Regulatory Alerts2023-03-03
Added · Updated
National Bank of Ethiopia Quarterly Bulletin Third Quarter 2022/23
The National Bank of Ethiopia reports that broad money supply (M2) reached Birr 2.06 trillion at the end of the third quarter of 2022/23, reflecting 30.1 percent annual growth driven by a 28.5 percent expansion in domestic credit. Headline inflation increased to 5.5 percent during the quarter, while the average savings deposit rate remained unchanged at 8.0 percent and the lending rate at 14.3 percent. The banking sector disbursed Birr 123 billion in new loans, bringing total outstanding credit to Birr 1.9 trillion, and the number of commercial banks reached 30 with 10,967 total branches. Reserve money stood at Birr 448.9 billion, and the weighted average official exchange rate depreciated to Birr 53.6179 per USD.
Topics
monetary
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