Regulatory Alerts2022-12-02
Added · Updated
National Bank of Ethiopia Quarterly Bulletin Second Quarter 2022/23
The National Bank of Ethiopia reports that headline inflation decreased to 5 percent in the second quarter of 2022/23, driven by an 8.0 percentage point drop in food and non-alcoholic beverages. Broad money supply (M2) reached Birr 1.95 trillion, reflecting 33.4 percent annual growth primarily due to a 31.5 percent expansion in domestic credit. Reserve money increased to Birr 420.4 billion, supported by a downward revision of the reserve requirement from 10 percent to 7 percent, which led to a 533.9 percent annual growth in commercial banks' excess reserves. Average savings deposit and lending rates remained unchanged at 8.0 percent and 14.3 percent respectively, while the weighted average yield on T-bills rose to 9.60 percent.