,708.9 19,359.1 Sales/TOT/excise taxes 39,788.0 6,120.2 12,739.3 6,619.2 20,821.0 8,081.7 28849.4 8,028.4 40,833.5 7,266.0 15,452.7 8,186.7 Petroleum products 763.9 190.0 347.7 157.7 491.0 143.3 610.6 119.6 820.3 160.4 386.0 225.5 Alcohol and tobacco 7,092.6 1,207.8 2,827.8 1,620.0 4,634.2 1,806.4 6483.4 1,849.2 7,638.8 1,459.2 3,504.8 2,045.7 Other goods 31,931.4 4,722.3 9,563.9 4,841.6 15,695.8 6,131.9 21755.3 6,059.5 32,374.4 5,646.4 11,561.9 5,915.5 Services TOT/ sales tax 36,303.7 8,052.1 17,319.3 9,267.3 26,043.7 8,724.3 36587.7 10,544.0 38,999.8 9,638.3 19,934.8 10,296.5 Stamp duties 2,411.4 352.0 766.0 414.0 1,154.0 388.0 1735.4 581.4 3,367.0 445.5 1,321.4 875.9 0.0 Import duties and taxes 86,337.7 18,940.9 38,567.2 19,626.3 54,878.4 16,311.3 70411.0 15,532.6 91,833.5 18,184.3 35,749.9 17,565.6 Custom duties 28,644.8 6,471.8 13,382.6 6,910.8 19,136.6 5,754.0 24393.7 5,257.1 30,548.3 6,171.2 12,037.4 5,866.2 Sales/excise taxes 40,849.5 8,805.4 17,699.3 8,893.9 25,013.2 7,313.8 32188.5 7,175.3 43,423.5 8,418.9 16,773.5 8,354.6 Petroleum products 2,872.9 384.8 477.6 92.8 944.2 466.6 1340.7 396.5 3,088.4 401.5 671.4 269.8 Alcohol and tobacco 603.0 90.8 151.4 60.6 225.0 73.5 307.7 82.8 648.2 82.2 207.9 125.7 Other imports 37,373.6 8,329.8 17,070.3 8,740.5 23,844.0 6,773.7 30540.1 6,696.0 39,686.9 7,935.1 15,894.2 7,959.1 Surtax on imports 16,843.4 3,663.7 7,485.2
3,821.5 10,728.6 3,243.4 13828.8 3,100.2 17,861.7 3,594.2 6,938.9 3,344.8 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 54,493.9 10,085.4 18,164.4 8,079.0 25,210.0 7,045.7 34418.7 9,208.7 45,812.3 11,306.6 17,819.3 6,512.7 Charges and fees 2,697.3 478.5 1,730.5 1,252.0 3,086.9 1,356.4 4182.5 1,095.6 3,115.8 587.9 1,232.5 644.6 Sales of goods & services 5,679.5 665.2 2,071.7 1,406.5 3,145.6 1,074.0 5282.4 2,136.8 6,580.9 922.1 2,218.2 1,296.2 Residual surplus, capital charge, interest 0.0 payments and state dividend 17,210.9 6,498.8 8,776.8 2,278.0 10,956.4 2,179.5 12222.8 1,266.4 15,668.4 7,612.2 8,939.2 1,327.0 Reimbursement & property sales 9,986.6 15.6 40.8 25.2 86.5 45.6 121.2 34.8 323.1 13.1 32.6 19.5 Miscellaneous 9,722.9 1,503.1 3,018.0 1,514.9 3,828.4 810.4 6168.1 2,339.7 9,686.5 885.0 2,363.5 1,478.5 Other extraordinary 0.0 Privatization proceeds 0.0 7,990.2 7,990.1 9349.1 1,358.9 0.0 Other revenue 9,196.8 924.1 2,526.6 1,602.5 4,106.3 1,579.7 6441.7 2,335.4 10,437.6 1,286.3 3,033.2 1,746.9 0.0 Total revenue 321,103.3 63,453.1 137,610.6 74,157.5 202,237.8 64,627.2 269648.2 67,410.4 335,333.7 71,387.1 153,626.9 82,239.9 External grants 17,176.7 2,386.1 8,512.2 6,126.0 13,732.4 5,220.3 17913.9 4,181.5 19,148.0 3,362.7 8,619.3 5,256.6 Grants in kind/earmarked 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 14167.7 2,982.7 16,813.6 3,362.7 7,229.8 3,867.1 Untied cash & CPF/grants 2,263.3 0.0 2,546.8 2,546.8 2,547.4 0.6 3746.2 1,198.8 2,334.4 0.0 1,389.5 1,389.5 0.0 Total revenue and grants 338,280.0 65,839.2 146,122.7 80,283.5 215,970.2 69,847.5 287562.1 71,591.9 354,481.7 74,749.8 162,246.2 87,496.4 92 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 14. General Government Quarterly Expenditure
Ethiopian fiscal year 2010 2011
Fiscal year ending July 7 2017-18 2018-19
Pre actual Pre actual
Budget
3mon
(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV Budget 3mon (Qrt.I.Re ) 6mon Qrt.II A. Capital Expenditure Economic development 119,557.6 16,678.3 38,346.6 21,668.2 63,162.9 24,816.3 89,717.1 26,554.2 120,235.1 17,474.0 40,767.4 23,293.4 Agriculture 17544.3 2128.7 5,415.9 3,287.2 10,687.3 10,687.3 16,487.9 5,800.6 19,508.6 1,905.5 5,888.6 3,983.1 Natural Resource 21,455.7 1,832.6 7,453.5 5,620.9 12,748.3 12,748.3 18,038.9 5,290.6 25,213.1 1,442.3 6,064.0 4,621.7 o/w: Water 20,854.8 1,823.3 6,734.2 4,910.9 8,648.6 11,450.1 17,904.5 9,255.9 23,109.2 1,025.2 5,977.3 4,952.1 Mines & Energy 97.0 598.1 1,541.5 943.4 2,279.3 2,279.3 2,476.0 196.6 76.5 790.6 781.5 -9.1 Trade, Industry & Tourism 5,823.5 343.2 1,548.7 1,205.5 2,233.5 0.0 3,396.9 1,163.4 4,681.0 1,336.2 2,191.5 855.3 Urban dev't & housing 12,943.4 531.2 2,725.2 2,193.9 4,612.6 2,233.5 7,762.6 3,150.0 13,637.5 2,214.8 5,350.5 3,135.6 Road construction 58,800.4 10,633.6 18,148.8 7,515.2 28,713.8 4,612.6 37,827.4 9,113.6 52,194.7 9,675.7 19,494.8 9,819.2 Transport & communication 2,893.2 610.9 1,513.0 902.1 1,888.0 28,713.8 3,727.4 1,839.4 4,923.7 108.9 996.5 887.6 Social Development 45,711.1 9,405.2 19481.8 10,076.6 26,860.5 7,378.7 37,477.1 10,616.5 47,525.4 8,921.2 18,585.7 9,664.4 Education 28,662.7 7,346.5 14613.9 7,267.4 18,110.6 3,496.7 23,346.9 5,236.3 25,729.5 6,099.7 12,374.0 6,274.3 Health 12,508.4 1,479.2 3,812.3 2,333.0 6,833.3 3,021.0 11,126.7 4,293.4 14,470.9 2,274.1 4,798.4 2,524.3 Socail welfare 1,229.8 228.3 93.1 -135.2 203.3 110.1 706.2 502.9 1,870.9 224.6 380.8 156.2 Culture & sport 3,310.2 351.1 962.4 611.4 1,713.4 750.9 2,297.3 583.9 5,454.1 322.8 1,032.4 709.6 General Development 23,744.1 2,491.9 6,117.4 3,625.5 9,487.7 3,370.3 16,540.9 7,053.2 29,753.4 1,053.4 4,095.2 3,041.8 Compensation payments 0.0 External assistance 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 14,167.7 2,982.7 16,813.6 3,362.7 7,229.8 3,867.1 Sub Total Capital Expenditure 189,012.8 28,575.4 63,945.7 35,370.3 99,511.1 35,565.4 143,735.1 44,224.0 197,513.9 27,448.6 63,448.3 35,999.7 B. Current Expenditure General Services 54,203.3 12,266.6 27,759.4 15,492.8 42,958.4 27,759.4 62,715.7 19,757.2 65,473.6 13,122.9 29,343.0 16,220.2 Organ of the State 6,134.5 1,760.1 4,397.7 2,637.6 6,765.9 4,397.7 9,979.3 3,213.4 9,594.5 1,643.7 4,313.5 2,669.8 Justice 7,779.4 1,217.2 3,155.7 1,938.5 5,166.1 3,155.7 8,079.5 2,913.4 7,215.3 1,331.6 3,427.5 2,095.9 Defence 12,000.0 3164.7 6,411.3 3,246.7 9,570.9 6,411.3 12,813.6 3,242.7 15,000.0 3,629.9 6,865.6 3,235.7 Public order & security 12,688.3 2944.1 6,439.5 3,495.4 9,988.7 6,439.5 14,171.0 4,182.2 15,932.4 2,982.2 6,882.5 3,900.2 Other General services 15,601.1 3,180.6 7,355.2 4,174.6 11,466.8 7,355.2 17,672.3 6,205.5 17,731.4 3,535.4 7,854.0 4,318.6 Economic Services 30,787.4 4,903.3 12,602.1 16,588.1 19,463.6 6,861.5 26,503.3 7,039.6 33,618.9 4,710.5 12,622.0 7,911.4 Agriculture&natural resource 15,231.3 2,340.8 7,524.5 5,183.8 11,690.5 4,166.0 16,553.4
4,862.9 21,817.0 2,721.1 7,809.6 5,088.5 Agriculture 5,795.3 5,795.3 8,677.4 2,882.1 12,214.4 3,537.0 17,056.5 2,053.9 5,757.7 3,703.7 Natural resource 5,346.5 684.5 1,729.2 1,044.8 3,013.2 1,283.9 4,339.0 1,325.8 4,760.5 667.1 2,052.0 1,384.8 o/w: Water 3,181.4 495.3 1,500.8 1,005.5 2,326.6 825.8 3,390.4 1,063.7 3,947.2 452.9 1,560.2 1,107.3 Trade, Industry & Tourism 5,286.8 990.8 3,047.3 2,056.5 4,393.4 1,346.2 5,434.8 1,041.4 5,930.0 1,016.3 2,579.9 1,563.6 Mines & Energy 214.8 28.5 64.8 36.3 112.7 47.9 164.0 51.3 208.1 36.3 61.0 24.7 Tourism 0.0 Transport & communication 1,193.7 83.6 278.1 194.4 466.9 188.9 644.4 177.4 1,622.8 167.9 309.4 141.5 Urban devt. & construction 2,982.8 638.4 1,416.6 778.2 2,424.9 1,008.3 3,256.5 831.6 3,456.9 648.5 1,560.1 911.6 o/w: Road Construction 1,205.3 292.3 651.6 359.3 1,039.2 387.6 1,497.0 457.7 1,278.4 270.2 765.8 495.7 Economic development studies 531.6 136.8 270.9 134.1 375.1 104.2 450.2 75.1 584.1 120.4 301.9 181.5 Social Services 92,624.3 18,450.5 44,609.5 26,159.0 69,744.5 25,135.0 97,845.8 28,101.3 103,494.0 17,866.8 43,262.2 25,395.4 Education & training 67,010.8 12,387.3 29,720.2 17,332.9 46,095.6 16,375.4 65,313.7 19,218.1 72,855.0 12,691.2 29,786.4 17,095.2 Culture & sports 3,061.3 574.2 1,533.3 959.1 2,383.6 850.3 3,361.5 977.9 3,662.1 598.5 1,516.5 918.0 Public health 21,249.0 3,223.8 8,656.6 5,432.8 13,894.8 5,238.2 20,702.5 6,807.7 25,517.3 3,350.5 9,486.4 6,135.9 Labour & social welfare 778.5 161.3 432.7 271.5 686.9 254.2 993.0 306.1 923.8 163.6 498.0 334.4 Rehabilitation 524.8 2,103.8 4,266.7 2,162.8 6,683.5 2,416.9 7,475.0 791.5 535.7 1,063.1 1,974.9 911.9 Interest & Charges 12,051.4 2,217.4 6,299.9 4,082.5 7,908.9 1,609.0 11,570.7 3,661.7 15,221.9 2,850.7 6,323.5 3,472.8 Internal debt 6,938.8 1,361.0 2,858.4 1,497.4 3,988.9 1,130.6 6,180.7 2,191.7 7,765.3 1,638.2 3,395.4 1,757.2 External debt 5,112.6 856.5 3,441.5 2,585.1 3,920.0 478.4 5,390.0 1,470.0 7,456.6 1,212.5 2,928.1 1,715.6 O/w: defence commercial Miscellaneous 23,441.5 439.4 1,503.6 1,064.2 2,840.1 1,336.5 11,834.9 8,994.7 21,886.9 652.3 1,966.0 1,313.7 External assistance * 0.0 Sub Total Expenditure 213,108.0 38,277.2 92,774.5 54,497.3 142,915.6 50,141.0 210,470.2 67,554.7 239,695.2 39,203.2 93,516.7 54,313.6 Grand Total Expenditure 402,120.8 66,852.6 156,720.2 89,867.6 242,426.7 85,706.5 354,205.3 111,778.6 437,209.2 66,651.8 156,965.0 90,313.3

Estimated value
Re = First Quarter Capital part is reviesed
Second Quarter 2018/19 93
National Bank of Ethiopia Quarterly Bulletin

table 15: Domestic Refining and imports of ptroleum
(In Metric Tons)
End of Gasoline Light Heavy Liquified Kerosine Total Period Regular Jet Fuel Jet Fuel Fuel Oil Asphalt Petroleum Gas Oil 160/200 Refined 2007/08 144,505.0 - 492,083.5 180,992.8 - - 1,093,804.5 - 1,911,385.7 Qtr.I 40,354.0 122,857.3 42,910.3 246,507.6 452,629.3 Qtr.II 29,153.0 117,045.0 47,096.0 257,654.0 450,948.0 Qtr.III 37,402.5 125,718.6 37,672.0 291,373.9 492,167.0 Qtr.IV 37,595.4 126,462.6 53,314.5 298,268.9 515,641.5 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 QII 122,357.9 9,751.8 9,596.8 19,348.6 600,552.3 761,607.4 94 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

annex 16: GDp By Economic activity at Constant prices
(In millions of Birr)
Sectors/Year
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 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 Agriculture, Hunting and Forestry 130,614.3 145,042.0 158,645.8 170,428.1 181,074.4 194,869.2 212,252.7 222,664.5 238,438.0 251,340.0 267,269.0 542,700.2 579,022.9 599,331.5 Crop 83,361.1 95,838.1 106,406.4 114,904.0 122,343.4 133,039.9 146,760.0 154,081.7 166,698.9 177,663.1 190,421.6 346,293.6 374,649.8 392,291.8 Animal Farming and Hunting 30,872.0 32,385.2 34,936.0 37,494.4 40,136.6 42,619.2 45,806.1 48,287.7 50,777.2 51,834.8 54,250.1 146,959.5 153,170.4 154,037.9 Forestry 16,381.2 16,818.7 17,303.4 18,029.7 18,594.5 19,210.0 19,686.6 20,295.1 20,961.9 21,842.1 22,597.2 49,447.1 51,202.7 53,001.7 Fishing 120.3 110.4 118.9 159.3 201.5 204.9 217.0 263.2 314.1 416.3 543.8 1,381.9 1,389.4 1,546.7 Mining and Quarrying 2,412.6 2,585.5 2,187.2 2,655.5 2,994.8 4,317.5 6,809.7 7,675.1 8,156.9 7,898.4 5,876.4 6,116.8 4,296.9 3,402.8 Manufacturing 10,140.9 11,176.0 12,091.7 13,302.1 14,487.3 16,127.1 18,968.0 21,207.1 24,798.2 28,923.9 34,194.6 89,246.7 111,249.6 117,410.7 Large and Medium Scale Manufacturing 6,152.4 6,992.2 7,655.2 8,617.9 9,504.4 10,797.1 12,323.8 14,283.8 17,740.9 21,566.2 26,558.6 61,687.4 73,528.2 77,966.5 Small Scale and Cottage Industries 3,988.5 4,183.8 4,436.5 4,684.3 4,982.8 5,329.9 6,644.2 6,923.3 7,057.3 7,357.7 7,636.0 27,559.2 37,721.5 39,444.2 Electricity and Water 3,302.7 3,595.0 4,084.3 4,282.3 4,496.6 4,608.7 4,902.4 5,566.1 6,124.2 6,538.2 6,831.9 11,015.5 11,552.5 11,928.9 Construction 10,022.8 11,074.4 12,282.1 13,675.2 15,271.9 16,935.0 19,100.4 25,108.0 34,831.6 43,146.7 56,772.6 237,545.0 286,749.6 331,691.4 Whole Sale and Retail Trade 34,482.7 40,529.6 47,343.9 54,847.5 61,280.3 66,974.3 70,907.5 79,785.5 87,831.4 103,350.2 116,095.3 202,241.5 215,351.1 241,936.3 Hotels and Restaurants 4,724.2 5,646.8 7,197.7 8,876.1 10,993.6 13,663.7 17,029.3 18,740.8 22,326.5 28,267.0 36,630.6 41,601.3 41,625.2 44,335.3 Transport and Communications 11,292.7 11,935.3 13,048.7 14,545.3 15,842.3 18,130.2 19,890.5 22,391.7 26,087.9 29,395.7 33,312.8 70,453.3 81,097.4 86,310.3 Financial Intermediation 4,375.6 5,631.9 6,481.9 8,304.6 9,672.7 9,645.6 11,927.7 14,744.4 12,944.2 14,793.3 15,896.1 39,768.8 47,061.1 52,114.6 Real Estate, Renting and Business Activities 16,779.4 19,215.0 22,138.9 25,965.8 30,089.8 36,096.7 44,064.4 45,749.9 47,529.0 49,383.9 51,432.5 67,062.9 70,005.2 74,364.3 Public Administration and Defense 9,242.8 9,831.9 10,991.7 12,368.4 14,639.8 15,944.3 25,735.8 26,529.0 28,554.4 31,701.1 33,613.2 62,259.3 70,488.5 76,754.1 Education 4,820.1 5,235.0 6,347.1 7,284.0 8,230.3 9,626.5 10,772.2 11,252.5 12,386.7 12,706.6 13,875.9 42,385.6 41,031.1 42,520.8 Health and Social Work 1,732.1 1,902.4 2,202.2 2,544.2 3,063.7 3,493.6 4,132.3 4,520.0 5,075.4 6,053.5 6,840.7 15,669.5 16,767.9 18,153.4 Other Community , Social & Personal Services
7,342.9 8,016.1 8,696.7 9,713.7 10,330.6 11,164.0 11,035.9 12,404.2 14,686.9 15,248.3 15,811.7 18,371.3 19,198.4 20,177.9 Private Households with Employed Persons 841.0 896.3 932.0 981.1 1,018.2 1,066.9 1,121.0 1,301.5 1,407.7 1,469.7 1,533.7 16,063.8 16,633.3 17,276.1 Total 251,406.0 281,527.3 313,858.9 348,952.3 382,669.6 421,801.1 478,866.9 519,903.4 571,493.3 630,632.7 696,530.8 1,463,883.8 1,613,519.9 1,739,254.9 Less : FISIM 1,155.6 16,216.0 1,841.1 2,393.7 2,693.7 2,898.1 3,219.3 2,876.9 3,061.0 3,655.4 4,309.1 14,485.8 17,038.3 19,763.6 Gross Value Added at Constant Basic Prices 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,947.0 475,647.5 517,026.5 568,432.3 626,977.4 692,221.7 1,449,397.5 1,596,481.6 1,719,491.3 Taxes on Products 23,444.0 24,071.6 25,803.6 27,238.6 24,975.4 36,321.6 39,431.0 42,595.0 50,409.9 55,381.1 61,008.0 118,700.0 120,645.6 114,575.2 GDP at Constant Market Prices 271,798.7 301,085.0 335,490.3 371,570.5 403,882.7 455,268.5 515,078.5 559,621.6 618,842.2 682,358.5 753,229.7 1,568,097.5 1,717,127.2 1,834,066.5 Source:MoF Second Quarter 2018/19 95 National Bank of Ethiopia Quarterly Bulletin

annex 17 Growth Rate of GDp By Economic activity at Constant prices
( In percent)
Industry/Year
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 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 Agriculture, Hunting and Forestry 13.7 11.0 9.4 7.4 6.2 7.6 8.9 4.9 7.1 5.4 6.3 2.3 6.7 3.5 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 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 Forestry 2.4 2.7 2.9 4.2 3.1 3.3 2.5 3.1 3.3 4.2 3.5 2.2 3.6 3.5 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 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 Manufacturing 12.9 10.2 8.2 10.0 8.9 11.3 17.6 11.8 16.9 16.6 18.2 18.4 24.7 5.5 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 Small Scale and Cottage Industries 15.0 4.9 6.0 5.6 6.4 7.0 24.7 4.2 1.9 4.3 3.8 2.5 36.9 4.6 Electricity and Water 7.9 8.8 13.6 4.8 5.0 2.5 6.4 13.5 10.0 6.8 4.5 15.0 4.9 3.3 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 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 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 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 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 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 Public Administration and Defense 11.6 6.4 11.8 12.5 18.4 8.9 61.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 Education 12.6 8.6 21.2 14.8 13.0 17.0 11.9 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 Health and Social Work 16.9 9.8 15.8 15.5 20.4 14.0 18.3 9.4 12.3 19.3 13.0 10.8 7 8.3 Other Community , Social & Personal Services 8.0 9.2 8.5 11.7 6.4 8.1 -1.1 12.4 18.4 3.8 3.7 3.0 4.5 5.1 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 Total 12.8 12.0 11.5 11.2 9.7 10.2 13.5 8.6 9.9 10.3 10.4 8.0 10.2 7.8 Less : FISIM 16.5 1303.2 -88.6 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16 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 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 2.9 -5.0 GDP at Constant Market Prices 11.7 10.8 11.4 10.8 8.7 12.7 13.1 8.6 10.6 10.3 10.4 7.6 10.2 6.8 Source:MoF 96 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 18: GDp by Economic activity at Current prices
(In million Birr)
Industry/Year
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 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 Agriculture, Hunting and Forestry 44,144 56,370 73,206 112,997 154,995 159,821 212,253 330,842 356,828 407,834 466,780 542,700 616,843 684,644 Crop 27,840 36,107 49,326 81,604 113,959 111,292 146,760 240,112 244,048 279,058 317,142 346,294 393,324 427,193 Animal Farming and Hunting 10,053 13,033 15,531 20,622 27,868 32,817 45,806 66,437 82,351 92,037 107,089 146,960 164,730 191,867 Forestry 6,707 7,462 8,988 12,695 15,475 16,801 19,687 24,293 30,429 36,739 42,550 49,447 58,788 65,584 Fishing 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 2,351 Mining and Quarrying 485 586 551 799 1,101 2,147 6,810 9,301 9,687 8,665 6,036 6,117 4,840 4,054 Manufacturing 5,007 5,917 7,630 9,892 12,631 14,778 18,968 25,559 32,095 42,341 57,170 89,247 113,387 128,200 Large and Medium Scale Manufacturing 3,439 4,181 5,599 7,359 8,844 1,038 12,324 17,161 23,032 32,093 46,438 61,687 74,763 84,791 Small Scale and Cottage Industries 1,571 1,759 2,096 2,634 3,823 4,448 6,644 8,398 9,063 10,247 10,732 27,559 38,624 43,410 Electricity and Water 2,047 2,429 3,289 3,651 3,899 4,608 4,902 6,187 7,355 8,234 8,087 11,016 13,714 15,026 Construction 5,250 6,593 8,829 11,431 15,312 15,130 19,100 29,771 45,744 83,665 140,246 237,545 300,209 452,978 Whole Sale and Retail Trade 12,641 16,678 22,961 33,125 50,478 56,713 70,908 102,632 113,402 146,757 181,227 202,242 225,076 275,513 Hotels and Restaurants 1,677 2,251 3,457 5,137 8,099 11,618 17,029 23,795 32,077 44,461 60,294 41,601 44,922 53,441 Transport and Communications 5,486 5,518 6,374 7,513 10,264 12,850 19,891 29,721 38,340 45,776 53,555 70,453 77,659 82,947 Financial Intermediation 2,254 3,048 3,684 5,014 7,965 8,163 11,928 18,919 26,536 32,219 43,504 39,769 51,810 69,359 Real Estate, Renting and Business Activities 6,494 7,911 11,608 17,338 21,077 31,423 44,064 51,656 59,192 65,179 69,009 67,063 70,793 79,553 Public Administration and Defense 5,146 5,980 6,964 9,191 11,332 13,395 25,736 29,274 34,582 40,353 50,328 62,259 80,817 94,614 Education 3,021 3,837 4,886 6,264 7,475 8,943 10,772 13,283 16,814 22,334 27,501 42,386 61,123 75,776 Health and Social Work 1,111 1,277 1,556 2,068 2,503 2,967 4,132 4,999 6,363 8,279 10,824 15,669 18,770 24,101 Other Community , Social & Personal Services 2,692 3,299 4,218 5,898 8,510 9,453 11,036 16,229 22,448 24,939 28,215 18,371 20,568 23,634 Private Households with Employed Persons 283 375 433 592 788 852 1,121 1,686 2,073 2,640 3,365 16,064 19,879 25,428 Total 96,978 120,819 158,212 229,133 313,270 351,145 478,867 694,309 804,221 984,472 1,207,368 1,463,883 1,722,669 2,091,618 Less : FISIM 595 878 1,046 1,449 2,218 2,453 3,219 3,864 7,918 9,745 14,535 14,486 18,870 26,829 Gross Value Added at Current Basic Prices 96,391 119,934 157,170 227,703 311,043 348,686 475,648 690,444 796,303 974,727 1,192,833
1,449,397 1,703,798 2,064,789 Taxes on Products 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,756 137,584 GDP at Current Market Prices 105,415 130,334 170,281 245,836 332,060 379,135 515,079 747,326 866,921 1,060,825 1,297,961 1,568,098 1,832,554 2,202,373 Source: MoF Second Quarter 2018/19 97 National Bank of Ethiopia Quarterly Bulletin

table 19: Growth Rates of GDp by Economic activity at Current prices (%)
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Sectors/Year 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 Agriculture, Hunting and Forestry 30.8 27.7 29.9 54.4 37.2 3.1 32.8 55.9 7.9 14.3 14.5 12.1 13.7 11.0 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 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 Forestry 8.4 11.3 20.5 41.2 21.9 8.6 17.2 23.4 25.3 20.7 15.8 16.1 18.9 11.6 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 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 Manufacturing 11.1 18.2 29.0 29.6 27.7 17.0 28.4 34.7 25.6 31.9 35.0 7.0 27.0 13.1 Large and Medium Scale Manufacturing
6.6 21.6 33.9 31.4 20.2 -88.3 1087.5 39.3 34.2 39.3 44.7 6.3 21.2 13.4
Small Scale and
Cottage Industries 20.4 12.0 19.2 25.7 45.1 16.4 49.4 26.4 7.9 13.1 4.7 10.4 40.1 12.4 Electricity and Water 7.7 18.7 35.4 11.0 6.8 18.2 6.4 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 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 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 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 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 Financial Intermediation 56.0 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 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
Public
Administration and
Defense
14.3 16.2 16.5 32.0 23.3 18.2 92.1 13.7 18.1 16.7 24.7 20.8 29.8 17.1
Education 15.7 27.0 27.4 28.2 19.3 19.6 20.5 23.3 26.6 32.8 23.1 19.8 44.2 24.0 Health and Social Work 22.3 14.9 21.9 32.9 21.0 18.5 39.3 21.0 27.3 30.1 30.7 21.3 19.8 28.4 Other Community , Social & Personal Services
15.4 22.5 27.9 39.8 44.3 11.1 16.7 47.1 38.3 11.1 13.1 9.9 12.0 14.9
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
Total 24 25 31 45 37 12 36 45.0 15.8 22.4 22.6 18.2 17.7 21.4 Less : FISIM 15 47 19 38 53 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 Gross Value Added at Current Basic Prices 24 24 31 45 37 12 36 45.2 15.3 22.4 22.4 18.2 17.6 21.2 Taxes on Products 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 GDP at Current Market Prices 23 24 31 44 35 14 36 45.1 16.0 22.4 22.4 17.7 16.9 20.2 Source: MoF 98 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

annex 20: Value of aggregate output, Consumption, investment and Savings at Current prices
(In Millions of Birr)
Description / Year
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 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 Gross Value Added at Current Basic Prices 96,391.0 119,934.0 157,170.0 227,703.0 311,073.0 348,686.0 475,647.5 690,444.5 796,303.1 974,727.0 1,192,833.0 1,449,397.0 1,703,798.0 2,064,789.0 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 86,098.0 105,129.0 118,700.0 128,755.0 137,583.0 GDP at Current Market Prices 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.0 515,078.5 747,326.5 866,921.1 1,060,825.0 1,297,962.0 1,568,097.0 1,832,554.0 2,202,373.0 Incomes from ROW, net 180.1 399.4 696.7 723.7 (57.1) (614.6) (1,120.2) (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.0) (10,884.1) (14,349.1) Gross National Income at Current Basic Prices 96,498.0 119,925.0 157,434.0 228,020.0 310,714.0 347,973.0 474,527.4 688,784.7 794,360.3 971,813.0 1,187,558.0 1,444,275.0 1,692,914.1 2,050,440.2 Gross National Income at Current Market Prices 105,522.0 130,324.0 170,544.0 246,152.0 331,731.0 378,422.0 513,958.4 745,666.7 864,978.3 1,057,911.0 1,292,686.0 1,562,975.0 1,821,669.6 2,188,023.6 Current Transfers from ROW, net 15,334.7 18,162.9 25,444.4 34,194.0 44,191.0 59,485.0 74,261.2 86,849.9 93,355.1 106,357.3 128,401.0 155,964.0 154,959.0 188,527.0 Gross National Disposable Income 120,857.0 148,487.0 195,989.0 280,346.0 375,922.0 437,907.0 588,219.5 832,516.6 958,333.4 1,164,268.0 1,421,087.0 1,718,939.0 1,976,629.0 2,376,551.0 Government Final Consumption Expenditure 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.0 53,147.1 62,044.5 77,636.9 98,121.0 116,995.0 174,599.0 203,608.0 225,523.0 Private Final Consumption Expenditure 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.0 373,088.5 541,536.3 636,901.3 744,978.0 896,208.0 1,042,265.0 1,219,366.0 1,441,581.0 Gross Capital Formation (Investment) 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.0 165,379.7 277,243.0 295,456.4 402,922.0 511,618.0 585,665.0 704,596.0 751,626.0 Exports of Goods and Services 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.0 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,501.0 139,830.0 184,282.0 Imports of Goods and Services 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.0 162,487.1 236,383.9 251,300.6 308,691.3 393,189.0 424,750.0 430,233.0 502,113.0 Resource Balance (21,699.4) (29,887.0) (33,234.4) (48,247.0) (61,052.0) (74,151.0) (76,536.7) (133,497.3) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) Gross Domestic Savings 9,999.0 10,781.0 21,040.0 22,593.0 32,514.0 35,202.0 88,843.0 143,745.7 152,382.9 217,726.0 284,759.0 351,233.0 409,580.0 535,269.0 Gross National Savings 25,441.0 28,934.0 46,748.0 57,103.0 76,376.0 93,973.0 161,984.0 228,935.8 243,795.2 321,169.0 407,884.0 502,076.0 553,655.0 709,447.0 Mid-year Population (In Million) 68.3 70.0 72.4 74.9 76.8 78.8 80.7 82.7
84.8 87.0 89.1 91.2 93.4 95.5 Per Capita Nominal GDP (In Birr) 1,475.0 1,783.0 2,302.0 3,282.0 4,318.0 4,803.0 6,384.1 9,031.8 10,218.7 12,200.3 14,571.0 17,192.0 19,630.0 23,061.0 Per Capita Real GDP (In Birr) 3,636.2 3,957.3 4,277.4 4,597.2 4,933.7 5,316.6 6,384.1 6,763.3 7,294.5 7,847.6 8,455.8 17,192.0 18,345.8 19,217.5 Average Exchange Rate (Birr/USD) 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.2 18.3 19.1 20.1 21.1 22.4 26.1 Real GDP (In USD) 11,201.2 12,390.0 13,108.2 15,279.6 16,665.6 18,754.4 29,543.3 30,007.3 31,095.9 32,877.7 34,438.9 74,297.0 76,411.2 70,296.7 Nominal GDP (In USD)(Million) 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.1 29,543.3 40,072.2 43,561.4 51,113.1 59,344.9 74,297.0 81,760.0 84,356.0 Per Capita Nominal GDP (In USD) 171.0 205.0 262.0 355.0 414.0 373.0 396.1 523.5 559.1 639.6 725.0 815.0 876.0 883.0 Per Capita Real GDP (In USD) 164.0 177.0 181.1 204.0 217.0 238.0 396.1 392.0 399.1 411.4 420.7 815.0 818.7 735.8 GDP Deflator 38.8 43.3 50.8 66.2 82.2 83.3 100.0 133.5 140.1 155.5 172.3 100.0 107.0 120.0 Source: MOF Second Quarter 2018/19 99 National Bank of Ethiopia Quarterly Bulletin

annex 21: Growth Rates of aggregate output, Consumption, investment and Savings
( Inpercent)
Description / Year
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 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 GDP at Current Basic Prices 23.8 24.4 31.0 44.9 36.6 12.1 36.4 45.2 15.3 22.4 22.4 18.2 17.9 21.2 Taxes on Products, net 13.3 14.5 25.7 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.8 8.5 6.9 GDP at Current Market Prices 22.9 23.6 30.6 44.4 35.1 14.2 35.9 45.1 16.0 22.4 22.4 17.7 16.9 20.2 Incomes from ROW, net -132.1 121.7 74.4 3.9 -107.9 976.5 82.3 -48.2 -17.1 -50.0 -81.0 -1.5 -112.5 -31.8 Gross National Income at Current Basic Price 24.4 24.3 31.3 44.8 36.3 12.0 36.4 45.2 15.3 22.3 22.2 18.2 17.2 21.1 Gross National Income at Current Market Price 23.5 23.5 30.9 44.3 34.8 14.1 35.8 45.1 16.0 22.3 22.2 17.8 16.6 20.1 Current Transfers from ROW, net 62.5 18.4 40.1 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 23.4 -0.6 21.7 Gross National Disposable Income 27.4 22.9 32.0 43.0 34.1 16.5 34.3 41.5 15.1 21.5 22.1 18.3 15.0 20.2 Government Final Consumption Expenditure 16.7 21.8 12.4 34.8 22.3 10.3 52.7 16.7 25.1 26.4 19.2 27.2 16.6 10.8 Private Final Consumption Expenditure 33.8 26.9 51.8 35.7 15.3 20.7 45.1 17.6 17.0 20.3 15.7 17.0 18.2 Gross Capital Formation (Investment) 10.1 31.2 14.7 45.9 37.2 24.0 61.5 67.6 6.6 36.4 27.0 15.1 20.3 6.7 Exports of Goods and Services 24.5 13.2 20.0 29.6 24.4 48.1 64.8 19.7 5.2 14.1 -1.6 0.7 14.1 31.8 Imports of Goods and Services 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 Resource Balance 50.1 37.7 11.2 45.2 26.5 21.5 3.2 -74.4 -7.2 -29.4 -46.7 -11.2 3.9 -9.4 Gross Domestic Savings -22.9 7.8 95.2 7.4 43.9 8.3 152.4 61.8 6.0 43.0 30.8 20.1 16.6 30.7 Gross National Savings 15.3 13.7 61.6 22.2 33.8 23.0 72.4 41.3 6.5 31.8 27.0 21.4 16.9 28.1 Mid-year Population (in Million) 2.7 2.5 3.4 3.5 2.5 2.6 2.4 2.5 2.5 2.6 2.4 2.2 Per Capita GDP (Birr) (Nominal) 20.1 20.9 29.1 42.6 31.6 11.2 32.9 41.5 13.1 19.4 19.4 15.0 14.2 17.5 Per Capita GDP (Birr) (Real) 9.7 8.8 8.1 7.5 7.3 7.8 10.9 5.9 7.9 7.6 7.7 4.8 6.7 4.8 Average Exchange Rate (Birr/ USD) 0.3 0.3 1.3 5.1 12.8 23.7 24.9 7.0 6.1 4.3 5.4 5.0 6.2 16.5 Real GDP (USD) 12.3 10.6 5.8 16.6 9.1 12.5 57.6 1.6 3.6 5.7 4.7 2.8 2.8 -8.0 GDP at Current Market Prices(USD) 22.6 23.2 29.0 37.4 19.8 -7.7 8.6 35.6 9.5 17.3 16.1 12.1 10.0 3.2 Per Capita GDP (USD) (Nominal) 20.4 19.9 27.8 35.5 16.6 -9.9 6.2 32.2 6.8 14.4 13.4 9.5 7.8 0.8 Per Capita GDP (USD) (Real) 9.3 7.9 2.3 12.7 6.4 9.7 53.8 -1.0 1.8 3.1 2.3 -0.1 0.5 -10.1 Percentage Change in GDP Deflator 9.9 11.6 17.3 30.4 24.3 1.3 20.1 33.5 4.9 11.0 6.4 0.0 6.3 12.5 Source: MOF 100 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 22(a): National Non-food Consumer price index, December 2016=100
Period General
Index
Food and
NonAlcoholic
Beverages
Alcoholic
Beverages and
Tobacco
Clothing
& Footwear
Housing,
Water,
Electricity,
Gas and
Other Fuels
Furnishings,
Household
Equipment and
Routine
Maintenance of the House
Health Transport Commu nication
Recreation and
Culture
Education
Restaurants and
Hotels
Miscellan eous
Goods
NonFood
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 127.8 128.3 112.3 144.7 130.1 136.3 106.3 119.8 101.1 124.9 125.8 128.1 119.8 127.2 Source: Central Statistical Agency(CSA) and NBE Staff Compilation. Second Quarter 2018/19 101 National Bank of Ethiopia Quarterly Bulletin

Table 22 (B): National Food Consumer Price Index,

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 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 Source: Central Statistical Agency 102 Second Quarter 2018/19 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 Bever- ages Alcoholic beverages & Tobacco Clothing & Foo-twear Hosing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equip- ment 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 29.6 24.0 18.8 38.3 23.1 32.3 42.8 41.9 35.1 31.2 18.7 25.2 Q.II 26.6 22.0 30.7 24.2 19.2 39.3 23.8 33.1 45.6 44.7 38.2 34.0 19.4 25.0 Q.III 27.3 23.0 30.9 25.0 20.2 39.1 25.0 35.3 45.0 44.1 36.4 32.4 21.2 25.1 Q.IV 28.5 24.8 31.6 25.6 20.7 39.6 26.6 37.5 45.0 44.1 36.7 32.6 21.0 25.5 2007/08 Q.I 29.7 26.9 32.0 26.2 21.6 39.6 27.1 38.3 45.1 44.1 37.7 33.5 21.4 26.2 Q.II 30.3 27.0 32.9 27.1 24.4 38.6 29.6 40.3 44.8 43.9 38.9 34.5 22.6 26.9 Q.III 32.8 29.5 35.5 29.8 25.8 41.4 34.0 42.4 48.1 47.1 40.4 35.9 23.0 28.2 Q.IV 37.5 36.3 38.0 31.9 27.0 45.7 36.7 43.9 49.7 48.7 42.0 37.3 26.4 30.5 2008/09 Q.I 41.9 43.8 39.4 37.0 29.3 46.4 38.0 47.3 49.7 48.6 41.9 37.2 28.6 32.5 Q.II 42.4 42.7 41.5 39.2 31.0 48.0 39.4 48.3 55.4 54.2 45.5 40.4 29.8 33.0 Q.III 41.4 40.8 41.4 43.2 32.7 46.3 40.4 48.2 51.8 50.7 48.1 42.8 30.2 33.8 Q.IV 42.8 42.2 42.8 43.4 34.1 47.2 41.7 49.8 53.8 52.7 49.7 44.2 32.1 36.5 2009/10 Q.I 44.8 43.6 45.3 43.7 35.6 49.8 42.6 52.3 61.9 60.6 50.2 44.6 34.2 38.9 Q.II 46.1 44.2 47.3 44.3 36.4 51.6 45.4 52.9 67.1 65.7 52.0 46.2 37.4 41.3 Q.III 46.2 43.2 48.5 45.1 37.7 52.3 47.4 52.9 68.5 67.1 53.6 47.7 40.2 42.6 Q.IV 48.3 45.5 50.4 47.6 39.1 54.1 49.7 55.0 72.3 70.8 53.8 47.8 42.5 43.3 2010/11 Q.I 50.5 48.2 52.0 49.7 42.8 54.4 51.6 55.3 71.9 70.4 56.6 50.3 44.9 44.9 Q.II 53.8 49.4 57.3 55.9 47.9 59.9 56.1 56.8 80.0 78.3 65.0 57.8 46.8 48.6 Q.III 56.1 49.5 61.6 54.3 51.1 65.6 59.7 57.3 88.3 86.5 66.0 58.6 47.6 55.3 Q.IV 61.1 55.4 65.7 57.9 55.3 68.2 64.2 60.2 98.7 96.6 65.8 58.5 50.7 59.2 2011/12 Q.I 64.6 60.1 67.9 62.7 58.9 69.6 65.2 62.2 98.6 96.5 68.6 61.0 54.4 62.9 Q.II 67.3 64.2 70.6 65.6 64.5 69.2 68.5 65.3 99.1 97.1 75.1 66.8 57.3 66.4 Q.III 70.6 67.0 73.4 71.4 70.5 70.6 72.4 67.1 102.2 100.0 75.6 67.1 59.0 70.4 Q.IV 74.0 73.3 74.6 71.7 72.1 71.8 73.8 69.6 102.2 100.0 76.7 72.2 59.0 72.4 2012/13 Q.I 76.5 75.8 77.0 72.0 75.8 77.4 75.6 71.3 101.3 100.0 78.2 70.2 59.0 74.6 Q.II 77.4 74.4 79.7 72.4 80.9 80.1 76.8 73.1 101.3 100.0 81.0 70.2 64.8 77.3 Q.III 77.8 73.2 81.4 79.0 82.6 81.5 79.5 76.5 101.3 100.0 82.4 72.6 66.8 80.6 Q.IV 79.6 75.7 82.5 81.1 84.8 81.5 81.8 80.9 101.2 100.0 84.0 75.0 68.8 82.0 2013/14 Q.I 82.8 78.9 85.8 84.0 86.2 85.7 83.4 74.9 101.4 100.0 86.9 75.1 78.3 83.6 Q.II 83.8 77.6 88.6 88.6 87.4 88.7 84.8 77.2 106.0 100.0 94.4 75.1 82.8 85.6 Q.III 84.6 76.7 90.6 87.6 90.3 91.5 88.3 79.6 110.2 100.0 96.4 75.1 82.3 86.0 Q.IV 86.7 79.6 92.1 92.4 93.3 91.9 90.8 85.5 110.4 100.0 98.3 75.1 85.8 85.6 2014/15 Q.I 88.6 83.9 92.3 94.0 93.5 91.2 90.0 90.7 110.3 100.0 100.9 75.1 86.9 88.8 Q.II 88.9 84.2 92.5 94.1 94.0 91.3 90.6 94.3 109.6 100.0 97.9 75.1
87.0 89.3 Q.III 90.9 87.7 93.4 95.9 94.8 92.8 93.1 95.3 101.2 100.0 98.1 75.1 91.2 93.8 Q.IV 95.1 95.4 94.8 94.8 97.4 95.2 95.5 96.0 98.8 100.0 97.4 75.1 92.8 96.3 2015/16 Q.I 101.4 107.4 96.8 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 QII 100.8 103.3 98.9 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 QIII 98.2 97.0 99.2 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 QIV 100.6 101.7 99.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 2016/17 QI 103.9 107.3 101.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 QII 101.5 102.2 100.9 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 QIII 100.9 100.4 101.3 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 QIV 104.1 104.4 103.8 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 2017/18 QI 112.3 109.2 114.8 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 QII 117.6 110.3 123.1 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 QIII 121.1 113.1 127.2 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 QIV 127.1 117.7 134.2 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 2018/19 QI 132.1 125.2 137.4 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 QII 133.0 123.7 140.0 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 Source: Central Statistical Agency Second Quarter 2018/19 103 National Bank of Ethiopia Quarterly Bulletin

Table 22(D): Addis Ababa Food Consumer Price Index