National Bank of Ethiopia Third Quarter Report 2023-24 — NBE — ET

1 | Third Quarter 2023/24
QUARTERLY BULLETIN nbe.gov.et
FISCAL YEAR SERIES
THIRD QUARTER 2023/24
VOLUME 40 | NO. 3

National Bank of Ethiopia
(Central Bank)
P.O. Box: 5550, Addis Ababa, Ethiopia
Tel. 251-11-551-7430
Tel. 251-11-551-4588
Telegraphic Address:
NATIONAL BANK, TELEX 21020, CODES
USED PETERSON 3RD& 4TH ED
BENTLEY’S 2ND PHRAS A.B.C ……6TH EDITION
E-mail : nbe.edpc@ethionet.et
Web Site : http:// www.nbe.gov.et
Prepared By : Domestic Economic Analysis & Publication Directorate National Bank Ethiopia This Publication can be acquired by subscription or exchange. Please Contact:
Domestic Economic Analysis & Publication Directorate National Bank of Ethiopia P.O.Box 5550 Tel. 251-11-517-5262/11-517-5268 Addis Ababa, Ethiopia

NATIONAL BANK OF ETHIOPIA
Quarterly Bulletin
Volume 40, No.3
Third Quarter 2023/24
Fiscal Year Series
Addis Ababa
2024

National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin
Table Of Content
pages
Ethiopia : Macroeconomic and Social Indicators .................................................. I
I. Overview ............................................................................................................ 1
1.1: International Economic Developments .................................................................... 1
1.2: Macroeconomic Development 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 ............................................................................. 16
3.1: Development in National CPI .................................................................................. 16
3.2: Development in Regional CPI ................................................................................ 20
IV. Monetary Development ................................................................................. 22
4.1: Money Supply and Credit ........................................................................................ 22
4.2: Developments in Reserve Money and Monetary Ratio ......................................... 25
4.3: Interest Rate Development ................................................................................. 27
4.4: Developments in the Financial Sector................................................................... 29
4.5: Activities of the Banking System ........................................................................ 32
4.5.1: Resource Mobilization ......................................................................................... 32
4.5.1.1: Deposit Mobilization ................................................................................... 34
4.5.1.2: Collection of Loans ................................................................................... 35
4.5.1.3: Borrowing ................................................................................................ 35
4.5.2: Disbursement of Fresh Loans ....................................................................... 35
4.5.3: Outstanding Credit ...................................................................................... 37
4.6: Financial Activities of NBE .................................................................................... 38
4.7: Developments in Financial Markets ........................................................................ 39
4.7.1: Treasury Bills Market ....................................................................................... 39
4.7.2: Inter-bank Money Market ............................................................................... 41
4.7.3: Corporate Bond Market .................................................................................... 41

National Bank of Ethiopia Quarterly Bulletin
V. External Sector Developments ............................................................................ 43
5.1: Balance of Payment ................................................................................................... 43
5.2: Balance of Trade .................................................................................................... 47
5.2.1: Exports of Goods .................................................................................................... 48
5.2.2: Imports of Goods ................................................................................................... 53
5.2.3: Direction of Trade .............................................................................................. 56
5.2.3.1: Exports of Goods ........................................................................................ 56
5.2.3.2: Imports of Goods ...................................................................................... 57
5.3: Service and Transfers ............................................................................................. 59
5.3.1: Net Services .......................................................................................................... 59
5.3.2: Transfers ................................................................................................................ 60
5.4: Current Account Balance ................................................................................. 62
5.5: Capital Account ....................................................................................................... 62
5.6:Changes inReservePosition.......................................................................................... 62
5.7: Developments in Foreign Exchange Market ................................................................ 63
5.7.1: Exchange Rate Movements .................................................................................... 63
5.7.2 : Movements in the Real Effective Exchange Rate ................................................. 71
5.7.3: Volume of Transaction ........................................................................................ 73
VI. Federal Government Finance .................................................................................. 74
6.1: Revenue and Grants .................................................................................................. 76
6.2: Expenditure .................................................................................................................. 80
6.3: Deficit Financing ........................................................................................................ 82
VII. Developments in Investments ................................................................................ 83
VIII. International Economic Developments .................................................................. 87
8.1: Overview of the World Economy .................................................................................. 87
8.2: Inflation Development ................................................................................................ 87
8.3: Commodity Price ......................................................................................................... 88
8.4: Exchange Rate Development ...................................................................................... 88
8.5: Impact of Global Economic Dev’t on Ethiopian Economy ................................... 89
Statistical Tables ........................................................................................................ 90

National Bank of Ethiopia Quarterly Bulletin I | Third Quarter 2023/24 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) 1. Country Profile Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land (% of total area) NA 12.00 13 14.2 14.32 14.41 16.2 16.2 Agricultural Irrigated Land (% of totalAgricultural area) NA NA 4.0 4.0 4.7 5 6% 6.20% Population Density (person per sq.km)* 101.00 104.00 106 109 112 115 123 127 2. Social Indicators Population total, in millions (Mid-Year population) 91.2 93.4 95.5 97.6 99.75 101.9 104.1 105.7 (o/w Urban Poulation, in %) 19.9 20.3 21 22.8 28.2 Working Age Population (In Millions) Urban 12.2 12.8 12 13.13 14.03 15.01 16.04 31.1 Rural 39.7 40.8 42 43.06 44.28 45.8 46.6 40.4 Total 52.0 53.6 56 56.19 58.31 60.81 62.64 61.7 Age Dependency Ratio 75.0 75 69 62 Life Expectancy at Birth (Male - Female) 60.2-64.2 60.2-64.2 62.4-66.6 62.4-66.6 62.4-66.7 65.5 Crude Birth Rate 30.3:1000 30.3:1000 27:1000 27:1000 27:1001 27:1002 27:1003 27:1000 Crude Death Rate 7.2:1000 7.2:1000 6:03 6.00 6.30 Natural Rate of Population Increase (In %) 2.31 2.31 2:07 Total Fertility Rate 3.94chil:W 3.94chil:W 3.5chil:W 4.6chil:W 4.6chil:W 4.1 People : Hospital Beds 2850:1 2980:1 3617:1 1,312 2750 2720 2900 3225: 1 bed People : Physician1 14045:1 22766:1 26635:1 10,521:1 9977:1 8448:1 7576 5737 People : Nurse 1 1999:1 1194:1 1780:1 1620:1 1705 1473 1415 983 Infant Mortality Rate 62.4:1000 62.4:1000 53.3:1000 53.3:1000 43.3:1000 47:1001 47:1000 34:1000 Access to Safe Water (In %) Country Level 61.0 66.0 71 76 79.3 58.5 58.76 67.1 Urban Population 52.5 55.0 60 66 66.5 62.95 71.97 75.7 Rural Population 63.1 68.0 74 79 82.7 57.26 59.76 64.5 Student-Teacher Ratio Primary (1-8) 46:1 43.00 43 39 39 34.8 34.6 36.4 Secondary (9-12) 26.5:1 43.00 43 22.5 24 27.4 27.7 26.6 Technical & Vocational 12.6፡1 11.00 26 13.3 13.3 1:11 1:11 1:18 Student-School Ratio NA Primary (1-8) 573፡1 580.00 567 628 528 512.7 526.6 517.6 Secondary (9-12) 767.2፡1 754.00 741 568 940 1017 1063 1009.6 Technical & Vocational 523፡1 329.00 318 246.8:1 246.6:1 177 158 151.5 Ethiopia: Macroeconomic and Social Indicators Indicators

National Bank of Ethiopia Quarterly Bulletin II | Third Quarter 2023/24 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) 3. Macroeconomic Indicators 3.1. Real sector Development2 GDP at Current Market Price (In Mn. Birr) 1,568,097.45 1,832,553.7 2,202,373 2,696,223.0 3,374,747 4341387.1 6,157,538 8,722,308 Nominal GDP Growth Rate (In %) 17.7 16.9 20.2 22.4 25.5 28.6 41.8 42.4 Average Marginal Exchange Rate (Birr per USD) 21.1 22.4 26.1 28.1 31.3 39.0 48.57 53.283 GDP at Current Market Price (In Mn. USD) 74,296.6 81,760.4 84,355.6 95,951.0 107,673 111271.2 126,783 163,698 Nominal GDP per Capita (In USD) 814.6 875.8 883.3 983.1 1,080 1091.8 1,218 1,549 Real GDP per Capita ( In Birr ) 8,864.0 18,257.5 19,205 20,360.2 21,144.7 21,863.35 22,542.21 22,798,071.26 Real GDP per Capita Growth Rate (In %) 3.4 8.0 5 6 4 3.4 3.1 101035.0 GDP Deflator (% change) 9.5 6.7 12.5 13.2 18.2 21.8 34.7 32.9 Real GDP at constant basic price (In Mn. Birr) 1,449,397.5 1,596,481.6 1,719,491 1,874,689.3 1,989,587.7 2,114,238.3 2,248,571.6 2,439,478,100.7 Real GDP at constant market price (In Mn. Birr) 1,568,097.5 1,717,127.2 1,834,066 1,987,157.5 2,109,180.1 2,228,170.1 2,346,644.1 2,409,921,417.8 Real GDP Growth Rate (In %) 8.0 10.1 7.7 9.0 6.1 6.3 6.1 7.2 Agriculture & Allied Activties(In Billion Birr) 544.1 580.4 600.9 623.8 650.3 686.4 728.4 774.0 Industrial Sector (In Billion Birr) 343.9 413.8 464 526.2 576.9 618.8 649.2 694.2 Service Sector(In Billion Birr) 575.9 619.3 674 745.7 786.8 836.2 899.8 971.3 Agriculture & Allied Activties (% of GDP) 37.5 36.4 34.9 33.3 32.7 32.5 32.4 32.1 Industrial Sector (% of GDP) 23.7 25.9 27.0 28.1 29.0 29.3 28.9 28.8 Service Sector (% of GDP) 39.7 38.8 39.2 39.8 39.5 39.6 40 40.3 Private Consumption Expenditure 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 2,360,896 3,134,994 4,764,429 6882737.9 Government Consumption Expenditure 174,598.8 203,607.9 225,523.2 247,362.0 307,769 383,565 453,263 551106.6 Investment 585,665.0 704,596.0 751,626.2 948,866.0 1,037,685 1,216,585 1,560,325 1,933,863 Exports 122,500.8 139,830.1 184,282.1 213,437.0 239,229 329,634 507,692 575,062 Imports 424,749.9 430,233.2 502,112.9 561,512.0 571,230 723,391 1,128,171 1,220,461 Resource Balance (302,249.0) (290,403.0) (317,831.0) (348,075.0) -329,096 -394,236 -620,479 -645,400 Gross Private Consumption (% of GDP) 66.5 66.5 65.5 68.5 69.96 72 77.4 78.9 Gross Government Cosumption (% of GDP) 11.1 11.1 10.2 9.2 9.1 8.84 7.4 6.3 Gross Domestic Fixed Investment (% of GDP) 37.3 38.4 34.1 35.2 30.7 28.02 25.3 22.2 Resource Balance (% of GDP) (19.3) (15.8) (14.4) (12.9) (9.8) -9.08 -10.1 -7.4
3.2. Monetary Indicators
Narrow Money Supply (M1) (In Mn. Birr) 178,609.66 216,769.62 281,154.66 308,937.13 360,585.50 437,391.97 588,015.82 706,142.20 Broad Money Supply (M2) (In Mn. Birr) 445,266.25 573,384.05 740,572.88 886,752.53 1,037,646.33 1,348,266.15 1,715,310.03 2,170,848.37 Net Foreign Assets (In Mn. Birr) 21,524.19 38,034.79 39,376.20 14,506.19 (8,321.31) (812.32) (111,427.54) (160,097.68) Reserve Requirement (CBs) 21,745.43 28,278.91 36,385.76 44,861.74 51,952.51 67,732.37 119,022.55 150,325.15 Interest Rate (In %) Minimum Deposit Rate 5.00 5.00 7 Lending Rate 12.75 12.75 13.5 13.5 14.25 Total Net Domestic Credit (in mn. Birr) 490,230.35 631,092.73 784,621.73 963,699.91 1,176,926.45 1,481,844.43 1,930,621.80 2,444,435.50 Government 47,524.36 85,441.85 102,002.83 109,799.21 137,082.91 214,275.16 422,864.02 573,675.72 Other Sectors 442,705.99 545,650.89 682,618.90 853,900.70 1,039,843.53 1,267,569.27 1,507,757.78 1,870,759.78 Indicators Continued….

National Bank of Ethiopia Quarterly Bulletin III | Third Quarter 2023/24 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) 3.3. Inflation (CPI growth rate)3 Country Level -General inflation 9.7 7.4 14.60 12.60 19.90 20.20 33.80 32.60 -Food inflation 11.2 7.2 13.40 13.10 23.30 23.20 40.30 31.70 -Non-Food inflation (core inflation) 8.1 7.5 15.80 11.90 15.80 16.40 25.15 33.90 Addis Ababa -General inflation 10.3 2.3 16.5 14.6 18.8 19.5 29.8 37.3 -Food inflation 16.6 1.2 8.7 15 25.9 26.2 36.6 35.5 -Non-Food inflation (core inflation) 5.8 3.2 22.6 14 13.9 14.4 24.1 39.0 3.4. External Trade(In Mn.USD) Export of goods & services 6077.3 6257.2 7095.9 7694.9 7715.7 8498.9 10457.7 10855.8 Import of goods & services 20552.1 19714.0 19707.4 20704.8 18828.3 19177.0 23845.0 23394.5 Net trade in goods & services -14474.7 -13456.9 -12611.4 -13009.9 -11112.6 -10678.0 -13387.3 -12538.6 Current account balance including official transfers -6655.1 -6543.2 -5285.0 -4948.0 -4401.9 -3190.7 -5145.1 -4637.4 Capital account balance 6554.1 6885.3 6184.6 4822.4 4326.5 3785.8 2723.7 3504.9 Overall balance of payments -830.9 658.6 -201.6 -941.6 -833.4 298.7 -2149.8 -752.0
3.5. Government Finance (In Mn .Birr4)
Total Revenue (including grants) 243,671.6 269,105.9 287,562.1 344,936.5 394,965.8 478,888.1 566,753.6 717,586.7 Total Revenue (excluding grants) 230,657.3 256,629.0 269,648.2 311,317.4 354,312.8 444,582.6 540,060.5 685,459.1 o/w Tax-Revenue 189,717.2 210,135.9 235,229.5 268,457.4 311,476.5 388,763.5 477,770.3 593,232.1 Tax-Revenue as % of GDP 14.7 14.0 12.3 11.6 10.5 10.2 8.8 7.9 Total Expenditures 272,930.1 329,286.8 354,205.3 413,105.7 480,143.2 599,006.7 779,099.0 938,771.6 Current Expenditures 131,902.8 176,703.0 210,470.2 238,156.6 275,967.0 363,596.9 517,043.4 582,854.6 Capital Expenditures 141,027.3 152,583.8 143,735.1 174,949.1 204,176.1 235,409.7 262,055.7 355,917.0 Equity Contribution (Sinking Fund) Special Programs - - - - - - Total Expenditures as % of GDP 17.4 18.0 16.1 15.4 14.2 13.8 12.7 10.8 Current Surplus/Deficit 111,768.8 92,402.9 77,091.9 106,779.9 118,998.8 115,291.2 49,710.3 134,732.1 Overall Budget Deficit (including grants) (29,258.5) (60,180.9) (66,643.2) (68,169.2) (85,177.4) (120,118.5) (212,345.4) (221,184.9) Deficit as % of GDP (1.9) (3.3) (3.0) (2.5) (2.5) (2.8) (3.4) (2.6) Overall Budget Deficit (excluding grants) (42,272.8) (72,657.8) (84,557.1) (101,788.3) (125,830.4) (154,424.0) (239,038.5) (253,312.4) Deficit as % of GDP (2.7) (4.0) (3.8) (3.8) (3.7) (3.6) (3.9) (2.9)
3.6. Exchange Rate (Birr/ USD)
Inter-Bank Forex Market Rate5

Period weighted Average 21.1059 22.4137 26.1082 28.0543 31.3427 39.0163 48.5673 53.2830
End period 21.8004 23.1081 27.2621 28.9109 34.9822 43.6910 51.9938 54.5943
Indicators
Continued….

National Bank of Ethiopia Quarterly Bulletin IV | Third Quarter 2023/24 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) 3.7. Treasury Bill Market (In Mn .Birr) T-Bills Demanded (Total) 161,575.24 225,321.24 323,991.24 422,633.54 242,155.09 284,783.55 599,478.63 595,231.34 T-Bills Sold 161,475.24 225,321.24 323,991.24 422,633.54 242,155.09 238,799.55 582,268.63 576,081.34 Average Weighted Yield (in %) 1.438 1.424 1.420 1.741 4.808 7.970 9.459 9.70 T-Bills Outstanding by holder 57,252.56 73,271.56 111,213.56 138,054.36 23,724.00 116,559.95 317,169.59 341,869.53 Banks - - - 650.00 5,604.00 52,040.00 195,432.29 146,568.05 Non-Banks 57,252.56 73,271.56 111,213.56 137,404.36 18,120.00 64,519.95 121,737.30 195,301.48 3.8. Inter Bank Money Market Rate5 3.9. Financial Institutions Number of Commercial Banks 17.00 18.00 30.00 31.00 (o/w Private banks) 16.00 17.00 28.00 29.00 Number of Bank Branches 3,301.00 4,257.00 4,757.00 5,564.00 6,511.00 7,344.00 8,944.00 11,281.00 Population : Bank Branch 27,932.00 22,164.00 20,286.50 17,732.20 15,702.00 13,921.00 11,516.00 9,514.00 Number of Insurance Companies 17.00 18.00 (o/w Private Insurance Companies) 16.00 17.00 Number of Insurance Branches 426 492.00 532.00 568.00 605.00 635.00 690.00 741.00 Population : Insurance Branch 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 160,629.92 149,272.50 144,846.00 Number of Development Banks 1.00 1.00 1 Number of Development Bank Branches 110 110.00 107 107 93 82 83 83 Number of Micro-financial Institutions 35.00 35.00 38 38 39 39 43 47 Source : Ministries of Agriculture, Finance and Economic Development, Health, and Education, National Bank of Ethiopia, Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

Excluding manpower out side the Ministry of Health.
The GDP data series is revised on basis of 2015/16 =100 base year
Inflation data is calculated using the new base year (December 2016=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 Indicators Continued….

1 | Third Quarter 2023/24
National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 1 | Third Quarter 2023/24
I. OVERVIEW
1.1. International Economic Developments
According to the European Central Bank’s monthly bulletin of 6-7/2023; Bulletin Issue 3/2024, global economic activity is set to recover but remain moderate in the third quarter of 2023/24. Indicators continue to point to improve global growth momentum in the third quarter, with the strongest signal coming from survey indicators. The global composite output Purchasing Managers’ Index (PMI), (excluding the euro area) remained at a solid 52.6 in March reflecting robust manufacturing output. In the United States, high frequency indicators point towards robust but decelerating economic activity in the third quarter. In Unite Kingdom, indicators signal a shortterm rebound in the growth momentum. The recovery in GDP started in January (+0.2 percent month-on-month) and was supported by services and construction, while manufacturing output continued to shrink. In China, the recovery in economy remains mixed as the property slowdown continues to weigh on growth. Industrial activity in China, at 7.0 percent year-on-year, exceeded expectations in January and February. Headline inflation across OECD economies held steady in February, while core inflation continued to ease, albeit modestly. In February, the annual headline consumer price index (CPI) inflation across OECD countries (excluding Türkiye) declined marginally to 3.1 percent, compared with
3.2 percent in the previous month.
Excluding food and energy prices, OECD core inflation continued to slow to 3.6 percent in February, down 0.2 percentage points from January, amid easing labour market pressures in advanced economies.

National Bank of Ethiopia Quarterly Bulletin 2 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 2 | Third Quarter 2023/24
1.2. Macroeconomic Developments in Ethiopia
1.2.1. Inflation
In the third quarter of 2023/24, quarterly headline inflation rate decreased to 4.8 percent from 5.4 percent average quarterly inflation recorded in the preceding quarter. The decrease in quarterly inflation against the preceding quarter was attributed to 1.7 percentage point decrease in nonfood inflation rate. Food & non-alcoholic beverages and non-food inflation contributed 69.2 percent and 30.8 percent, respectively, to the headline inflation registered in the review quarter. Compared to the previous year’s same quarter inflation of rate of 5.5 percent, inflation in the review quarter has depicted a marginal decline of 0.71 percentage points.
1.2.2. Monetary Developments
Broad money supply (M2) stood at Birr
2.41 trillion at the end of the third quarter
of 2023/24 reflecting a 17.2 percent annual growth mainly due to an 18.3 percent expansion in domestic credit, offsetting
51.7 percent and 38.3 percent contraction in
external asset (net) and other item (net), respectively. Meanwhile, net claims on government grew by 26.8 percent and credit to non-government sector by 15.7 percent.

National Bank of Ethiopia Quarterly Bulletin 3 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 3 | Third Quarter 2023/24 During the review period, reserve money stood at Birr 461.7 billion, indicating 2.9 percent annual and quarterly growth. Regarding the money multiplier, measured by the ratio of broad money to reserve money, increased to 5.2 from 4.6 a year earlier reflecting the fact that more money is being created relatively by commercial banks rather than by NBE.
1.2.3. Interest rate
During the review period, average savings deposit rate remained unchanged at 8.0 percent and the simple average lending interest rate increased to 14.8 percent while weighted average time deposit rate stood at
7.7 percent. On the other hand, weighted
average yield on T-bills for the quarter was
9.44 percent versus 9.01 percent last year
same quarter. Considering the 26.2 percent headline inflation in March 2024, real interest rates on deposit, lending and the Tbills yield remained negative.
1.2.4. Financial Sector Developments
a) Banks
By the end of the third quarter of 2023/24, the number of banks in Ethiopia reached 32, of which 30 were private and 2 state owned. These banks have opened 290 new bank branches during the review quarter, thereby increasing the total number of bank branches to 12,160. As a result, the ratio of population to bank branch reached 9,0051 . Of the total bank branches, 31.2 percent were located in Addis Ababa. Meanwhile, total capital of the banking system reached Birr 290.6 billion of which private banks 1 Total population is 109,496,000 as CSA Estimation for 2024 accounted for 67.4 percent and state owned banks (Commercial Bank of Ethiopia and Development Bank of Ethiopia) 32.6 percent. The banking sector disbursed Birr 120.4 billion in new loans during the review quarter, indicating 2.1 percent decline from last year same period. Of the total new loans disbursed, the share of state owned banks was 52.0 percent and that of private banks 48.0 percent. The major beneficiaries of the fresh loans were agriculture (Birr 30.7 billion or 25.5

National Bank of Ethiopia Quarterly Bulletin 4 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 4 | Third Quarter 2023/24 percent), manufacturing (Birr 22.7 billion or 18.9 percent), domestic trade (Birr 21.4 billion or 17.8 percent), international trade (Birr 17.4 billion or 14.4 percent), consumer and staff loans (Birr 10.1 billion or 8.4 percent) and building and construction (Birr 7.1 billion or 5.9 percent). In the meantime, the banking system collected Birr 109.0 billion in loans, showing a 12.0 percent annual growth. Of the total loan collection, 66.7 percent was collected by private banks and 33.3 percent was by state owned banks. Total outstanding credit of the banking system (including corporate bond) went up by 14.3 percent and reached Birr 2.1 trillion compared to last year same period. About
99.6 percent of the total outstanding credit
of private banks was claims on cooperatives and private enterprises. b) Insurance Sector The number of insurance companies remained at 18, of which 17 were private and 1 state owned. Their branches increased to 791 from 732 a year ago. Of the total branches, about 56.5 percent were located in Addis Ababa. The total capital of insurance companies increased to Birr 20.6 billion from 15.3 billion last year, of which private insurance companies accounted for 80.6 percent. c) Microfinance Institutions During the review quarter, the number of Micro Finance Institutions (MFIs) reached 47. This mobilized Birr 28.0 billion in saving deposit, showing a 16.5 percent annual growth. Total outstanding credit of these institutions increased by
1.4 percent and reached Birr 36.8 billion.
On the other hand, their capital showed a
20.6 percent decline and stood at Birr 10.7
billion.

National Bank of Ethiopia Quarterly Bulletin 5 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 5 | Third Quarter 2023/24
1.2.5. External Sector and Foreign Exchange Developments
a) External Sector Development
Total receipts from export of goods stood at USD 927.2 depicting 6.1 percent annual growth as a result of higher export revenues from coffee (11.6 percent), oil seeds (65.9 percent), gold (134.3 percent), meat & meat products (11.6 percent), fruits & vegetables (14.6 percent) and live- animals (95.4 percent). Meanwhile, there was slowdown in export receipts from pulses (39.4 percent), chat (30.0 percent), leather & leather products (29.7 percent), textile & textile products (6.4 percent), flower (11.2 percent), electricity (6.8 percent) and other exports (35.8 percent). Total merchandise import bills amounted to USD 4.4 billion during the review quarter, depicting 4.6 percent annual growth due to higher import values of capital goods and semi-finished goods, despite the decline in import values of raw materials, fuel, consumer goods and miscellaneous goods. During the review period, total transfer receipts decreased by 35.5 percent and reached USD 1.6 billion on account of slowdown in private transfers (8.0 percent) and in public transfers (66.4 percent). Likewise, total transfer payments dropped from USD 52.2 million to USD 17.0 million owing to 57.6 percent and 71.3 percent decline in private and public transfer payments respectively. The deficit in the current account balance (including official transfers) widened to USD 1.6 billion in the current quarter from USD 704.8 million a year ago due to deterioration in trade balance and decline in both private and public transfers albeit increase in net service surplus. Capital account registered a surplus of USD
673.4 million, which was 26.4 percent
lower than USD 914.6 million surplus recorded a year earliear. The fall in surplus was mainly linked with shift in net surplus of official long term capital from USD
123.2 million to deficit of USD 47.7
million and net other public-sector long term capital from surplus of USD 128.9 million to deficit of USD 195.5 million coupled with fall in private sector longterm by 82.5 percent. On the other hand, foreign direct investment increased by 38.7 percent during the review period.

National Bank of Ethiopia Quarterly Bulletin 6 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 6 | Third Quarter 2023/24 As a result, the deficit in the overall balance of payments during the third quarter of 2023/24 reached USD 75.2 million compared to USD 373.2 million deficit a year ago. b) Exchange Rate Development In the inter-bank forex market, weighted average official exchange rate of Birr stood at Birr 56.3211/USD in the third quarter of 2023/24, depicting a 5.0 percent annual depreciation. The real effective exchange rate index (REERI) depreciated by 20.3 percent, as a result of lower domestic inflation despite the appreciation of Birr against Ethiopia’s main trading partners’ currencies. On the other hand, the NEERI appreciated by 6.9 percent compared with last year same quarter due to weakening of trading partner’s currencies against the US dollar.
1.2.6. Federal Government Fiscal Operations
During the third quarter of 2023/24, the total revenue and grants of the Federal government was Birr 98.2 billion, which exhibited a 12.0 percent annual growth. Likewise, Federal government expenditure increased by 5.5 percent and stood at Birr
173.4 billion during the review quarter.
Hence, the overall fiscal balance (including grants) resulted in a Birr 75.1 billion deficit during the review period.
1.2.7. Investment
During the third quarter of 2023/24, 23 investment projects having investment capital of Birr 61.5 billion became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed a remarkable growth.

National Bank of Ethiopia Quarterly Bulletin 7 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 7 | Third Quarter 2023/24
II. ENERGY PRODUCTION AND PROCESSING
2.1. Import of Petroleum Products
During the third quarter of 2023/24, the total volume of petroleum products imported amounted to 896.2 thousand of metric tons, depicting a 14.1 percent annual decline. This was attributed to lower import of fuel oil (20.8 percent), gas oil (20.2 percent) and regular gasoline (10.9 percent); while import of jet fuel went up by 10.7 percent. Of the total petroleum imports, gas oil accounted for 60.9 percent, regular gasoline
18.7 percent, jet fuel 18.6 percent and fuel oil
1.8 percent. Quarter wise, the volume of
petroleum products import has declined by
16.5 percent over the previous quarter, owing
to decrease in all components of petroleum product (Table 2.1).
Table 2.1: Volume of Petroleum Products Imported (In Metric Ton)
Petroleum Products
2022/23 2023/24 Percentage
Qtr. III Qtr. II Qtr. III Change
A Share
(In %)
B Share
(In %)
C Share
(In %)
C/A C/B
Regular Gasoline (MGR) 187,823.6 18.0 198,679.4 18.5 167,262.1 18.7 -10.9 -15.8 Jet Fuel 150,727.4 14.4 209,934.2 19.6 166,926.9 18.6 10.7 -20.5 Fuel Oil 20,112.3 1.9 19,202.0 1.8 15,928.8 1.8 -20.8 -17.0 Gas Oil (ADO) 684,586.0 65.6 645,535.7 60.1 546,034.0 60.9 -20.2 -15.4 Total 1,043,249.3 100 1,073,351.3 100 896,151.8 100 -14.1 -16.5 Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin 7 | Third Quarter 2023/24
II. ENERGY PRODUCTION AND PROCESSING
2.1. Import of Petroleum Products
During the third quarter of 2023/24, the total volume of petroleum products imported amounted to 896.2 thousand of metric tons, depicting a 14.1 percent annual decline. This was attributed to lower import of fuel oil (20.8 percent), gas oil (20.2 percent) and regular gasoline (10.9 percent); while import of jet fuel went up by 10.7 percent. Of the total petroleum imports, gas oil accounted for 60.9 percent, regular gasoline
18.7 percent, jet fuel 18.6 percent and fuel oil
1.8 percent. Quarter wise, the volume of
petroleum products import has declined by
16.5 percent over the previous quarter, owing
to decrease in all components of petroleum product (Table 2.1).
Table 2.1: Volume of Petroleum Products Imported (In Metric Ton)
Petroleum Products
2022/23 2023/24 Percentage
Qtr. III Qtr. II Qtr. III Change
A Share
(In %)
B Share
(In %)
C Share
(In %)
C/A C/B
Regular Gasoline (MGR) 187,823.6 18.0 198,679.4 18.5 167,262.1 18.7 -10.9 -15.8 Jet Fuel 150,727.4 14.4 209,934.2 19.6 166,926.9 18.6 10.7 -20.5 Fuel Oil 20,112.3 1.9 19,202.0 1.8 15,928.8 1.8 -20.8 -17.0 Gas Oil (ADO) 684,586.0 65.6 645,535.7 60.1 546,034.0 60.9 -20.2 -15.4 Total 1,043,249.3 100 1,073,351.3 100 896,151.8 100 -14.1 -16.5 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 8 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 8 | Third Quarter 2023/24 Fig.2.1: Trends in the Volume of Petroleum Products Imported (in Metric Tons) - 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 2019/20 2020/21 2021/22 2022/23 2023/24 MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The total import bill of petroleum reached Birr 45.6 billion, showing a 13.6 and 18.5 percent decline over same quarter of last year and the preceding quarter, respectively; owing to lower import volume.

Hence, compared with the previous quarter, import volume of jet fuel declined by 25.1 percent, followed by gasoil (17.5 percent), fuel oil (15.7 percent) and regular gasoline (14.8 percent). Similarly, import bill of gas oil, regular gasoline and fuel oil dropped by
20.5 percent, 8.5 percent and 3.5 percent
respectively vis-à-vis same quarter of the previous year. Meanwhile, jet fuel price went up by 9 percent (Table 2.2). National Bank of Ethiopia Quarterly Bulletin 8 | Third Quarter 2023/24 Fig.2.1: Trends in the Volume of Petroleum Products Imported (in Metric Tons) - 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 2019/20 2020/21 2021/22 2022/23 2023/24 MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The total import bill of petroleum reached Birr 45.6 billion, showing a 13.6 and 18.5 percent decline over same quarter of last year and the preceding quarter, respectively; owing to lower import volume.

National Bank of Ethiopia Quarterly Bulletin 9 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 9 | Third Quarter 2023/24
Table 2.2: Value of Petroleum Products Imported (In ‘000 Birr)
Petroleum
Products
2022/23 2023/24 Percentage
Qtr. III Qtr. II Qtr. III Change
A
Share
(In %) B
Share
(In %) C
Share
(In %) C/A C/B
Regular Gasoline
(MGR)
10,127,234.3 19.2 10,881,893.7 19.4 9,266,362.0 20.3 -8.5 -14.8 Jet Fuel 7,819,702.9 14.8 11,373,912.4 20.3 8,522,367.6 18.7 9.0 -25.1 Fuel Oil 561,985.2 1.1 643,302.9 1.1 542,277.3 1.2 -3.5 -15.7 Gas Oil (ADO) 34,330,465.3 65.0 33,102,724.0 59.1 27,300,145.2 59.8 -20.5 -17.5 Total 52,839,387.7 100 56,001,833.0 100 45,631,152.2 100 -13.6 -18.5 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 I II III IV I II III IV I II III I II III IV I II III 2019/20 2020/21 2021/22 2022/23 2023/24 in Million Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The 5.1 percent rise in the average FOB price of petroleum products against same quarter of last year was due to higher FOB prices of fuel oil (14.8 percent) and gas oil (11.5 percent) despite the 4.4 percent fall in FOB price of jet fuel and 1.7 percent in regular gasoline. Similarly, the average FOB price of petroleum products showed a 4.3 percent increase over the preceding quarter (Table 2.3).

National Bank of Ethiopia Quarterly Bulletin 10 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 10 | Third Quarter 2023/24
Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton)
Petroleum Products
2022/23 2023/24 Percentage Change
Qtr. III Qtr. II Qtr. III
A B C C/A C/B
Regular Gasoline (MGR) 831.8 788.6 817.5 -1.7 3.7 Jet Fuel 818.6 833.1 782.2 -4.4 -6.1 Fuel Oil 370.4 430.2 425.3 14.8 -1.1 Gas Oil (ADO) 1,551.6 1,546.4 1,729.7 11.5 11.9 Average 893.1 899.6 938.7 5.1 4.3 Brent Crude Oil (USD/Barrel) 81.2 83.7 83.0 2.3 -0.9 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 500 1000 1500 2000 2500 I II III IV I II III IV I II III IV I II III IV I II III 2019/20 2020/21 2021/22 2022/23 2023/24 USD/MT MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the third quarter of 2023/24, the average price of Brent crude oil, used as a point of reference for international oil price, rose by 2.3 percent and reached USD 83 per barrel compared with USD 81.2 a year ago. On the other hand, the average price of Brent oil showed a 0.9 percent contraction compared with the previous quarter (Table 2.3). In line with movements in international oil prices, domestic retail prices were also adjusted upward. Accordingly, the average retail price of fuel in Addis Ababa went up by 18.3 percent to Birr 86.3 per liter from Birr 73 per liter a year ago. However, the price remained similar to the previous quarter (Table 2.4). National Bank of Ethiopia Quarterly Bulletin 10 | Third Quarter 2023/24
Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton)
Petroleum Products
2022/23 2023/24 Percentage Change
Qtr. III Qtr. II Qtr. III
A B C C/A C/B
Regular Gasoline (MGR) 831.8 788.6 817.5 -1.7 3.7 Jet Fuel 818.6 833.1 782.2 -4.4 -6.1 Fuel Oil 370.4 430.2 425.3 14.8 -1.1 Gas Oil (ADO) 1,551.6 1,546.4 1,729.7 11.5 11.9 Average 893.1 899.6 938.7 5.1 4.3 Brent Crude Oil (USD/Barrel) 81.2 83.7 83.0 2.3 -0.9 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 500 1000 1500 2000 2500 I II III IV I II III IV I II III IV I II III IV I II III 2019/20 2020/21 2021/22 2022/23 2023/24 USD/MT MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the third quarter of 2023/24, the average price of Brent crude oil, used as a point of reference for international oil price, rose by 2.3 percent and reached USD 83 per barrel compared with USD 81.2 a year ago. On the other hand, the average price of Brent oil showed a 0.9 percent contraction compared with the previous quarter (Table 2.3). In line with movements in international oil prices, domestic retail prices were also adjusted upward. Accordingly, the average retail price of fuel in Addis Ababa went up by 18.3 percent to Birr 86.3 per liter from Birr 73 per liter a year ago. However, the price remained similar to the previous quarter (Table 2.4).

National Bank of Ethiopia Quarterly Bulletin 11 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 11 | Third Quarter 2023/24
Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter)
Petroleum Products
2022/23 2023/24
Percentage Change Qtr. III Qtr. II Qtr. III
A B C C/A C/B
Regular Gasoline (MGR) 61.3 77.7 77.7 26.7 - Fuel Oil 98.4 123.5 123.5 25.6 - Gas Oil (ADO) 67.3 79.8 79.8 18.5 - Kerosene 67.3 79.8 79.8 18.5 - Jet fuel 70.6 70.8 70.8 0.3 - Average 73.0 86.3 86.3 18.3 - Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 20 40 60 80 100 120 140 I II III IV I II III IV I II III IV QI QII QIII IV I II III 2019/20 2020/21 2021/22 2022/23 2023/24 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade

National Bank of Ethiopia Quarterly Bulletin 12 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 12 | Third Quarter 2023/24
2.2. Electric Power Generation
The total electricity generated during the third quarter of 2023/24 reached 5.4 billion KWH; showing a 15.4 percent annual growth owing to production expansion in hydropower (14.9 percent), wind power (26.8 percent) and biomass (232.1 percent). Of the total energy generated during the review period, about 96.2 percent was from hydropower followed by wind (3.7 percent) and biomass (0.1 percent) (Table 2.5). By system generation, virtually all the electric power was produced through inter connected system (ICS2 ) (Table 2.6). 2 The generated power from different power stations stored in substations before distribution National Bank of Ethiopia Quarterly Bulletin 12 | Third Quarter 2023/24
2.2. Electric Power Generation
The total electricity generated during the third quarter of 2023/24 reached 5.4 billion KWH; showing a 15.4 percent annual growth owing to production expansion in hydropower (14.9 percent), wind power (26.8 percent) and biomass (232.1 percent). Of the total energy generated during the review period, about 96.2 percent was from hydropower followed by wind (3.7 percent) and biomass (0.1 percent) (Table 2.5). By system generation, virtually all the electric power was produced through inter connected system (ICS2 ) (Table 2.6). 2 The generated power from different power stations stored in substations before distribution

National Bank of Ethiopia Quarterly Bulletin 13 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 13 | Third Quarter 2023/24
Table 2.5: Electricity Generation by Sources (In '000 of K.W.H)
Power
Source
2022/23 2023/24 Percentage
Change Qtr. III Qtr. II Qtr. III
A
Share
(In %) B
Share
(In %) C
Share
(In %) C/A C/B
Hydropower

4,524,543.5

96.6

4,633,378.1

95.0

5,198,060.0

96.2

14.9

12.2
Thermal
Power

-
Geothermal

- wind

157,585.2

3.4

224,390.9

4.6

199,821.6

3.7

26.8

-10.9
Biomass

2,092.5

0.0

19,167.5

0.4

6,949.5

0.1

232.1

-63.7
Total

4,684,221.1

100.0

4,876,936.5

100.0

5,404,831.2

100.0

15.4

10.8
Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 14 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 14 | Third Quarter 2023/24
Table 2.6: Generation of Electricity Power in the Interconnected System (ICS) and Self
Contained System (SCS)
(In '000 of K.W.H)
System of
Power Supply
2022/23 2023/24 Percentage
Qtr Change . III Qtr. II Qtr. III
A Share
(In %)
B Share
(In %)
C Share
(In %)
C/A C/B
ICS
Hydro Power 4,524,543.5 96.6 4,633,378.1 95.0 5,198,060.0 9 6.2
14.9 12.2
Thermal Power - - - - - - - -
Geothermal - - - - - - - -
Wind 157,585.2 3.4 224,390.9 4.6
199,821.6
3
0.7
26.8 -10.9
Biomass 2,092.5 0.0 19,167.5 0.4
6,949.5
0
0.1
232.1 -63.7
Sub-Total 4,684,221.1 100.0 4,876,936.5 100.0 5,404,831.2 100.0 15.4 10.8 SCS Hydro Power - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 4,684,221.1 100.0 4,876,936.5 100.0 5,404,831.2 100.0 15.4 10.8 Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 15 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 15 | Third Quarter 2023/24 Fig.2.5: Volume of Electricity Production by Type (in 000 KWH) 0 1000000 2000000 3000000 4000000 5000000 6000000 Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 16 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 16 | Third Quarter 2023/24
III. QUARTERLY PRICE DEVELOPMENTS
3.1. Developments in National Quarterly Inflation
In the third quarter of 2023/24, average quarterly headline inflation rate decreased to
4.8 percent from 5.4 percent in the preceding
quarter (QII) due to 1.7 percentage point decline in non-food inflation. ‘Food & non-alcoholic beverages’ played major role (69.2 percent) as non-food inflation rate contributed 30.8 percent to the quarterly inflation. During the third quarter, general inflation rate marginally decreased (0.7 percentage points) vis-à-vis same quarter of last year (Table 3.1). Quarterly food inflation at 5.5 percent was the same compared with the preceding quarter (QII) although it was 0.7 higher than that of a year ago (Table 3.2). Quarterly non-food inflation rate, dropped to
3.7 percent from 5.3 percent in the preceding
quarter (QII) and 6.4 percent last year same quarter.
The fall in quarterly non-food inflation was mainly driven by lower quarterly inflation of ‘clothing and footwear’, ‘housing , water, electricity, gas, and other fuel’, trans port and education (Table 3.3).

National Bank of Ethiopia Quarterly Bulletin 17 | Third Quarter 2023/24 17 | Third Quarter 2023/24 Source: Ethiopian Statistical Service(ESS)
Table 3.1: Quarterly National Inflation Rate
(December 2016=100)
Weights in %
2022/23 2023/24 Change in
%age points
Contributions in (%) to
QIII QII QIII
A B C C-A C-B
National
Change over QIII2022/23
National
Inflation
Change Over
QII-2023/24
QIII-2023/24
National Inflation
Absolute Relative
Headline 100 5.5 5.4 4.8 -0.7 -0.6 -0.71 -0.6 4.8 100 Food & Nonalcoholic beverage 54 4.9 5.5 5.5 0.7 0.1 0.35 0.0 3.31 69.2 Non-food 46 6.4 5.3 3.7 -2.7 -1.7 -1.26 -0.77 1.47 30.8 Source: ESS 0 5 10 15 20 25 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2020/21 2021/22 2022/23 2023/24 % Fig.3.1: Quarterly Movement in National Inflation General Food Non-Food Bread & Cereals 17 | Third Quarter 2023/24 Source: Ethiopian Statistical Service(ESS)
Table 3.1: Quarterly National Inflation Rate
(December 2016=100)
Weights in %
2022/23 2023/24 Change in
%age points
Contributions in (%) to
QIII QII QIII
A B C C-A C-B
National
Change over QIII2022/23
National
Inflation
Change Over
QII-2023/24
QIII-2023/24
National Inflation
Absolute Relative
Headline 100 5.5 5.4 4.8 -0.7 -0.6 -0.71 -0.6 4.8 100 Food & Nonalcoholic beverage 54 4.9 5.5 5.5 0.7 0.1 0.35 0.0 3.31 69.2 Non-food 46 6.4 5.3 3.7 -2.7 -1.7 -1.26 -0.77 1.47 30.8 Source: ESS 0 5 10 15 20 25 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2020/21 2021/22 2022/23 2023/24 % Fig.3.1: Quarterly Movement in National Inflation General Food Non-Food Bread & Cereals

National Bank of Ethiopia Quarterly Bulletin 18 | Third Quarter 2023/24 18 | Third Quarter 2023/24 Source: ESS & NBE Computation
Table 3.2: Quarterly National Food & Non-alcoholic Beverages CPI Inflation (December 2016=100)
Items Weights
2022/23 2023/24 Change in %age points
Contribution in % to
QIII QII QIII
A B C C-A C-B
Food
Inflation
(Absolute)
Food
Inflation
(Relative)
Food and Non-alcoholic
Beverages
0.54 4.9 5.5 5.5 0.7 0.1 5.5 100.0
Bread and Cereals 0.17 6.6 8.7 5.5 -1.1 -3.2 2.2 40.6 Meat 0.04 4.7 3.1 3.3 -1.3 0.3 0.3 4.7 Fish and Sea food 0.00 5.0 1.5 1.6 -3.4 0.1 0.0 0.0 Milk, cheese and egg 0.03 7.1 4.0 5.8 -1.4 1.7 0.3 5.5 Oils & Fats 0.04 -2.7 -6.0 0.7 3.4 6.7 0.0 0.9 Fruit 0.00 8.2 4.4 2.8 -5.4 -1.6 0.0 0.2 Vegetables 0.12 10.3 8.3 11.0 0.7 2.7 2.5 44.4 Sugar, honey… 0.01 13.4 2.0 6.8 -6.6 4.7 0.1 1.6 Food products 0.06 1.3 3.1 6.6 5.3 3.5 0.5 9.8 Non-alcoholic beverages 0.05 -4.4 -1.0 -5.8 -1.4 -4.9 -0.4 -7.6 Source: ESS & NBE Compilations Food = 69.2% Non-food=30.8% Fig.3.1: Contribution of Food and Non-food Inflation to the General Inflation Rate in QIII- 2023/24

National Bank of Ethiopia Quarterly Bulletin 19 | Third Quarter 2023/24 19 | Third Quarter 2023/24
Table 3.3: Quarterly National Non-food CPI Inflations (December 2016=100)
Source: ESS & NBE Compilations
Item Weights
2022/23 2023/24 Change in %age points
Contribution in % to
QIII QII QIII
A B C C-A C-B
Non-food
Inflation
(Absolute)
Non-Food
Inflation
(Relative)
Non-Food Inflation 0.46 6.4 5.3 3.7 -2.7 -1.7 3.7 100.0 Alcoholic Beverages and tobacco
0.05 8.4 4.3 10.1 1.6 5.8 1.1 29.1
Clothing and Footwear 0.06 6.6 3.5 2.4 -4.2 -1.1 0.3 9.1 Housing, Water, Electricity, Gas...
0.17 6.0 8.0 1.6 -4.4 -6.4 0.5 14.3
Furnishings, Household
Equipment …
0.05 7.2 2.4 2.6 -4.6 0.2 0.4 9.9
Health 0.01 9.5 3.2 4.6 -4.9 1.4 0.1 3.0
Transport 0.02 -0.7 7.5 7.1 7.8 -0.4 0.4 10.0 Communication 0.02 0.6 3.6 3.9 3.2 0.3 0.0 1.1 Recreation and culture 0.00 2.7 -8.1 1.3 -1.4 9.4 0.0 0.4 Education 0.00 0.4 23.9 1.7 1.3 -22.2 0.0 0.3 Restaurant & hotel 0.05 7.5 4.7 5.1 -2.5 0.3 0.6 17.6 Miscellaneous Goods 0.03 7.6 5.1 3.2 -4.5 -1.9 0.2 5.1

National Bank of Ethiopia Quarterly Bulletin 20 | Third Quarter 2023/24 20 | Third Quarter 2023/24
3.2 . Developments in Regional Quarterly Inflation
The regional average quarterly general inflation rate in the third quarter of 2023/24 slightly increased to 4.6 percent from 4.5 percent in the second quarter while, it decreased from 6.8 percent registered a year earlier. Harari, Gambela, Afar, Oromia, Amhara, and Addis Ababa saw higher headline inflation than the regional average. The highest headline inflation (6.8 percent) was registered in Harari and the lowest (1.7 percent) in Benshangul Gumuz region showing a 5.1 percentage points margin. The deviation in the regional headline inflation from the average, as signified by standard deviation, decreased to 1.7 percent from 1.9 percent recorded in the preceding quarter and 2.2 percent recorded in last year same quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation rate decreased to 4.6 percent in the third quarter of 2023/24 from
5.7 percent recorded in the preceding quarter
but remained unchanged compared with the previous month.
The quarterly food & non-alcoholic beverages inflation rate in Gambella, Oromia, Amhara, Addis Ababa, and Harari was higher than the regional average. The highest food & nonalcoholic beverage inflation was recorded in Gambela (6.7 percent) and the lowest in Benshangul Gumuz (0.9 percent), signifying a
5.8 percentage points margin. The variation in
food & non-alcoholic beverages inflation, measured by standard deviation, was decreased to 2.0 percent from 2.7 percent in the preceding quarter but increased compared to 1.7 percent last year same quarter (Table 3.4). Moreover, the quarterly regional average nonfood inflation increased to 4.6 percent from
3.3 percent in the preceding quarter while
showed a 9.2 percent annual decline.
Harari, Afar, and Gambella recorded higher non-food inflation than the regional average. The quarterly non-food inflation was the highest in Harari (8.1 percent) and the lowest in Benshangul Gumuz (2.9 percent), revealing a
5.3 percentage point margin. The variation in
regional non-food inflation, measured by the standard deviation, tended to decrease to 2.0 percent from 3.6 percent in the preceding quarter (QII) & from 4.0 percent of last year’s same quarter.

National Bank of Ethiopia Quarterly Bulletin 21 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 21 | Third Quarter 2023/24
Table 3.4: Quarterly Regions’ General, Food & Non-alcoholic beverages and Non-food Inflation (December 2016=100)
Regions
2022/23 2023/24 Percentage Changes
Qtr. III Qtr. II Qtr. III
A B C C-A C-B
General
Food &
Nonalcoholic beverages food

Non
General
Food &
Nonalcoholic beverages food
Non
General
Food &
Nonalcoholic beverages food
Non
General
Food &
Nonalcoholic beverages food
Non
General
Food
&
Nonalcoho lic bevera ges food
Non
SNNP 4.6 4.2 5.2 3.7 2.2 6.0 2.8 2.4 3.3 -1.8 -1.8 -1.9 -0.9 0.3 -2.7 Harari 10.2 5.3 14.6 0.6 5.7 -4.1 6.8 5.5 8.1 -3.4 0.2 -6.4 6.1 -0.2 12.3 Oromia 4.2 3.7 4.9 5.6 4.6 7.5 5.6 6.6 3.9 1.4 2.9 -1.0 0.0 2.1 -3.6 Gambella 6.3 6.6 5.7 4.5 3.1 7.1 6.5 6.7 6.1 0.2 0.1 0.3 2.0 3.5 -1.0 Addis Ababa 10.1 6.6 13.3 5.1 6.0 4.2 4.7 5.9 3.6 -5.4 -0.7 -9.7 -0.4 -0.1 -0.7 Dire Dawa 7.5 5.8 9.2 2.6 4.7 0.2 4.1 4.4 3.6 -3.4 -1.3 -5.6 1.5 -0.2 3.4 Benshangul Gumuz
7.2 1.1 14.9 3.5 3.9 3.0 1.7 0.9 2.9 -5.5 -0.2 -12.0 -1.8 -3.0 -0.2
Somali 4.0 3.0 5.3 6.7 11.5 0.3 3.1 2.7 3.7 -0.9 -0.3 -1.6 -3.6 -8.8 3.4 Afar 7.8 5.9 10.5 5.4 6.8 3.5 5.8 4.5 7.7 -2.0 -1.3 -2.8 0.4 -2.3 4.3 Amhara 5.8 4.1 7.9 7.0 8.3 5.2 5.0 6.2 3.3 -0.8 2.0 -4.6 -2.0 -2.2 -2.0 Regions Average 6.8 4.6 9.2 4.5 5.7 3.3 4.6 Standard deviation 2.2 1.7 4.0 1.9 2.7 3.6 1.7 2.0 2.0 Coefficient of variation 0.3 0.4 0.5 1.1 0.4 Source: Source: ESS & NBE Compilations

National Bank of Ethiopia Quarterly Bulletin 22 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 22 | Third Quarter 2023/24
IV. MONETARY DEVELOPMENTS
4.1. Money Supply and Credit
The NBE has taken a number of policy measures in order to bring down inflation in a significant and sustained manner this fiscal year. Accordingly, broad money supply (M2) stood at Birr 2.41 trillion at the end of the third quarter of 2023/24 reflecting a 17.2 percent annual growth mainly due to an 18.3 percent expansion in domestic credit, offsetting 51.7 percent and 38.3 percent contraction in external asset (net) and other items (net), respectively. Similarly, net claims on government grew by 26.8 percent while credit to non-government sector rose
15.7 percent (Table 4.1).
Table 4.1: Factors Influencing Broad Money (In Millions of Birr)
Particulars
QIII QII QIII Percentage
Change
Contributions of
Each Component to Broad Money growth
(Mar. 23) (Dec. 23) (Mar. 24)
A B C C/A C/B Annual

External Assets (net)

(161,581.5)

(238,309.7)

(245,174.7) (51.7) (2.9) (23.7)
2. Domestic Credit

2,272,872.0

2,594,360.8

2,688,354.7 18.3 3.6 117.7
. Claims on Central Gov't (net)

526,361.2

628,010.4

667,365.4 26.8 6.3 40.0
. Claims on Non-Central Gov't

1,746,510.8

1,966,350.4

2,020,989.3 15.7 2.8 77.8
. Financial Institutions 44,822.7 42,322.7 41,322.7 (7.8) (2.4) (1.0) . Others 1,701,688.1 1,924,027.7 1,979,666.6 16.3 2.9 78.8
3. Other Items (net) 54,825.3 45,376.9 33,837.6 (38.3) (25.4) (5.9)
4. Broad Money (M2) 2,056,465.2 2,310,674.2 2,409,342.5 17.2 4.3 100.0
Source: Staff Computation, NBE
National Bank of Ethiopia Quarterly Bulletin 22 | Third Quarter 2023/24
IV. MONETARY DEVELOPMENTS
4.1. Money Supply and Credit
The NBE has taken a number of policy measures in order to bring down inflation in a significant and sustained manner this fiscal year. Accordingly, broad money supply (M2) stood at Birr 2.41 trillion at the end of the third quarter of 2023/24 reflecting a 17.2 percent annual growth mainly due to an 18.3 percent expansion in domestic credit, offsetting 51.7 percent and 38.3 percent contraction in external asset (net) and other items (net), respectively. Similarly, net claims on government grew by 26.8 percent while credit to non-government sector rose
15.7 percent (Table 4.1).
Table 4.1: Factors Influencing Broad Money (In Millions of Birr)
Particulars
QIII QII QIII Percentage
Change
Contributions of
Each Component to Broad Money growth
(Mar. 23) (Dec. 23) (Mar. 24)
A B C C/A C/B Annual

External Assets (net)

(161,581.5)

(238,309.7)

(245,174.7) (51.7) (2.9) (23.7)
2. Domestic Credit

2,272,872.0

2,594,360.8

2,688,354.7 18.3 3.6 117.7
. Claims on Central Gov't (net)

526,361.2

628,010.4

667,365.4 26.8 6.3 40.0
. Claims on Non-Central Gov't

1,746,510.8

1,966,350.4

National Bank of Ethiopia Quarterly Bulletin 23 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 23 | Third Quarter 2023/24 Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) Source: Staff computation, NBE -6,000.0 -5,000.0 -4,000.0 -3,000.0 -2,000.0 -1,000.0 0.0 1,000.0 -70.0 -60.0 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 180.0 Net Foreign Assets (NFA) (in percent) Other than NFA Broad Money Domestic Credit Other Items Net Net Foreign Assets -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Growth in Percent Credit to Central Government Credit to Non-Central Government Domestic Credit

National Bank of Ethiopia Quarterly Bulletin 24 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 24 | Third Quarter 2023/24 Component wise, quasi-money supply showed
18.0 percent annual and 3.5 percent quarterly
expansion. Similarly, narrow money supply exhibited 15.5 percent annual increment 6.0 percent quarterly growth. The contribution of narrow money to broad money growth was
30.2 percent and that of quasi- money 69.8
percent primarily reflecting the boost in savings deposits in the banking system (Table 4.2).
Table 4.2: Components of Broad Money (In millions of Birr, unless specified)
Particulars
QIII QII QIII
Percentage
Change
Contributions of
Each
Component to
Broad Money growth
(Mar. 23) (Dec. 23) (Mar. 24)
A B C C/A C/B Annual
1. Narrow Money Supply 686,196.2 747,975.1 792,622.6 15.5 6.0 30.2
. Currency outside banks 217,250.4 212,704.2 220,782.6 1.6 3.8 1.0 . Demand Deposits (net) 468,945.8 535,270.9 571,840.0 21.9 6.8 29.2
2. Quasi-Money 1,370,269.0 1,562,699.1 1,616,719.8 18.0 3.5 69.8
. Savings Deposits 1,231,225.4 1,397,037.3 1,441,298.1 17.1 3.2 59.5 . Time Deposits 139,043.6 165,661.7 175,421.7 26.2 5.9 10.3
3. Broad Money Supply 2,056,465.2 2,310,674.2 2,409,342.5 17.2 4.3 100.0
Source: Staff Computation, NBE
Fig.IV.3: Composition of Monetary Stock (Value in Billions of Birr) Source: Staff Computation, NBE 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. National Bank of Ethiopia Quarterly Bulletin 24 | Third Quarter 2023/24 Component wise, quasi-money supply showed
18.0 percent annual and 3.5 percent quarterly
expansion. Similarly, narrow money supply exhibited 15.5 percent annual increment 6.0 percent quarterly growth. The contribution of narrow money to broad money growth was
30.2 percent and that of quasi- money 69.8
percent primarily reflecting the boost in savings deposits in the banking system (Table 4.2).
Table 4.2: Components of Broad Money (In millions of Birr, unless specified)
Particulars
QIII QII QIII
Percentage
Change
Contributions of
Each
Component to
Broad Money growth
(Mar. 23) (Dec. 23) (Mar. 24)
A B C C/A C/B Annual
1. Narrow Money Supply 686,196.2 747,975.1 792,622.6 15.5 6.0 30.2
. Currency outside banks 217,250.4 212,704.2 220,782.6 1.6 3.8 1.0 . Demand Deposits (net) 468,945.8 535,270.9 571,840.0 21.9 6.8 29.2
2. Quasi-Money 1,370,269.0 1,562,699.1 1,616,719.8 18.0 3.5 69.8
. Savings Deposits 1,231,225.4 1,397,037.3 1,441,298.1 17.1 3.2 59.5 . Time Deposits 139,043.6 165,661.7 175,421.7 26.2 5.9 10.3
3. Broad Money Supply 2,056,465.2 2,310,674.2 2,409,342.5 17.2 4.3 100.0
Source: Staff Computation, NBE
Fig.IV.3: Composition of Monetary Stock (Value in Billions of Birr) Source: Staff Computation, NBE 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep.

National Bank of Ethiopia Quarterly Bulletin 25 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 25 | Third Quarter 2023/24
4.2. Developments in Reserve Money and Monetary Ratio
During the review period, reserve money stood at Birr 461.7 billion both indicating 2.9 percent annual and quarterly increment. The slowdown in annual reserve money growth was attributed to the NBE’s tight monetary policy (Table 4.3). Regarding the money multiplier, which measured by the ratio of broad money to reserve money, increased 5.2 from 4.6 indicating that more money has been created relatively by commercial banks rather than by NBE.
Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated)
Particulars
Qtr. III Qtr. II Qtr. III
Percentage Change
(Mar. 23) (Dec. 23) (Mar. 24)
A B C C/A C/B
1. Reserve Requirement (CB's) 140,669.9 159,864.0 166,446.7 18.3 4.1
2. Actual Reserve (CB's) 194,798.3 193,981.7 191,952.6 (1.5) (1.0)
3. Excess Reserve (CB's) 54,128.5 34,117.7 25,505.9 (52.9) 25.2
4. Reserve Money 448,892.5 448,504.3 461,718.8 2.9 2.9
. Currency in Circulation 258,331.6 254,152.7 269,026.5 4.1 5.9 . Banks deposits at NBE 190,560.9 194,351.6 192,692.3 1.1 (0.9)
5. Money Multiplier (Ratio):
. Narrow Money to Reserve Money 1.5 1.7 1.7 12.3 2.9 . Broad Money to Reserve Money 4.6 5.2 5.2 13.9 1.3
6. Other Monetary Ratios (%):
. Currency to Narrow Money 37.6 34.0 33.9 (9.8) (0.1) . Currency to Broad Money 12.6 11.0 11.2 (11.1) 1.5 . Narrow Money to Broad Money 33.4 32.4 32.9 (1.4) 1.6 . Quasi Money to Broad Money 66.6 67.6 67.1 0.7 (0.8) Source: Staff Computation, NBE National Bank of Ethiopia Quarterly Bulletin 25 | Third Quarter 2023/24
4.2. Developments in Reserve Money and Monetary Ratio
During the review period, reserve money stood at Birr 461.7 billion both indicating 2.9 percent annual and quarterly increment. The slowdown in annual reserve money growth was attributed to the NBE’s tight monetary policy (Table 4.3). Regarding the money multiplier, which measured by the ratio of broad money to reserve money, increased 5.2 from 4.6 indicating that more money has been created relatively by commercial banks rather than by NBE.
Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated)
Particulars
Qtr. III Qtr. II Qtr. III
Percentage Change
(Mar. 23) (Dec. 23) (Mar. 24)
A B C C/A C/B
1. Reserve Requirement (CB's) 140,669.9 159,864.0 166,446.7 18.3 4.1
2. Actual Reserve (CB's) 194,798.3 193,981.7 191,952.6 (1.5) (1.0)
3. Excess Reserve (CB's) 54,128.5 34,117.7 25,505.9 (52.9) 25.2
4. Reserve Money 448,892.5 448,504.3 461,718.8 2.9 2.9
. Currency in Circulation 258,331.6 254,152.7 269,026.5 4.1 5.9 . Banks deposits at NBE 190,560.9 194,351.6 192,692.3 1.1 (0.9)
5. Money Multiplier (Ratio):
. Narrow Money to Reserve Money 1.5 1.7 1.7 12.3 2.9 . Broad Money to Reserve Money 4.6 5.2 5.2 13.9 1.3
6. Other Monetary Ratios (%):
. Currency to Narrow Money 37.6 34.0 33.9 (9.8) (0.1) . Currency to Broad Money 12.6 11.0 11.2 (11.1) 1.5 . Narrow Money to Broad Money 33.4 32.4 32.9 (1.4) 1.6 . Quasi Money to Broad Money 66.6 67.6 67.1 0.7 (0.8) Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 26 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 26 | Third Quarter 2023/24 Fig.IV.4: Reserve Money and Its Components (Quarterly Growth in %) Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (Value in Millions of Birr) Source: Staff Computation NBE -30 -20 -10 0 10 20 30 40 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2019/20 2020/21 2021/22 2022/23 2023/24 Percentage Changes Reserve Money Currency in Circulation Bank Deposits -50,000.00 - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 In Millions of Birr Required reserve Actual reserve Excess reserve National Bank of Ethiopia Quarterly Bulletin 26 | Third Quarter 2023/24 Fig.IV.4: Reserve Money and Its Components (Quarterly Growth in %) Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (Value in Millions of Birr) Source: Staff Computation NBE -30 -20 -10 0 10 20 30 40 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2019/20 2020/21 2021/22 2022/23 2023/24 Percentage Changes Reserve Money Currency in Circulation Bank Deposits -50,000.00 - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 In Millions of Birr Required reserve Actual reserve Excess reserve

National Bank of Ethiopia Quarterly Bulletin 27 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 27 | Third Quarter 2023/24
4.3. Interest Rate Developments
During the review period, average savings deposit rate remained constant at 8.0 percent and lending rate at 14.8 percent while weighted average time deposit rate slightly increased to 7.7 percent. On the other hand, weighted average yield on T-bills for the quarter was
9.44 percent. Considering the 26.2 percent
headline inflation in March 2024, real interest rates on deposit, lending and the Tbills yield remained negative (Table 4.4).
Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum)
Particulars 2022/23 2023/24
Percentage point
Changes
QIII QII QIII Annual Quarterly
1. Savings Deposit Rate 1/
Minimum 7.00 - -
Maximum 9.00 - -
Average Saving Rate 8.00 - -
2. Time Deposits
Up to 1yr 7.65 7.55 7.63 (0.02) 0.09
1-2 years 7.70 7.60 7.69 (0.01) 0.09
Over 2 years 7.74 7.65 7.74 - 0.09
Average Time Dep. Rate (Weighted) 7.70 7.60 7.69 (0.01) 0.09
3. Demand Deposit (Weighted) 0.046 0.049 0.054 0.01 0.01
4. Lending Rate 2/
Minimum 7.00 - -
Maximum 21.50 22.50 22.50 1.00 -
Average Lending Rate 14.25 14.75 14.75 0.50 -
5. T-bills Rate (Weighted) 9.01 9.51 9.44 0.44 (0.06)
6. GERD Bond Yield 3/
6.1 Maturity within 5 Years 7.50 - -
6.1 Maturity above 5 Years 8.00 - -
7. Headline Inflation (Year-on-year) 34.2 28.7 26.2 (8.0) (2.5)
8. Food Inflation (Year-on-year) 32.8 30.6 29.0 (3.8) (1.6)
9. Core/non-food Inflation (Year-on-year) 36.3 26.1 22.0 (14.3) (4.1)
1/ Minimum interest rate on saving deposit is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE has no control on lending rates, hence the minimum & maximum rates presented here are mareket determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam. National Bank of Ethiopia Quarterly Bulletin 27 | Third Quarter 2023/24
4.3. Interest Rate Developments
During the review period, average savings deposit rate remained constant at 8.0 percent and lending rate at 14.8 percent while weighted average time deposit rate slightly increased to 7.7 percent. On the other hand, weighted average yield on T-bills for the quarter was
9.44 percent. Considering the 26.2 percent
headline inflation in March 2024, real interest rates on deposit, lending and the Tbills yield remained negative (Table 4.4).
Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum)
Particulars 2022/23 2023/24
Percentage point
Changes
QIII QII QIII Annual Quarterly
1. Savings Deposit Rate 1/
Minimum 7.00 - -
Maximum 9.00 - -
Average Saving Rate 8.00 - -
2. Time Deposits
Up to 1yr 7.65 7.55 7.63 (0.02) 0.09
1-2 years 7.70 7.60 7.69 (0.01) 0.09
Over 2 years 7.74 7.65 7.74 - 0.09
Average Time Dep. Rate (Weighted) 7.70 7.60 7.69 (0.01) 0.09
3. Demand Deposit (Weighted) 0.046 0.049 0.054 0.01 0.01
4. Lending Rate 2/
Minimum 7.00 - -
Maximum 21.50 22.50 22.50 1.00 -
Average Lending Rate 14.25 14.75 14.75 0.50 -
5. T-bills Rate (Weighted) 9.01 9.51 9.44 0.44 (0.06)
6. GERD Bond Yield 3/
6.1 Maturity within 5 Years 7.50 - -
6.1 Maturity above 5 Years 8.00 - -
7. Headline Inflation (Year-on-year) 34.2 28.7 26.2 (8.0) (2.5)
8. Food Inflation (Year-on-year) 32.8 30.6 29.0 (3.8) (1.6)
9. Core/non-food Inflation (Year-on-year) 36.3 26.1 22.0 (14.3) (4.1)
1/ Minimum interest rate on saving deposit is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE has no control on lending rates, hence the minimum & maximum rates presented here are mareket determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam.

National Bank of Ethiopia Quarterly Bulletin 28 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 28 | Third Quarter 2023/24 Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate Source: Staff computation, NBE 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Simple Av. Sav. Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Inflation Rate (Core) Value in Percent Av. Saving Dep.Rate Lending Rate 91 day T-bills yield Inflation rate (core)

National Bank of Ethiopia Quarterly Bulletin 29 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 29 | Third Quarter 2023/24
4.4. Developments in the Financial Sector
The number of banks in Ethiopia reached 32, of which 30 were private and 2 state owned. These banks have opened 290 new bank branches during the third quarter 2023/24, thereby increasing the total number of bank branches to 12,160. As a result, population to bank branch ratio stood at 9,0053 . State owned banks accounted for 18.8 percent of the total bank branches while private banks took 81.2 percent share. Of the total bank branches, 31.2 percent were located in Addis Ababa. About
99.0 percent of the new bank branches were
opened by private banks (Table 4.5).
Meanwhile, the banking sector’s capital continued to increase and reached Birr 290.6 billion. State owned banks accounted for 32.6 percent and private banks 67.4 percent of the total capital. The share of Commercial Bank of Ethiopia (CBE) in total capital of the banking system was 21.5 percent (Table 4.5) signifying that private banks are gradually becoming the drivers of the banking system growth in Ethiopia. In the meantime, the number of insurance companies stood at 18, of which 17 were private and 1 state owned. While the number 3 Total population is 109,496,000 as CSA Estimation for 2024 of insurance companies remained unchanged, their branch network increased to 791 from 732 a year ago, of which about 56.5 percent were in Addis Ababa. Total capital of insurance companies reached Birr 20.6 billion compared with Birr 15.3 billion a year ago. The share of private insurance companies in total capital of insurance industry was 80.6 percent (Table 4.6). During the review quarter, the number of Micro Finance Institutions (MFIs) reached 47. Their savings, credit and total assets increased by 16.5 percent, 1.4 percent and 3.6 percent respectively while their capital declined by
20.6 percent annual basis presumably due to
the transformation of Addis Credit & Savings Institution to a bank. All these indicators the relative importance of micro-finance institutions in providing access to finance for low income groups and micro and small-scale enterprises both in rural and urban areas (Table 4.7).

National Bank of Ethiopia Quarterly Bulletin 30 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 30 | Third Quarter 2023/24
Table 4.5: Branch Network and Capital of the Banking System
(Branch in Number and Capital in Millions of Birr) Capital 2022/23

State own Banks
Commercial Bank of Ethiopia 1,682 476 2,158 19.7 1,703 478 2,181 18.4 1,704 480 2,184 18.0 54,170 62,471 62,471 Development Bank of Ethiopia 77 6 83 0.8 99 6 105 0.9 99 6 105 0.9 30,116 32,149 32,149 Total State own Banks 1,759 482 2,241 20.4 1,802 484 2,286 19.3 1,803 486 2,289 18.8 84,286.4 94,619.4 94,619.4
Private Banks - - - -
Awash Bank 595 290 885 8.1 635 303 938 7.9 648 305 953 7.8 19,539.4 26,484.2 26,911.5 Dashen Bank 597 252 849 7.7 619 271 890 7.5 622 276 898 7.4 15,012.5 18,934.3 19,166.5 Bank of Abyssinia 607 295 902 8.2 664 309 973 8.2 667 309 976 8.0 13,855.2 15,872.7 17,319.9 Wegagen Bank 286 149 435 4.0 299 152 451 3.8 307 153 460 3.8 6,132.5 6,828.3 7,032.4 Hibret Bank 251 226 477 4.3 264 233 497 4.2 270 236 506 4.2 6,450.3 8,807.0 9,550.9 Nib International Bank 235 223 458 4.2 236 225 461 3.9 236 225 461 3.8 7,902.5 8,986.1 9,750.9 Cooperative Bank of Oromia 566 177 743 6.8 576 187 763 6.4 580 187 767 6.3 11,707.8 13,859.5 14,440.8 Lion International Bank 211 87 298 2.7 218 90 308 2.6 228 91 319 2.6 3,407.2 3,583.2 3,804.9 Oromia Bank 320 157 477 4.3 387 179 566 4.8 394 182 576 4.7 6,819.0 8,046.1 8,400.6 Zemen Bank 34 63 97 0.9 45 73 118 1.0 45 73 118 1.0 6,083.9 8,972.3 9,383.8 Buna Bank 302 169 471 4.3 314 172 486 4.1 314 172 486 4.0 5,114.3 5,533.3 5,774.0 Berhan Bank 210 171 381 3.5 224 182 406 3.4 226 182 408 3.4 4,286.1 4,690.4 4,727.0 Abay Bank 344 149 493 4.5 374 167 541 4.6 384 168 552 4.5 5,900.0 7,070.1 7,839.4 Addis Interational Bank 60 70 130 1.2 66 77 143 1.2 72 77 149 1.2 2,107.3 2,314.0 2,457.4 Global Bank 66 75 141 1.3 79 93 172 1.4 98 137 235 1.9 2,162.3 2,989.7 3,048.2 Enat Bank 82 156 238 2.2 120 71 191 1.6 127 71 198 1.6 2,990.9 3,352.0 3,601.0 Hijra Bank 47 19 66 0.6 58 22 80 0.7 62 23 85 0.7 1,182.2 1,352.3 1,441.1 Zamzam Bank 39 35 74 0.7 45 38 83 0.7 53 47 100 0.8 1,722.5 1,875.3 1,990.6 Goh Betoch Bank 4 4 8 0.1 4 4 8 0.1 4 4 8 0.1 1,105.5 1,605.5 1,615.1 Siinqee Bank 281 45 326 3.0 322 68 390 3.3 333 68 401 3.3 7,757.4 8,133.5 8,133.5 Tseday Bank 248 31 279 2.5 395 51 446 3.8 452 58 510 4.2 8,141.0 11,331.3 11,331.3 Shebele Bank 19 2 21 0.2 22 4 26 0.2 30 4 34 0.3 585.0 688.6 700.3 Amahara Bank 165 105 270 2.5 194 127 321 2.7 196 127 323 2.7 5,938.9 6,188.4 6,683.3 Ahadu Bank 24 35 59 0.5 46 56 102 0.9 47 56 103 0.8 597.0 958.9 1,013.0 Tsehay Bank 48 36 84 0.8 53 37 90 0.8 53 38 91 0.7 942.4 1,337.3 1,338.8 Sidama Bank S.C 13 1 14 0.1 25 3 28 0.2 34 4 38 0.3 685.0 874.7 893.0 Omo Bank S.C - - - - - - - - - - 905.5 921.5 921.6 Gadaa Bank 37 13 50 0.5 50 29 79 0.7 51 30 81 0.7 800.5 999.6 1,027.5 Siket bank - 5,031.0 Ramis Bank S.C - - - - 22 5 27 0.2 29 6 35 0.3 636.1 636.1 Total Private Banks 5,691.0 3,035.0 8,726.0 79.6 6,356.0 3,228.0 9,584.0 80.7 6,562 3,309 9,871 81.2 149,834.1 183,226.1 195,965.6
Grand Total Banks 7,450 3,517 10,967 100 8,158 3,712 11,870 100 8,365 3,795 12,160 100 234,121 277,845.4 290,585.0
Banks
Branch Network
Quarter III Quarter II Quarter
III
Quarter
II
2022/23 2023/24 2023/24
Quarter
III
Reg A.A Total
%
Share Reg. A.A Total
%
Share Reg. A.A Total
%
Share
Quarter III
Source: National Bank of Ethiopia (NBE)
Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa

National Bank of Ethiopia Quarterly Bulletin 31 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 31 | Third Quarter 2023/24 Fig.IV.8: Share of Branch Network and Capital of Banking System

20.4 19.3 18.8
36.0 34.1 32.6
79.6 80.7 81.2
64.0 65.9 67.4
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2022/23 Qrt.III
(Branch)
2023/24 Qrt.II
(Branch)
2023/24 Qrt.III
(Branch)
2022/23 Qrt.III
(Capital )
2023/24 Qrt.II
(Capital)
2023/24 Qrt.III
(Capital)
Percentage share from total
Private Banks State own Banks
Source: NBE
Table 4.6: Branch Network & Capital of Insurance Companies
(Branch in Number & Capital in Millions of Birr) 2022/23 A.A Reg Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 25 66 91 25 66 91 25 66 91 3,425 3,964 3,989 2 Awash Insurance Company S.C. 32 27 59 32 31 63 32 31 63 2,369 3,026 3,161 3 Africa Insurance Company S.C. 20 15 35 20 15 35 20 15 35 385 504 627 4 National Insurance Company of Ethiopia S.C. 25 17 42 25 17 42 25 17 42 330 385 471 5 United Insurance Company S.C. 34 15 49 34 17 51 34 17 51 1,222 1,529 1,645 6 Global Insurance Company S.C. 13 9 22 13 9 22 13 9 22 271 - 332 7 Nile Insurance Company S.C. 35 24 59 37 24 61 37 24 61 1,100 1,410 1,488 8 Nyala Insurance S.C. 18 18 36 20 20 40 20 20 40 1,382 1,716 1,807 9 Nib Insurance Company S.C. 30 15 45 31 16 47 31 16 47 952 1,158 1,283 10 Lion Insurance Company S.C. 19 22 41 19 22 41 20 22 42 361 564 569 11 E-Life & General Insurance S.C. 21 8 29 22 8 30 23 8 31 241 353 402 12 Oromia Insurance Company S.C. 27 28 55 29 31 60 29 32 61 1,264 1,443 1,757 13 Abay Insurance S.C. 18 16 34 21 16 37 21 17 38 606 821 858 14 Berhan Insurance S.C. 19 8 27 19 9 28 20 9 29 368 483 479 15 Tsehay Insurance S.C. 24 10 34 24 12 36 26 12 38 425 578 612 16 Lucy Insurance S.C. 18 6 24 27 7 34 28 7 35 188 221 270 17 Bunna Insurance S.C. 19 12 31 22 13 35 23 15 38 254 404 460 18 Zemen Insurance S.C. 16 3 19 20 6 26 20 7 27 175 291 360 413 319 732 440 339 779 447 344 791 15,318 18,850 20,570 2023/24 TOTAL Quarter II Branch Capital Quarter III Insurance Companies Quarter III Quarter II Quarter III Quarter III 2022/23 2023/24 Source: NBE National Bank of Ethiopia Quarterly Bulletin 31 | Third Quarter 2023/24 Fig.IV.8: Share of Branch Network and Capital of Banking System

National Bank of Ethiopia Quarterly Bulletin 32 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 32 | Third Quarter 2023/24
Table 4.7: Microfinance Institutions Performance
(In thousands of Birr)
2022/23
QIII QII QIII
A B C D=C/A E=C/B
Total Capital 13,504,257.2 9,644,042.9 10,718,699.3 -20.6 11.1 Saving 24,000,707.5 26,161,394.6 27,951,368.2 16.5 6.8 Credit 36,265,195.4 34,823,349.8 36,783,788.2 1.4 5.6 Total Assets 52,455,915.9 50,772,359.8 54,354,739.0 3.6 7.1 % Change Particulars 2023/24 Source: 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) at the end of the third quarter of 2023/24, reached Birr 216.3 billion showing a 11.4 percent annual growth. This was due to an increase in net change in deposit, borrowing and collection of loans (Table 4.8). National Bank of Ethiopia Quarterly Bulletin 32 | Third Quarter 2023/24
Table 4.7: Microfinance Institutions Performance
(In thousands of Birr)
2022/23
QIII QII QIII
A B C D=C/A E=C/B
Total Capital 13,504,257.2 9,644,042.9 10,718,699.3 -20.6 11.1 Saving 24,000,707.5 26,161,394.6 27,951,368.2 16.5 6.8 Credit 36,265,195.4 34,823,349.8 36,783,788.2 1.4 5.6 Total Assets 52,455,915.9 50,772,359.8 54,354,739.0 3.6 7.1 % Change Particulars 2023/24 Source: 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) at the end of the third quarter of 2023/24, reached Birr 216.3 billion showing a 11.4 percent annual growth. This was due to an increase in net change in deposit, borrowing and collection of loans (Table 4.8).

National Bank of Ethiopia Quarterly Bulletin 33 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 33 | Third Quarter 2023/24
Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System
(In Millions of Birr)
Qtr.III
2022/23
Qtr.II
2023/24
Qtr.III
2023/24 Change % change Change % change
A B C D=C-A E=D/A100 F=C-B G=F/B100
1.Deposits (net change) 59,161.1 31,954.8 38,572.5 62,924.1 89,570.6 97,733.6 94,878.9 5,308.3 5.9 -2,854.7 -2.9 -Demand 42,119.1 17,169.5 5,230.0 23,960.6 8,048.4 47,349.1 41,130.2 33,081.7 411.0 -6,219.0 -13.1 -Saving 15,023.3 13,955.9 16,821.9 30,156.1 66,021.8 31,845.3 44,112.1 -21,909.8 -33.2 12,266.8 38.5 -Time 2,018.7 829.3 16,520.5 8,807.4 15,500.3 18,539.2 9,636.7 -5,863.6 -37.8 -8,902.5 -48.0
2. Borrowing (net change) 5,877.1 12,440.9 0.0 0.0 7,334.7 5,877.1 12,440.9 5,106.1 69.6 6,563.8 111.7
-Local 4,527.6 5,990.7 0.0 0.0 6,762.5 4,527.6 5,990.7 -771.9 -11.4 1,463.1 32.3 -Foreign 1,349.5 6,450.2 0.0 0.0 572.2 1,349.5 6,450.2 5,878.0 1,027.3 5,100.7 378.0
3. Collection of Loans 25,604.4 36,302.3 65,553.7 72,693.4 97,297.8 91,158.1 108,995.8 11,697.9 12.0 17,837.7 19.6
4. Total Resources
Mobilized (1+2+3) 90,642.6 80,698.0 104,126.1 135,617.6 194,203.2 194,768.8 216,315.5 22,112.4 11.4 21,546.7 11.1
5. Disbursement 61,504.6 62,625.0 54,707.5 57,795.6 123,032.2 116,212.1 120,420.6 -2,611.6 -2.1 4,208.5 3.6
6. Change in Liquidity (4-5) 29,138.0 18,072.9 49,418.7 77,822.0 71,170.9 78,556.7 95,894.9 24,724.0 34.7 17,338.3 22.1
Memorandum Item: 0.0 0.0
Outstanding Credit* 998,877.4 1,033,879.8 1,051,813.4 1,086,469.4 1,855,527.4 2,050,690.8 2,120,349.2 264,821.8 14.3 69,658.4 3.4 Quarter Particulars State own Banks Private Banks Grand Total 1 2 (3) = (1) + (2) Qtr.II 2022/23 Qtr.III 2023/24 Qtr.II 2022/23 Qtr.III 2023/24 Annual Source: Commercial Banks & DBE Notes: Includes corporate bonds of Commercial Bank of Ethiopia Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 I II III IV I II III IV I II III IV I II III 2020/21 2021/22 2022/23 2023/24 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: CBEs and NBE National Bank of Ethiopia Quarterly Bulletin 33 | Third Quarter 2023/24
Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System
(In Millions of Birr)
Qtr.III
2022/23
Qtr.II
2023/24
Qtr.III
2023/24 Change % change Change % change
A B C D=C-A E=D/A100 F=C-B G=F/B100
1.Deposits (net change) 59,161.1 31,954.8 38,572.5 62,924.1 89,570.6 97,733.6 94,878.9 5,308.3 5.9 -2,854.7 -2.9 -Demand 42,119.1 17,169.5 5,230.0 23,960.6 8,048.4 47,349.1 41,130.2 33,081.7 411.0 -6,219.0 -13.1 -Saving 15,023.3 13,955.9 16,821.9 30,156.1 66,021.8 31,845.3 44,112.1 -21,909.8 -33.2 12,266.8 38.5 -Time 2,018.7 829.3 16,520.5 8,807.4 15,500.3 18,539.2 9,636.7 -5,863.6 -37.8 -8,902.5 -48.0
2. Borrowing (net change) 5,877.1 12,440.9 0.0 0.0 7,334.7 5,877.1 12,440.9 5,106.1 69.6 6,563.8 111.7
-Local 4,527.6 5,990.7 0.0 0.0 6,762.5 4,527.6 5,990.7 -771.9 -11.4 1,463.1 32.3 -Foreign 1,349.5 6,450.2 0.0 0.0 572.2 1,349.5 6,450.2 5,878.0 1,027.3 5,100.7 378.0
3. Collection of Loans 25,604.4 36,302.3 65,553.7 72,693.4 97,297.8 91,158.1 108,995.8 11,697.9 12.0 17,837.7 19.6
4. Total Resources
Mobilized (1+2+3) 90,642.6 80,698.0 104,126.1 135,617.6 194,203.2 194,768.8 216,315.5 22,112.4 11.4 21,546.7 11.1
5. Disbursement 61,504.6 62,625.0 54,707.5 57,795.6 123,032.2 116,212.1 120,420.6 -2,611.6 -2.1 4,208.5 3.6
6. Change in Liquidity (4-5) 29,138.0 18,072.9 49,418.7 77,822.0 71,170.9 78,556.7 95,894.9 24,724.0 34.7 17,338.3 22.1
Memorandum Item: 0.0 0.0
Outstanding Credit 998,877.4 1,033,879.8 1,051,813.4 1,086,469.4 1,855,527.4 2,050,690.8 2,120,349.2 264,821.8 14.3 69,658.4 3.4 Quarter Particulars State own Banks Private Banks Grand Total 1 2 (3) = (1) + (2) Qtr.II 2022/23 Qtr.III 2023/24 Qtr.II 2022/23 Qtr.III 2023/24 Annual Source: Commercial Banks & DBE Notes: *Includes corporate bonds of Commercial Bank of Ethiopia Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 I II III IV I II III IV I II III IV I II III 2020/21 2021/22 2022/23 2023/24 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: CBEs and NBE

National Bank of Ethiopia Quarterly Bulletin 34 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 34 | Third Quarter 2023/24
4.5.1.1. Deposit Mobilization
The total deposit liabilities of the banking system reached Birr 2.4 trillion, depicting
16.3 percent annual growth.
Demand deposits, which accounted for 31.4 percent of the total deposits, reached Birr
752.3 billion showing a 18.6 percent annual
growth. Similarly, saving deposit went up by
14.1 percent to reach Birr 1.4 trillion and
accounted for 60.6 percent of the total deposits. Time deposits constituted 8.0 percent of the total deposit liabilities and increased by 24.3 percent to Birr 191.7 billion. The share of private banks in total deposits was 51.8 percent while that of state owned banks stood at 48.2 percent (Table 4.9).
Table 4.9: Stock of Deposits Mobilized by the Banking System
(In Millions of Birr)
Quarter III Quarter II Quarter III
2022/23 2023/24 2023/24
A B C C/A C/B
Demand Deposit 634,318.2 30.8 711,150.8 30.9 752,280.9 31.4 18.6 5.8 Saving Deposit 1,270,787.8 61.7 1,406,043.1 61.2 1,450,155.1 60.6 14.1 3.1 Time Deposit 154,282.7 7.5 182,103.6 7.9 191,740.3 8.0 24.3 5.3 Total 2,059,388.6 100.0 2,299,297.4 100.0 2,394,176.3 100.0 16.3 4.1 Share of state own Banks 49.4 48.8 48.2 Share of Private Banks 50.6 51.2 51.8 Deposit by types % Share % Share % Share Percentage Change ( Growth) Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III 2020/2021 2021/2022 2022/2023 2023/2024 In percent State owned Banks Private Banks All Banks Source: CBEs & NBE National Bank of Ethiopia Quarterly Bulletin 34 | Third Quarter 2023/24
4.5.1.1. Deposit Mobilization
The total deposit liabilities of the banking system reached Birr 2.4 trillion, depicting
16.3 percent annual growth.
Demand deposits, which accounted for 31.4 percent of the total deposits, reached Birr
752.3 billion showing a 18.6 percent annual
growth. Similarly, saving deposit went up by
14.1 percent to reach Birr 1.4 trillion and
accounted for 60.6 percent of the total deposits. Time deposits constituted 8.0 percent of the total deposit liabilities and increased by 24.3 percent to Birr 191.7 billion. The share of private banks in total deposits was 51.8 percent while that of state owned banks stood at 48.2 percent (Table 4.9).
Table 4.9: Stock of Deposits Mobilized by the Banking System
(In Millions of Birr)
Quarter III Quarter II Quarter III
2022/23 2023/24 2023/24
A B C C/A C/B
Demand Deposit 634,318.2 30.8 711,150.8 30.9 752,280.9 31.4 18.6 5.8 Saving Deposit 1,270,787.8 61.7 1,406,043.1 61.2 1,450,155.1 60.6 14.1 3.1 Time Deposit 154,282.7 7.5 182,103.6 7.9 191,740.3 8.0 24.3 5.3 Total 2,059,388.6 100.0 2,299,297.4 100.0 2,394,176.3 100.0 16.3 4.1 Share of state own Banks 49.4 48.8 48.2 Share of Private Banks 50.6 51.2 51.8 Deposit by types % Share % Share % Share Percentage Change ( Growth) Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III 2020/2021 2021/2022 2022/2023 2023/2024 In percent State owned Banks Private Banks All Banks Source: CBEs & NBE National Bank of Ethiopia Quarterly Bulletin 34 | Third Quarter 2023/24
4.5.1.1. Deposit Mobilization
The total deposit liabilities of the banking system reached Birr 2.4 trillion, depicting
16.3 percent annual growth.
Demand deposits, which accounted for 31.4 percent of the total deposits, reached Birr
752.3 billion showing a 18.6 percent annual
growth. Similarly, saving deposit went up by
14.1 percent to reach Birr 1.4 trillion and
accounted for 60.6 percent of the total deposits. Time deposits constituted 8.0 percent of the total deposit liabilities and increased by 24.3 percent to Birr 191.7 billion. The share of private banks in total deposits was 51.8 percent while that of state owned banks stood at 48.2 percent (Table 4.9).
Table 4.9: Stock of Deposits Mobilized by the Banking System
(In Millions of Birr)
Quarter III Quarter II Quarter III
2022/23 2023/24 2023/24
A B C C/A C/B
Demand Deposit 634,318.2 30.8 711,150.8 30.9 752,280.9 31.4 18.6 5.8 Saving Deposit 1,270,787.8 61.7 1,406,043.1 61.2 1,450,155.1 60.6 14.1 3.1 Time Deposit 154,282.7 7.5 182,103.6 7.9 191,740.3 8.0 24.3 5.3 Total 2,059,388.6 100.0 2,299,297.4 100.0 2,394,176.3 100.0 16.3 4.1 Share of state own Banks 49.4 48.8 48.2 Share of Private Banks 50.6 51.2 51.8 Deposit by types % Share % Share % Share Percentage Change ( Growth) Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III 2020/2021 2021/2022 2022/2023 2023/2024 In percent State owned Banks Private Banks All Banks Source: CBEs & NBE

National Bank of Ethiopia Quarterly Bulletin 35 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 35 | Third Quarter 2023/24
4.5.1.2. Collection of Loans
During the review quarter, banks collected loans (including corporate bonds) amounting to Birr 109.0 billion which showed 12.0 percent annual growth (Table 4.8). Of the total loan collection, private banks took a
66.7 percent share while that of state owned
banks was 33.3 percent (Table 4.12).
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 128.3 billion showing a
21.0 percent annual growth.
Of the total borrowing, Birr 94.3 billion (73.5 percent) was from domestic and Birr 34.0 billion (26.5 percent) from external sources (Table4.10)
Table 4.10: Banks’ Outstanding Borrowing by Source
(In Millions of Birr)
2022/23
Quarter III Quarter II Quarter III
A B C D=C/B E=C/A
Domestic Borrowing 81,550.4 88,339.6 94,330.3 6.8 15.7 Foreign Borrowing 24,530.7 27,557.9 34,008.1 23.4 38.6 Total 106,081.0 115,897.5 128,338.4 10.7 21.0 Borrowing By Types Percentage change 2023/24 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia
4.5.2. Disbursement of Fresh Loans
During the review quarter, Birr 120.4 billion was disbursed in fresh loans(including CBE’s bond purchase) indicating 2.1 percent annual decrease on account of the 14 percent annual growth cap set by the National Bank of Ethiopia. Of the total new loans, the share of state owned banks was 52.0 percent and that of private banks 48.0 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were agriculture (Birr 30.7 billion or 25.5 percent), manufacturing (Birr 22.7 billion or
18.9 percent), domestic trade (Birr 21.4
billion or 17.8 percent), international trade (Birr 17.4 Billion or 14.4 percent), consumer and staff loans (Birr 10.1 Billion or 8.4 percent) and building and construction (Birr
7.1 billion or 5.9 percent) (Table 4.11).
National Bank of Ethiopia Quarterly Bulletin 35 | Third Quarter 2023/24
4.5.1.2. Collection of Loans
During the review quarter, banks collected loans (including corporate bonds) amounting to Birr 109.0 billion which showed 12.0 percent annual growth (Table 4.8). Of the total loan collection, private banks took a
66.7 percent share while that of state owned
banks was 33.3 percent (Table 4.12).
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 128.3 billion showing a
21.0 percent annual growth.
Of the total borrowing, Birr 94.3 billion (73.5 percent) was from domestic and Birr 34.0 billion (26.5 percent) from external sources (Table4.10)
Table 4.10: Banks’ Outstanding Borrowing by Source
(In Millions of Birr)
2022/23
Quarter III Quarter II Quarter III
A B C D=C/B E=C/A
Domestic Borrowing 81,550.4 88,339.6 94,330.3 6.8 15.7 Foreign Borrowing 24,530.7 27,557.9 34,008.1 23.4 38.6 Total 106,081.0 115,897.5 128,338.4 10.7 21.0 Borrowing By Types Percentage change 2023/24 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia
4.5.2. Disbursement of Fresh Loans
During the review quarter, Birr 120.4 billion was disbursed in fresh loans(including CBE’s bond purchase) indicating 2.1 percent annual decrease on account of the 14 percent annual growth cap set by the National Bank of Ethiopia. Of the total new loans, the share of state owned banks was 52.0 percent and that of private banks 48.0 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were agriculture (Birr 30.7 billion or 25.5 percent), manufacturing (Birr 22.7 billion or
18.9 percent), domestic trade (Birr 21.4
billion or 17.8 percent), international trade (Birr 17.4 Billion or 14.4 percent), consumer and staff loans (Birr 10.1 Billion or 8.4 percent) and building and construction (Birr
7.1 billion or 5.9 percent) (Table 4.11).
National Bank of Ethiopia Quarterly Bulletin 35 | Third Quarter 2023/24
4.5.1.2. Collection of Loans
During the review quarter, banks collected loans (including corporate bonds) amounting to Birr 109.0 billion which showed 12.0 percent annual growth (Table 4.8). Of the total loan collection, private banks took a
66.7 percent share while that of state owned
banks was 33.3 percent (Table 4.12).
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 128.3 billion showing a
21.0 percent annual growth.
Of the total borrowing, Birr 94.3 billion (73.5 percent) was from domestic and Birr 34.0 billion (26.5 percent) from external sources (Table4.10)
Table 4.10: Banks’ Outstanding Borrowing by Source
(In Millions of Birr)
2022/23
Quarter III Quarter II Quarter III
A B C D=C/B E=C/A
Domestic Borrowing 81,550.4 88,339.6 94,330.3 6.8 15.7 Foreign Borrowing 24,530.7 27,557.9 34,008.1 23.4 38.6 Total 106,081.0 115,897.5 128,338.4 10.7 21.0 Borrowing By Types Percentage change 2023/24 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia
4.5.2. Disbursement of Fresh Loans
During the review quarter, Birr 120.4 billion was disbursed in fresh loans(including CBE’s bond purchase) indicating 2.1 percent annual decrease on account of the 14 percent annual growth cap set by the National Bank of Ethiopia. Of the total new loans, the share of state owned banks was 52.0 percent and that of private banks 48.0 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were agriculture (Birr 30.7 billion or 25.5 percent), manufacturing (Birr 22.7 billion or
18.9 percent), domestic trade (Birr 21.4
billion or 17.8 percent), international trade (Birr 17.4 Billion or 14.4 percent), consumer and staff loans (Birr 10.1 Billion or 8.4 percent) and building and construction (Birr
7.1 billion or 5.9 percent) (Table 4.11).

National Bank of Ethiopia Quarterly Bulletin 36 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 36 | Third Quarter 2023/24 Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership - 20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 200,000.00 QIII QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2020/21 2021/22 2022/23 2023/24 Value in Million Birr Years/Quarters Total State own Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia
Table 4.11: Banks’ Loans & Advances by Sectors (Including corporate bond) in QIII2023/24
(In Millions of Birr)
D* C* O/S* D* C* O/S * D* C* O/S*
Corporate Bonds* - 2,460.6 556,589.2 - - - - 2,460.6 556,589.2 Agriculture 21,467.2 11,673.5 63,429.3 9,274.1 10,585.2 56,962.6 30,741.3 22,258.7 120,392.0 Manufacturing 16,206.7 7,038.4 230,741.4 6,504.0 7,760.9 162,809.4 22,710.7 14,799.3 393,550.8 Domestic Trade 12,372.6 5,508.2 42,288.6 9,016.2 15,722.4 209,479.9 21,388.8 21,230.6 251,768.5 International Trade 2,677.1 1,185.7 16,530.5 14,707.0 18,562.0 312,131.0 17,384.0 19,747.7 328,661.5 Export 2,225.7 989.3 11,201.1 11,901.3 12,770.0 201,598.0 14,127.1 13,759.4 212,799.1 Import 451.4 196.4 5,329.4 2,805.6 5,792.0 110,533.0 3,257.0 5,988.3 115,862.4 Hotels and Tourism 417.8 318.6 5,749.1 1,454.5 1,538.3 37,405.0 1,872.3 1,857.0 43,154.1 Building and Construction 2,270.6 3,149.2 66,111.2 4,817.9 6,746.8 130,875.2 7,088.6 9,896.0 196,986.4 Mines, Power and Water resources 127.1 270.8 246,124.2 291.8 76.0 501.3 419.0 346.8 246,625.5 Financial Institutions 2,391.2 2,494.6 13,433.1 200.0 273.1 3,344.3 2,591.2 2,767.8 16,777.3 Transport and Communication 56.9 122.5 1,182.9 2,672.0 2,420.2 37,136.4 2,728.9 2,542.8 38,319.3 Health and Education 150.2 101.3 1,209.6 276.0 257.4 4,971.0 426.1 358.7 6,180.7 Consumer and Staff Loans 4,080.2 4,415.9 66,925.1 5,996.0 5,218.1 109,255.5 10,076.2 9,633.9 176,180.7 Other Sectors 407.4 23.5 280,154.7 2,586.1 3,532.9 21,597.8 2,993.4 3,556.4 301,752.5 Of which LAMC* - - 277,192.5 - - - - - 277,192.5 Total 62,625.0 36,302.3 1,033,879.8 57,795.6 72,693.4 1,086,469.4 120,420.6 108,995.8 2,120,349.2 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Source: Commercial Banks & DBE D*= Disbursement, C*= Collection, O/S*= Outstanding Credit LAMC*= Liability and Asset Management Corporation National Bank of Ethiopia Quarterly Bulletin 36 | Third Quarter 2023/24 Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership - 20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 200,000.00 QIII QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2020/21 2021/22 2022/23 2023/24 Value in Million Birr Years/Quarters Total State own Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia
Table 4.11: Banks’ Loans & Advances by Sectors (Including corporate bond) in QIII2023/24
(In Millions of Birr)
D* C* O/S* D* C* O/S * D* C* O/S*
Corporate Bonds* - 2,460.6 556,589.2 - - - - 2,460.6 556,589.2 Agriculture 21,467.2 11,673.5 63,429.3 9,274.1 10,585.2 56,962.6 30,741.3 22,258.7 120,392.0 Manufacturing 16,206.7 7,038.4 230,741.4 6,504.0 7,760.9 162,809.4 22,710.7 14,799.3 393,550.8 Domestic Trade 12,372.6 5,508.2 42,288.6 9,016.2 15,722.4 209,479.9 21,388.8 21,230.6 251,768.5 International Trade 2,677.1 1,185.7 16,530.5 14,707.0 18,562.0 312,131.0 17,384.0 19,747.7 328,661.5 Export 2,225.7 989.3 11,201.1 11,901.3 12,770.0 201,598.0 14,127.1 13,759.4 212,799.1 Import 451.4 196.4 5,329.4 2,805.6 5,792.0 110,533.0 3,257.0 5,988.3 115,862.4 Hotels and Tourism 417.8 318.6 5,749.1 1,454.5 1,538.3 37,405.0 1,872.3 1,857.0 43,154.1 Building and Construction 2,270.6 3,149.2 66,111.2 4,817.9 6,746.8 130,875.2 7,088.6 9,896.0 196,986.4 Mines, Power and Water resources 127.1 270.8 246,124.2 291.8 76.0 501.3 419.0 346.8 246,625.5 Financial Institutions 2,391.2 2,494.6 13,433.1 200.0 273.1 3,344.3 2,591.2 2,767.8 16,777.3 Transport and Communication 56.9 122.5 1,182.9 2,672.0 2,420.2 37,136.4 2,728.9 2,542.8 38,319.3 Health and Education 150.2 101.3 1,209.6 276.0 257.4 4,971.0 426.1 358.7 6,180.7 Consumer and Staff Loans 4,080.2 4,415.9 66,925.1 5,996.0 5,218.1 109,255.5 10,076.2 9,633.9 176,180.7 Other Sectors 407.4 23.5 280,154.7 2,586.1 3,532.9 21,597.8 2,993.4 3,556.4 301,752.5 Of which LAMC* - - 277,192.5 - - - - - 277,192.5 Total 62,625.0 36,302.3 1,033,879.8 57,795.6 72,693.4 1,086,469.4 120,420.6 108,995.8 2,120,349.2 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Source: Commercial Banks & DBE D*= Disbursement, C*= Collection, O/S*= Outstanding Credit LAMC*= Liability and Asset Management Corporation

National Bank of Ethiopia Quarterly Bulletin 37 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 37 | Third Quarter 2023/24
4.5.3. Outstanding Credit
Total outstanding credit of the banking system (including corporate bond) went up by 14.3 percent and reached Birr 2.1 trillion. About 99.6 percent of the total outstanding credit of private banks was claims on cooperatives and private enterprises (Table
4.8 & 4.12).
Sector wise, the major holders of outstanding credit were manufacturing (Birr 393.6 billion or 18.6 percent), international trade (Birr
328.7 billion or 15.5 percent), other sectors
(Birr 301.8 billion or 14.2 percent), domestic trade (Birr 251.8 billion or 11.9 percent), mines, power and water resources (Birr 246.6 billion or 11.6 percent), building & construction (Birr 197.0 billion or 9.3 percent) and consumer & staff loans (Birr
176.2 billion or 8.3 percent) (Table 4.11).
Table 4.12: Breakdown of Banking System Credit by Clients in QIII-2023/24
(In Millions of Birr)
Particulars Loan
Disbursement % Share
Loan
Collection % Share
Outstanding
Loan % Share
State Owned Bank 62,625.0 52.0 36,302.3 33.3 1,033,879.8 48.8 Corporate Bonds* 0.0 0.0 2,460.6 0.0 556,589.2 53.8 State Enterprises 20,938.7 33.4 14,010.9 38.6 757,759.4 73.3 Cooperatives 139.4 0.2 72.4 0.2 9,217.1 0.9 Private Enterprises 41,547.0 66.3 22,219.0 61.2 266,903.4 25.8 Private Banks 57,795.6 48.0 72,693.4 66.7 1,086,469.4 51.2 State Enterprises 385.8 0.7 1,577.6 2.2 4,386.3 0.4 Cooperatives 140.0 0.2 450.4 0.6 10,361.1 1.0 Private Enterprises 57,269.7 99.1 70,665.5 97.2 1,071,722.0 98.6 Grand Total 120,420.6 100.0 108,995.8 100.0 2,120,349.2 100.0 Source: Commercial Banks &DBE National Bank of Ethiopia Quarterly Bulletin 37 | Third Quarter 2023/24
4.5.3. Outstanding Credit
Total outstanding credit of the banking system (including corporate bond) went up by 14.3 percent and reached Birr 2.1 trillion. About 99.6 percent of the total outstanding credit of private banks was claims on cooperatives and private enterprises (Table
4.8 & 4.12).
Sector wise, the major holders of outstanding credit were manufacturing (Birr 393.6 billion or 18.6 percent), international trade (Birr
328.7 billion or 15.5 percent), other sectors
(Birr 301.8 billion or 14.2 percent), domestic trade (Birr 251.8 billion or 11.9 percent), mines, power and water resources (Birr 246.6 billion or 11.6 percent), building & construction (Birr 197.0 billion or 9.3 percent) and consumer & staff loans (Birr
176.2 billion or 8.3 percent) (Table 4.11).
Table 4.12: Breakdown of Banking System Credit by Clients in QIII-2023/24
(In Millions of Birr)
Particulars Loan
Disbursement % Share
Loan
Collection % Share
Outstanding
Loan % Share
State Owned Bank 62,625.0 52.0 36,302.3 33.3 1,033,879.8 48.8 Corporate Bonds* 0.0 0.0 2,460.6 0.0 556,589.2 53.8 State Enterprises 20,938.7 33.4 14,010.9 38.6 757,759.4 73.3 Cooperatives 139.4 0.2 72.4 0.2 9,217.1 0.9 Private Enterprises 41,547.0 66.3 22,219.0 61.2 266,903.4 25.8 Private Banks 57,795.6 48.0 72,693.4 66.7 1,086,469.4 51.2 State Enterprises 385.8 0.7 1,577.6 2.2 4,386.3 0.4 Cooperatives 140.0 0.2 450.4 0.6 10,361.1 1.0 Private Enterprises 57,269.7 99.1 70,665.5 97.2 1,071,722.0 98.6 Grand Total 120,420.6 100.0 108,995.8 100.0 2,120,349.2 100.0 Source: Commercial Banks &DBE

National Bank of Ethiopia Quarterly Bulletin 38 | Third Quarter 2023/24 38 | Third Quarter 2023/24 Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0 10 20 30 40 50 60 70 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2020/21 2021/22 2022/23 2023/24 In Percent Years/Quarters State own Bank Credit Outstanding Private Bank Credit Outstanding Source: NBE
4.6. Financial Activities of NBE
NBE’s gross claims on the central government 2024 stood at Birr 630.1 billion, about 22.6 percent higher than a year earlier. NBE’s deposit liabilities slightly increased (0.9 percent) due to a marginal growth 1.2 percent in the bank’s reserve (Table 4.13).
Table 4.13: Financial Activities of NBE
(In Millions of Birr)
2022/23
Qtr.III Qtr.II Qtr.III
A B C D=C/A E=C/B
1.Loans and Advances 558,814.26 642,443.16 671,443.16 20.2 4.5
1.1. To Central Government 513,991.55 600,120.45 630,120.45 22.6 5.0
1.2.To Development Bank of Ethiopia 44,822.71 42,322.71 41,322.71 -7.8 -2.4 2.Deposit Liabilities 234,810.38 237,555.37 236,941.60 0.9 -0.3
2.1. Government 44,121.49 42,609.04 43,991.18 -0.3 3.2
2.2. Financial Institutions 190,688.89 194,946.33 192,950.42 1.2 -1.0
O/W:
-Banks( Reserve) 190,675.73 194,933.48 192,947.07 1.2 -1.0 -Insurance companies 13.2 12.8 3.3 -74.6 -74.0 3.Net Claims of NBE(1-2) 324,003.9 404,887.8 434,501.6 34.1 7.3 Particulars % Change 2023/24 Source: National Bank of Ethiopia 38 | Third Quarter 2023/24 Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0 10 20 30 40 50 60 70 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2020/21 2021/22 2022/23 2023/24 In Percent Years/Quarters State own Bank Credit Outstanding Private Bank Credit Outstanding Source: NBE
4.6. Financial Activities of NBE
NBE’s gross claims on the central government 2024 stood at Birr 630.1 billion, about 22.6 percent higher than a year earlier. NBE’s deposit liabilities slightly increased (0.9 percent) due to a marginal growth 1.2 percent in the bank’s reserve (Table 4.13).
Table 4.13: Financial Activities of NBE
(In Millions of Birr)
2022/23
Qtr.III Qtr.II Qtr.III
A B C D=C/A E=C/B
1.Loans and Advances 558,814.26 642,443.16 671,443.16 20.2 4.5
1.1. To Central Government 513,991.55 600,120.45 630,120.45 22.6 5.0
1.2.To Development Bank of Ethiopia 44,822.71 42,322.71 41,322.71 -7.8 -2.4 2.Deposit Liabilities 234,810.38 237,555.37 236,941.60 0.9 -0.3
2.1. Government 44,121.49 42,609.04 43,991.18 -0.3 3.2
2.2. Financial Institutions 190,688.89 194,946.33 192,950.42 1.2 -1.0
O/W:
-Banks( Reserve) 190,675.73 194,933.48 192,947.07 1.2 -1.0 -Insurance companies 13.2 12.8 3.3 -74.6 -74.0 3.Net Claims of NBE(1-2) 324,003.9 404,887.8 434,501.6 34.1 7.3 Particulars % Change 2023/24 Source: National Bank of Ethiopia 38 | Third Quarter 2023/24 Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0 10 20 30 40 50 60 70 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2020/21 2021/22 2022/23 2023/24 In Percent Years/Quarters State own Bank Credit Outstanding Private Bank Credit Outstanding Source: NBE
4.6. Financial Activities of NBE
NBE’s gross claims on the central government 2024 stood at Birr 630.1 billion, about 22.6 percent higher than a year earlier. NBE’s deposit liabilities slightly increased (0.9 percent) due to a marginal growth 1.2 percent in the bank’s reserve (Table 4.13).
Table 4.13: Financial Activities of NBE
(In Millions of Birr)
2022/23
Qtr.III Qtr.II Qtr.III
A B C D=C/A E=C/B
1.Loans and Advances 558,814.26 642,443.16 671,443.16 20.2 4.5
1.1. To Central Government 513,991.55 600,120.45 630,120.45 22.6 5.0
1.2.To Development Bank of Ethiopia 44,822.71 42,322.71 41,322.71 -7.8 -2.4 2.Deposit Liabilities 234,810.38 237,555.37 236,941.60 0.9 -0.3
2.1. Government 44,121.49 42,609.04 43,991.18 -0.3 3.2
2.2. Financial Institutions 190,688.89 194,946.33 192,950.42 1.2 -1.0
O/W:
-Banks( Reserve) 190,675.73 194,933.48 192,947.07 1.2 -1.0 -Insurance companies 13.2 12.8 3.3 -74.6 -74.0 3.Net Claims of NBE(1-2) 324,003.9 404,887.8 434,501.6 34.1 7.3 Particulars % Change 2023/24 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 39 | Third Quarter 2023/24 39 | Third Quarter 2023/24
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the third quarter of 2023/24, the amount of T-bills supplied to the bi-weekly auction reached Birr 340.0 billion, showing a
12.2 percent increase year-on-year. On the
other hand, the demand for T-bills rose 32.1 percent and reached Birr 207.9 billion (Table 4.14). Thus, the total amount of T-bills sold was Birr 204.2 billion, about 29.8 percent higher than a year ago. Non-bank institutions bought T-bills worth Birr 111.6 billion while banks purchased T-bills worth Birr 92.6 billion. Ti-bills worth Birr 190.4 billion were redeemed during the quarter under review. Hence, the total outstanding T-bills at the end of the quarter stood at Birr 385.0 billion, reflecting a 22.4 percent annual increase. The average weighted T-bills yield was
9.442 percent, about 4.83 percentage points
higher than that of a year earlier (Table
4.14).

National Bank of Ethiopia Quarterly Bulletin 40 | Third Quarter 2023/24 40 | Third Quarter 2023/24
Table 4.14: Results of Treasury Bills Auction (In Millions of Birr)
2022/23 2023/24 % Change Qtr. III Qtr. II Qtr. III A B C C/A C/B Number of Bidders 84.00 145.00 102.00 21.43 -29.66 Public 79.00 81.00 83.00 5.06 2.47 Private 5.00 64.00 19.00 0.00 (70.31) Number of Bids received 84.00 145.00 102.00 21.43 -29.66 Public 79.00 81.00 83.00 5.06 2.47 Private 5.00 64.00 19.00 280.00 (70.31) Amount Demanded (Mn. Birr) 157,346.00 187,043.95 207,915.28 32.14 11.16 28-day bill 7,150.00 17,530.00 6,115.00 -14.48 -65.12 91-day bill 34,238.41 61,006.89 56,406.89 64.75 -7.54 182-day bill 48,569.35 45,267.00 62,171.57 28.01 37.34 364-day bill 67,388.24 63,240.06 83,221.82 - 31.60 Amount Supplied (Mn. Birr) 303,131.86 336,850.46 340,022.72 12.17 0.94 28-day bill 16,810.00 28,687.92 17,535.86 4.32 -38.87 91-day bill 92,356.89 116,059.87 112,786.89 22.12 -2.82 182-day bill 84,271.57 104,035.61 93,666.57 11.15 (9.97) 364-day bill 109,693.40 88,067.06 116,033.40 - 31.76 Amount Sold (Mn. Birr) 157,346.00 182,043.95 207,215.28 31.69 13.83 Banks 79,350.00 70,709.26 95,600.00 20.48 35.20 Non-Banks 77,996.00 111,334.69 111,615.28 43.10 0.25 Redemption (Mn. Birr) 158,235.22 182,597.95 190,431.70 20.35 4.29 Average Weighted Price for Successful bids (%) 96.19 95.94 96.00 (0.20) 0.05 28-day bill 99.36 99.31 99.32 -0.04 0.01 91-day bill 97.58 97.59 97.52 -0.06 -0.07 182-day bill 95.59 95.36 95.42 -0.18 0.06 364-day bill 92.21 91.52 91.72 -0.53 0.23 Average Weighted Yield for Successful bids (%) 9.007 9.506 9.442 4.83 -0.67 28-day bill 8.361 9.079 8.900 6.45 -1.97 91-day bill 9.953 9.893 10.196 2.44 3.07 182-day bill 9.244 9.758 9.625 4.12 -1.36 364-day bill 8.470 9.294 9.048 6.82 -2.65 Outstanding bills at the end of Period (Mn.Br.) 314,608.19 371,214.36 387,997.95 23.33 4.52 Banks 141,918.05 131,909.26 134,959.26 (4.90) 2.31 Non-Banks 172,690.14 239,305.10 253,038.69 46.53 5.74 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 41 | Third Quarter 2023/24 41 | Third Quarter 2023/24 Fig.IV.13: Development in Treasury-bills Markets (In Millions of Birr) Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE
4.7.2. Inter- Bank Money Market
There has been no inter-bank money market transaction during the quarter under review.
4.7.3. Corporate Bond Market
Corporate bond market remained undeveloped whereby the major players continued to constitute a few public institutions and regional governments. The purchaser of the corporate bonds was solely the Commercial Bank of Ethiopia (CBE). In the third quarter of 2023/24, CBE did not acquire any corporate bonds. Of the corporate bonds redeemed during the quarter, Birr 2.5 billion was redeemed by the Addis Ababa City Administration. - 100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 700,000.00 III IV I II III IV I II III IV I II III IV I II III 2019/20 2020/21 2021/22 2022/23 2023/24 Supply Demand 0 2.5 5 7.5 10 12.5 III IV I II III IV I II III IV I II III IV I II III 2019/20 2020/21 2021/22 2022/23 2023/24 (In percent) 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 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 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand 41 | Third Quarter 2023/24 Fig.IV.13: Development in Treasury-bills Markets (In Millions
of Birr) Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE
4.7.2. Inter- Bank Money Market
There has been no inter-bank money market transaction during the quarter under review.
4.7.3. Corporate Bond Market
Corporate bond market remained undeveloped whereby the major players continued to constitute a few public institutions and regional governments. The purchaser of the corporate bonds was solely the Commercial Bank of Ethiopia (CBE). In the third quarter of 2023/24, CBE did not acquire any corporate bonds. Of the corporate bonds redeemed during the quarter, Birr 2.5 billion was redeemed by the Addis Ababa City Administration. - 100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 700,000.00 III IV I II III IV I II III IV I II III IV I II III 2019/20 2020/21 2021/22 2022/23 2023/24 Supply Demand 0 2.5 5 7.5 10 12.5 III IV I II III IV I II III IV I II III IV I II III 2019/20 2020/21 2021/22 2022/23 2023/24 (In percent) 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 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 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

National Bank of Ethiopia Quarterly Bulletin 42 | Third Quarter 2023/24 42 | Third Quarter 2023/24 The stock of corporate bonds held by CBE stood at Birr 556.6 billion, of which 93.6 percent was claims on public enterprises and the remaining on regional governments (Table 4.15). Ethiopian Electric Power (EEP) held 43.8 percent of the total outstanding corporate bond balance.
Table 4.15: Corporate Bond Purchase, Redemption and Outstanding (In Millions of Birr)
NP Red O/S NP Red O/S NP Red O/S
1.Puplic Enterprises 12,437.30 - 437,779.38 1,819.41 - 467,120.84 - - 520,723.22 EEP 8,500.00 - 349,441.90 - - 368,864.97 243,530.71 Railway Corporations 3,937.30 - 88,337.49 1,819.41 - 98,255.87 - - - DBE - - - - - - - - - Liability & Asset Management Corp. - - 277,192.50
2. Regional Governments - 1.86 51,784.16 5,000.00 5,127.92 52,085.60 - 2,460.57 35,865.98
Oromia - 1.86 370.48 - 10.09 218.04 - - -
Amhara - - - - - - - - -
Tigray - - 91.54 - - - - - -
SNNPRS - - - - - - - - -
Dire Dawa - - - - - - - - -
Harari - - - - - - - - -
Addia Ababa - - 51,322.14 5,000.00 5,117.82 51,867.56 2,460.57 35,865.98 3.Grand Total(1+2) 12,437.30 1.86 489,563.54 6,819.41 5,127.92 519,206.44 - 2,460.57 556,589.20 Issuer of the Bond 2021/22 2022/23 2023/24 QIII Note: NP= New Purchase, Red. = Redemption, O/S= outstanding Source: NBE

National Bank of Ethiopia Quarterly Bulletin 43 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 43 | Third Quarter 2023/24
V. EXTERNAL SECTOR DEVELOPMENTS
5.1. Balance of Payments
The overall BOP registered a deficit of
USD 75.2 million in deficit during the third quarter of 2023/24 compared to USD 373.2 million deficit a year ago. Similarly, the deficit in current account balance (including official transfers) widened from USD 704.8 million last year to USD 1.6 billion mainly driven by wider trade deficit (4.1 percent) coupled with the decline in both net private transfers and net official transfers by Furthermore, net inflows of capital account fall by 26.4 percent owing to decrease in net official long term capital, a shift in net deficit of other publicsector long term capital and decline in private sector long term capital. Foreign direct investment increased by 38.7 percent during the review period (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin 44 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 44 | Third Quarter 2023/24
Table 5.1: Balance of Payments (In Millions of USD)
S/N Particulars
2022/23 2023/24
QIII QII QIII Percentage Change
A B C D=C/A E=C/B
1 Exports, f.o.b. 873.5 770.7 927.2 6.1 20.3 Coffee 237.5 218.4 265.0 11.6 21.3 Other 636.0 552.3 662.2 4.1 19.9 2 Imports 4,185.4 4,863.6 4,376.3 4.6 -10.0 Fuel 1,012.3 1,039.6 821.4 -18.9 -21.0 Cereals 184.6 175.7 193.9 5.0 10.3 Aircraft 31.0 229.6 172.7 457.1 -24.8 Imports excl. fuel, cereals, aircraft 2,957.5 3,418.7 3,188.4 7.8 -6.7 3 Trade Balance (1-2) -3,311.9 -4,092.9 -3,449.1 4.1 -15.7 4 Services, net 237.7 226.9 302.7 27.3 33.4 Non-factor services, net 311.6 315.5 362.1 16.2 14.8 Exports of non-factor services 1,665.7 1,896.3 1,830.6 9.9 -3.5 Imports of non-factor services 1,354.1 1,580.8 1,468.5 8.4 -7.1 Factor services (Investment income), net -73.9 -88.6 -59.4 -19.6 -33.0 Interest, net -73.7 -88.6 -58.6 -20.5 -33.9 Dividend, net -0.2 -0.002 -0.8 324.3 44,445.4 5 Private transfers, net 1,932.2 1,561.2 1,396.2 -27.7 -10.6 o/w: NGO's,(Net) 929.3 151.7 168.6 -81.9 11.1 Private Individuals 1,002.9 1,409.5 1,227.6 22.4 -12.9 6 Current account balance excluding official transfers (3+4+5) -1,142.1 -2,304.8 -1,750.2 53.3 -24.1 7 Official transfers, net 437.3 327.1 148.8 -66.0 -54.5 8 Current account balance including official transfers(6+7) -704.8 -1,977.7 -1,601.4 127.2 -19.0 9 Capital account 914.6 1,542.1 673.4 -26.4 -56.3 Official Long-term Capital, net 123.2 219.0 -47.7 -138.7 -121.8 Disbursements 200.3 346.8 227.4 13.5 -34.4 Amortization 77.0 127.8 275.1 257.1 115.3 Other public long-term capital 128.9 67.5 -195.5 -251.6 -389.6 Private sector, long term 34.1 41.3 6.0 -82.5 -85.5 Foreign Direct Investment, net 689.8 1,058.7 957.0 38.7 -9.6 Short-term Capital -61.4 155.6 -46.3 -24.6 -129.8 10 Errors and omissions -583.1 46.1 852.7 11 Overall balance (8+9+10) -373.2 -389.5 -75.2 12 Financing 373.2 389.5 75.2 13 Reserves [ Increase(-), Decrease (+)] 373.2 389.5 75.2 14 Central Bank (NFA) 220.2 498.4 263.9 Asset 272.2 -1,538.3 515.9 Liabilities -51.9 2,036.6 -252.0 15 Commercial banks (NFA) 153.0 -108.9 -188.7 16 Debt Relief Principal Interest Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 45 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 45 | Third Quarter 2023/24 Total current receipts amounted to USD
4.4 billion showing 12.6 percent annual
decline owing to lower private transfers
(28.0 percent) and public transfers (66.4 percent). Yet, both export and services proceeds rose by 6.1 percent and 10.7 percent, respectively. In contrast, total current payment increased by 4.8 percent and reached USD 6.0 billion due to higher import payments (4.6 percent) and service payments (8.0 percent). Meanwhile, private transfer payment increased to USD 6.2 million and public transfers payments to USD 10.8 million (Table 5.2).
Table 5.2: Current Receipts and Payments (In millions of USD)
S/N Particulars
2022/23 2023/24
QIII QII QIII Percentage Change
A B C D=C/A E=C/B
1 Current Receipts 4,978.1 4,603.1 4,352.5 -12.6 -5.4 Export Proceeds 873.5 770.7 927.2 6.1 20.3 Service Proceeds 1,682.9 1,916.4 1,863.4 10.7 -2.8 Private Transfers 1,946.9 1,582.1 1,402.4 -28.0 -11.4 Public Transfers 474.8 333.9 159.6 -66.4 -52.2 2 Current Payments 5,682.9 6,580.8 5,954.0 4.8 -9.5 Import Payments 4,185.4 4,863.6 4,376.3 4.6 -10.0 Service Payments 1,445.2 1,689.5 1,560.7 8.0 -7.6 Private Transfers 14.7 20.9 6.2 -57.6 -70.1 Public Transfer 37.5 6.8 10.8 -71.3 57.4 3 Net, (1-2) -704.8 -1,977.7 -1,601.4 127.2 -19.0 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 46 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 46 | Third Quarter 20 23/24 Source: NBE Staff Compilation - 7,000.0 6,000.0 5,000.0 4,000.0 3,000.0 2,000.0 1,000.0 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 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments

National Bank of Ethiopia Quarterly Bulletin 47 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 47 | Third Quarter 2023/24
5.2. Balance of Trade
During the third quarter of 2023/24, merchandise trade deficit widened to USD 3.4 billion from USD 3.3 billion a year ago as the growth of import payments outweighed that of export receipts.

Source: Ethiopian Customs Commission
Source: Ethiopian Customs Commission
0
1000
2000
3000
4000
5000
6000
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 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit

National Bank of Ethiopia Quarterly Bulletin 48 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 48 | Third Quarter 2023/24
5.2.1. Export of Goods
Total earnings from export of goods depicted 6.1 percent annual growth owing to higher export revenues from coffee (11.6 percent), oil seeds (65.9 percent), gold (134.3 percent), meat & meat products (11.6 percent), fruits & vegetables (14.6 percent) and liveanimals (95.4 percent). Meanwhile, there was slowdown in export receipts from pulses (39.4 percent), chat (30.0 percent), leather & leather products (29.7 percent), textile & textile products (6.4 percent), flower (11.2 percent), electricity (6.8 percent) and other exports (35.8 percent). Export revenues from coffee increased
11.6 percent due to 24.7 percent rise in
export volume despite 10.5 percent decline in international price. As a result, the share of coffee in total merchandise export earnings slightly increased to 28.6 percent from 27.2 percent a year ago. Likewise, export earnings from oilseeds surged by 65.9 percent over last year same quarter, owing to 59.6 percent and
4.0 percent growth in export volume and
international price, respectively. Thus, the share of oilseeds in total export earnings rose 16.6 percent from 10.6 percent a year earlier. Moreover, export proceeds from gold hiked by 134.3 percent on account of the surge in international price (61.2 percent) and export volume (45.4 percent). Thus, the share of gold in total export revenue increased to 12.0 percent from 5.4 percent a year ago. Export proceeds from meat & meat products grew by 11.6 percent as a result of 14.0 percent rise in volume despite
2.1 percent decline in international price.
Hence, their share in total merchandise export stood at 2.3 percent. Receipts from fruits & vegetables improved by 14.6 percent due to 16.3 percent increase in volume despite 1.4 percent fall in international price. Therefore, the share of fruits & vegetables in total export earnings was
1.9 percent.
Similarly, export receipts from liveanimals rose significantly (95.4 percent)

National Bank of Ethiopia Quarterly Bulletin 49 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 49 | Third Quarter 2023/24 mainly due to nearly four-fold increase in export volume despite 60.5 percent decline in international price. As a result, the share of live-animals in total merchandise export earnings doubled to
1.2 percent.
Receipts from pulses dwindled by 39.4 percent over last year same quarter due to 43.7 percent decline in export volume in spite of 7.6 percent rise in international price. Hence, the share of pulses in total goods export contracted to
8.4 percent from 14.7 percent ayear ago.
Furthermore, export receipts from chat depicted 30.0 percent drop mainly owing to lower volume (33.7 percent) despite higher international price (5.5 percent). Accordingly, its share dropped to 5.2 percent from 7.9 percent a year earlier. Likewise, export earnings from leather & leather products fell by 29.7 percent as a result of 17.5 percent decline in international price and 14.8 percent in volume. Thus, their share in total merchandise export earnings decreased to 0.5 percent from 0.7 percent last year same quarter. Export earnings from textile & textile products declined by 6.4 percent resulting from 18.0 percent fall in export volume despite 14.2 percent rise in international price. As a result, the share of textile & textile products in total export earnings stood at 3.4 percent. Similarly, revenue from electricity fell by 6.8 percent year-on-year due to 30.2 percent decline in export volume in spite of 33.5 percent rise in international price. Therefore, the share of electricity in total merchandise export earnings slightly fell to 3.5 percent from 3.9 percent a year ago (Tables 5.3, 5.4 and 5.5).

National Bank of Ethiopia Quarterly Bulletin 50 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 50 | Third Quarter 2023/24
Table 5.3: Values of Major Export Items
(In Millions of USD)
Particulars
2022/23 2023/24 Percentage
Change
QIII QII QIII
A %share B %share C %share C/A C/B
Coffee 237.5 27.2 218.4 28.3 265.0 28.6 11.6 21.3 Oilseeds 93.0 10.6 78.4 10.2 154.3 16.6 65.9 96.8 Leather and Leather Products 6.0 0.7 5.2 0.7 4.2 0.5 (29.7) (18.8) Pulses 128.5 14.7 88.4 11.5 77.9 8.4 (39.4) (11.9) Meat & Meat Products 19.2 2.2 15.3 2.0 21.4 2.3 11.6 39.7 Fruits & Vegetables 15.8 1.8 18.7 2.4 18.1 1.9 14.6 (3.2) Textile & Textile Products 33.9 3.9 28.6 3.7 31.7 3.4 (6.4) 10.8 Live Animals 5.5 0.6 10.5 1.4 10.7 1.2 95.4 2.4 Chat 69.2 7.9 46.3 6.0 48.4 5.2 (30.0) 4.6 Gold 47.3 5.4 85.3 11.1 110.8 12.0 134.3 29.9 Flower 142.0 16.3 113.5 14.7 126.1 13.6 (11.2) 11.1 Electricity 34.4 3.9 25.1 3.3 32.0 3.5 (6.8) 27.8 Others 41.3 4.7 37.0 4.8 26.5 2.9 (35.8) (28.5) Total Export 873.5 100.0 770.7 100.0 927.2 100.0 6.1 20.3 Total Export Excluding Electricity 839.1 745.6 895.2 6.7 20.1 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 51 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 51 | Third Quarter 2023/24 Source: NBE Staff Compilation
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2022/23 2023/24
Percentage Change
QIII QII QIII
A B C C/A C/B
Coffee 45.5 50.4 56.8 24.7 12.6
Oilseeds 54.9 44.0 87.6 59.6 99.2
Leather and Leather Products 0.4 0.3 0.4 (14.8) 7.3 Pulses 159.3 109.4 89.7 (43.7) (18.0) Meat & Meat Products 2.7 2.4 3.1 14.0 26.0 Fruits & Vegetables 46.1 53.1 53.6 16.3 1.1 Textile & Textile Products 9.1 7.3 7.5 (18) 3 Live Animals 2.4 9.2 11.7 394.3 28.1 Chat 6.8 4.6 4.5 (33.7) (2.7) Gold(In mn. of grams) 0.8 1.0 1.1 45.4 20.4 Flower 27.8 23.3 25.1 (10.0) 7.6 Electricity(In mn of kwh) 718.6 403.8 501.6 (30.2) 24.2 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 100 200 300 400 500 600 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 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (Millions USD) Fig.V.4: Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat National Bank of Ethiopia Quarterly Bulletin 51 | Third Quarter 2023/24 Source: NBE Staff Compilation
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2022/23 2023/24
Percentage Change
QIII QII QIII
A B C C/A C/B
Coffee 45.5 50.4 56.8 24.7 12.6
Oilseeds 54.9 44.0 87.6 59.6 99.2
Leather and Leather Products 0.4 0.3 0.4 (14.8) 7.3 Pulses 159.3 109.4 89.7 (43.7) (18.0) Meat & Meat Products 2.7 2.4 3.1 14.0 26.0 Fruits & Vegetables 46.1 53.1 53.6 16.3 1.1 Textile & Textile Products 9.1 7.3 7.5 (18) 3 Live Animals 2.4 9.2 11.7 394.3 28.1 Chat 6.8 4.6 4.5 (33.7) (2.7) Gold(In mn. of grams) 0.8 1.0 1.1 45.4 20.4 Flower 27.8 23.3 25.1 (10.0) 7.6 Electricity(In mn of kwh) 718.6 403.8 501.6 (30.2) 24.2 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 100 200 300 400 500 600 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 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (Millions USD) Fig.V.4: Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat

National Bank of Ethiopia Quarterly Bulletin 52 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 52 | Third Quarter 2023/24 Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2022/23 2023/24
Percentage Change QIII QII QIII
A B C C/A C/B
Coffee 5.2 4.3 4.7 (10.5) 7.8
Oilseeds 1.7 1.8 1.8 4.0 (1.2)
Leather and Leather Products 14.1 15.3 11.6 (17.5) (24.3) Pulses 0.8 0.8 0.9 7.6 7.4 Meat & Meat Products 7.1 6.3 7.0 (2.1) 10.8 Fruits & Vegetables 0.3 0.4 0.3 (1.4) (4.3) Textile & Textile Products 3.7 3.9 4.2 14.2 8.1 Live Animals 2.3 1.1 0.9 (60.5) (20.1) Chat 10.2 10.0 10.8 5.5 7.5 Gold (USD/grams) 59.9 89.5 96.6 61.2 8.0 Flower 5.1 4.9 5.0 (1.3) 3.2 Electricity (USD/kwh) 0.0 0.1 0.1 33.5 2.9 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0.000 0.001 0.001 0.002 0.002 0.003 0.003 0.004 0 20 40 60 80 100 120 140 160 180 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 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (Gold, Million Kg.) (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Chat Gold (SA) National Bank of Ethiopia Quarterly Bulletin 52 | Third Quarter 2023/24 Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2022/23 2023/24
Percentage Change QIII QII QIII
A B C C/A C/B
Coffee 5.2 4.3 4.7 (10.5) 7.8
Oilseeds 1.7 1.8 1.8 4.0 (1.2)
Leather and Leather Products 14.1 15.3 11.6 (17.5) (24.3) Pulses 0.8 0.8 0.9 7.6 7.4 Meat & Meat Products 7.1 6.3 7.0 (2.1) 10.8 Fruits & Vegetables 0.3 0.4 0.3 (1.4) (4.3) Textile & Textile Products 3.7 3.9 4.2 14.2 8.1 Live Animals 2.3 1.1 0.9 (60.5) (20.1) Chat 10.2 10.0 10.8 5.5 7.5 Gold (USD/grams) 59.9 89.5 96.6 61.2 8.0 Flower 5.1 4.9 5.0 (1.3) 3.2 Electricity (USD/kwh) 0.0 0.1 0.1 33.5 2.9 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0.000 0.001 0.001 0.002 0.002 0.003 0.003 0.004 0 20 40 60 80 100 120 140 160 180 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 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (Gold, Million Kg.) (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Chat Gold (SA)

National Bank of Ethiopia Quarterly Bulletin 53 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 53 | Third Quarter 2023/24 Source: NBE Staff Computation
5.2.2. Import of Goods
Ethiopia’s imports amounted to USD 4.4 billion during the third quarter of 2023/24, depicting a 4.6 percent annual growth. The growth was attributed to higher resulting from rise in import bills of capital goods and semi-finished goods. Capital goods import raised by 63.7 percent on yearly basis due to higher import payments for transport capital goods (96.7 percent) and industrial capital goods (59.9 percent) in spite of the fall in import payments for agricultural capital goods (45.7 percent). Thus, the share of capital goods in total import goods grew to 31.7 percent from
20.2 percent share last year same
quarter.
Likewise, payments for semi-finished goods grew by 4.2 percent as import bills of fertilizer went up by 12.1 percent. However, their share in total merchandise import bill remained at 21.5 percent. Consumer goods import, however, depicted 13.9 percent annual decrease due to lower import bills of durable goods (3.4 percent) and non-durable goods (17.5 percent). As a result, the 0.0 2.0 4.0 6.0 8.0 10.0 12.0 0 20 40 60 80 100 120 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 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (USD/Kg) (USD/kg,, USD/gm(Gold)) Fig.V.6: Unit Value of Selected Export Commodities Leather & Leather Products Gold Coffee (SA) Oil Seeds (SA) Pulses (SA) Flower (SA) Chat (SA)

National Bank of Ethiopia Quarterly Bulletin 54 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 54 | Third Quarter 2023/24 share of consumer goods declined to
26.8 percent from 32.5 percent last year
same quarter.
Similarly, payments for fuel import bill declined by 18.9 percent and its share in total import payments contracted to 18.8 percent from 24.2 percent a year earlier. Likewise, import of raw materials fell by
14.7 percent relative to last year same
period. Thus, their share in total merchandise import bill stood at 0.6 percent. In addition, total franco-vaulta import increased by 23.4 percent and stood at USD 1.7 billion accounting for 38.5 percent of the total import value (Tables
5.6 and 5.7).
Table 5.6: Values of Major Import Items (In Millions of USD)
Particular
2022/23 2023/24
Percentage Changes QIII Share
(%) QII Share
(%) QIII Share
(%)
A B C C/A C/B
Raw Materials 32.7 0.8 35.7 0.7 27.9 0.6 (14.7) (21.7) Semi-finished Goods 902.0 21.5 838.6 17.2 940.1 21.5 4.2 12.1 Fertilizers 308.4 7.4 248.1 5.1 345.9 7.9 12.1 39.4 Fuel 1,012.3 24.2 1,039.6 21.4 821.4 18.8 (18.9) (21.0) Petroleum Products 984.9 23.5 1,007.2 20.7 810.0 18.5 (17.8) (19.6) Others 27.3 0.7 32.4 0.7 11.4 0.3 (58.1) (64.7) Capital Goods 846.0 20.2 1,513.9 31.1 1,385.2 31.7 63.7 (8.5) Transport 159.6 3.8 378.3 7.8 314.0 7.2 96.7 (17.0) Agricultural 24.6 0.6 16.7 0.3 13.4 0.3 (45.7) (19.9) Industrial 661.7 15.8 1,119.0 23.0 1,057.8 24.2 59.9 (5.5) Consumer Goods 1,362.2 32.5 1,399.5 28.8 1,172.7 26.8 (13.9) (16.2) Durables 346.6 8.3 350.9 7.2 334.7 7.6 (3.4) (4.6) Non-durables 1,015.6 24.3 1,048.6 21.6 838.0 19.1 (17.5) (20.1) Miscellaneous 30.2 0.7 36.3 0.7 28.9 0.7 (4.4) (20.4) Total Imports 4,185.4 100.0 4,863.6 100.0 4,376.3 100.0 4.6 (10.0) Source: Ethiopian Customs Commission National Bank of Ethiopia Quarterly Bulletin 54 | Third Quarter 2023/24 share of consumer goods declined to
26.8 percent from 32.5 percent last year
same quarter.
Similarly, payments for fuel import bill declined by 18.9 percent and its share in total import payments contracted to 18.8 percent from 24.2 percent a year earlier. Likewise, import of raw materials fell by
14.7 percent relative to last year same
period. Thus, their share in total merchandise import bill stood at 0.6 percent. In addition, total franco-vaulta import increased by 23.4 percent and stood at USD 1.7 billion accounting for 38.5 percent of the total import value (Tables
5.6 and 5.7).
Table 5.6: Values of Major Import Items (In Millions of USD)
Particular
2022/23 2023/24
Percentage Changes QIII Share
(%) QII Share
(%) QIII Share
(%)
A B C C/A C/B
Raw Materials 32.7 0.8 35.7 0.7 27.9 0.6 (14.7) (21.7) Semi-finished Goods 902.0 21.5 838.6 17.2 940.1 21.5 4.2 12.1 Fertilizers 308.4 7.4 248.1 5.1 345.9 7.9 12.1 39.4 Fuel 1,012.3 24.2 1,039.6 21.4 821.4 18.8 (18.9) (21.0) Petroleum Products 984.9 23.5 1,007.2 20.7 810.0 18.5 (17.8) (19.6) Others 27.3 0.7 32.4 0.7 11.4 0.3 (58.1) (64.7) Capital Goods 846.0 20.2 1,513.9 31.1 1,385.2 31.7 63.7 (8.5) Transport 159.6 3.8 378.3 7.8 314.0 7.2 96.7 (17.0) Agricultural 24.6 0.6 16.7 0.3 13.4 0.3 (45.7) (19.9) Industrial 661.7 15.8 1,119.0 23.0 1,057.8 24.2 59.9 (5.5) Consumer Goods 1,362.2 32.5 1,399.5 28.8 1,172.7 26.8 (13.9) (16.2) Durables 346.6 8.3 350.9 7.2 334.7 7.6 (3.4) (4.6) Non-durables 1,015.6 24.3 1,048.6 21.6 838.0 19.1 (17.5) (20.1) Miscellaneous 30.2 0.7 36.3 0.7 28.9 0.7 (4.4) (20.4) Total Imports 4,185.4 100.0 4,863.6 100.0 4,376.3 100.0 4.6 (10.0) Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 55 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 55 | Third Quarter 2023/24
Table 5.7: Value of Franco Valuta Import
(In Millions of USD
Commodity Group
2022/23 2023/24
Percentage Change QIII QII QIII
A B C C/A C/B
Beverages 0.3 1.7 0.2 (44.6) (90.9)
Chemicals 20.7 11.0 15.0 (27.7) 36.1
Clothing 4.4 6.3 4.1 (5.2) (34.5)
Food and live animals 242.9 135.9 232.2 (4.4) 70.9 Textiles 60.6 63.6 49.7 (18.1) (21.8) Tobacco 0.0 0.2 0.0 77.5 (85.4) Soap & polish 9.9 6.9 5.4 (45.5) (21.4) Fertilizer 75.1 88.7 34.7 (53.9) (60.9) Paper & paper manufacturing 12.5 7.3 4.7 (62.3) (35.0) Metal & metal manufacturing 89.8 130.7 133.1 48.2 1.8 Medical and pharmaceuticals products 0.1 4.6 0.2 50.7 (95.7) Rubber products 16.0 18.0 13.2 (17.3) (26.7) Petroleum Crude - - - - - Petroleum product 6.2 10.7 14.9 138.7 38.3 Glass & glass ware 6.2 4.0 3.7 (39.6) (6.3) Electrical material 46.8 80.6 94.2 101.2 16.9 Machine 195.7 674.1 500.4 155.7 (25.8) Road & motor vehicles 7.4 17.9 17.6 137.7 (1.6) Tele apparatus 5.6 5.3 5.8 4.9 8.9 Cement 0.06 0.00 0.00 (98.68) (1.25) Others 565.0 683.5 555.8 (1.6) (18.7) Total 1,365.4 1,951.0 1,684.9 23.4 (13.6) Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 56 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 56 | Third Quarter 2023/24
5.2.3. Direction of Trade
5.2.3.1. Export of Goods
The major destinations for Ethiopian export were Asia, Europe and Africa. Asia accounted for 41.5 percent of Ethiopia’s total export revenue, with Saudi Arabia taking 19.4 percent share followed by United Arab Emirates (18.8 percent), Israel (9.0 percent), Japan (7.0 percent), China (6.7 percent), India (6.5 percent), South Korea (6.1 percent), Singapore (5.1 percent), Pakistan (3.2 percent), Hong Kong (1.9 percent), Taiwan (1.8 percent), Yemen (1.2 percent) and Indonesia (1.1 percent). These countries in total had 87.9 percent share in Ethiopia’s total export to Asia. Europe constituted 36.4 percent of Ethiopia’s total export receipts, with Switzerland being the main destination accounting 32.9 percent share followed by Netherlands (25.5 percent), Belgium (8.9 percent), Italy (6.7 percent), Turkey (6.6 percent), Germany (6.4 percent), United Kingdom (3.4 percent), France (2.7 percent) and Russia (1.6 percent). These European countries together had
94.7 percent share in Ethiopia’s total
export to Europe.
About 14.4 percent of Ethiopia’s export earnings originated from Africa, mainly Djibouti (24.1 percent), Somalia (22.6 percent), Sudan (21.6 percent), Kenya (21.5 percent), South Africa (2.7 percent), Egypt (1.8 percent) and Morocco (1.4 percent), which altogether accounted for 95.7 percent of the total exports to Africa. America had 7.2 percent share in Ethiopia's total export earnings, of which
84.6 percent was from United States
followed by Canada (8.2 percent). These two countries constituted 92.8 percent of Ethiopia's total export earnings from America.

National Bank of Ethiopia Quarterly Bulletin 57 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 57 | Third Quarter 2023/24 Source: NBE Staff Compilation
5.2.3.2. Import of Goods
During the third quarter of 2023/24, Asia accounted for 63.2 percent of Ethiopia's total imports with the major imports originating from China (36.9 percent), United Arab Emirates (22.2 percent), India (16.2 percent), Saudi Arabia (7.8 percent), Malaysia (4.1 percent), Indonesia (2.5 percent) and Thailand (2.5 percent) whose combined share was
92.1 percent.
Imports from Europe constituted 12.6 percent of Ethiopia's total imports with the major countries being Turkey (29.6 percent), United Kingdom (16.3 percent), Germany (10.4 percent), Russia (10.4 percent), France (9.0 percent), Italy (6.0 percent), Romania (3.1 percent), Netherlands (3.0 percent), Spain (2.4 percent), Belgium (1.7 percent), Finland (1.4 percent) and Denmark (1.3 percent). These countries 14.4% 36.4% 7.2% 41.5% 0.4% Fig V.7: Export By Destination Africa Europe America Asia Oceania National Bank of Ethiopia Quarterly Bulletin 57 | Third Quarter 2023/24 Source: NBE Staff Compilation
5.2.3.2. Import of Goods
During the third quarter of 2023/24, Asia accounted for 63.2 percent of Ethiopia's total imports with the major imports originating from China (36.9 percent), United Arab Emirates (22.2 percent), India (16.2 percent), Saudi Arabia (7.8 percent), Malaysia (4.1 percent), Indonesia (2.5 percent) and Thailand (2.5 percent) whose combined share was
92.1 percent.
Imports from Europe constituted 12.6 percent of Ethiopia's total imports with the major countries being Turkey (29.6 percent), United Kingdom (16.3 percent), Germany (10.4 percent), Russia (10.4 percent), France (9.0 percent), Italy (6.0 percent), Romania (3.1 percent), Netherlands (3.0 percent), Spain (2.4 percent), Belgium (1.7 percent), Finland (1.4 percent) and Denmark (1.3 percent). These countries 14.4% 36.4% 7.2% 41.5% 0.4% Fig V.7: Export By Destination Africa Europe America Asia Oceania

National Bank of Ethiopia Quarterly Bulletin 58 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 58 | Third Quarter 2023/24 jointly accounted for 94.7 percent of Ethiopia's total imports from Europe. Africa’s share in total merchandise imports to Ethiopia was 19.2 percent. The major countries of origin were Morocco (51.2 percent), Egypt (25.5 percent), Djibouti (12.0 percent), Nigeria (4.6 percent), Kenya (3.0 percent) and South Africa (2.8 percent) which altogether represented 99.2 percent of the total imports from the African continent. Import bills from America had 4.9 percent share in total imports, of which the share of United States was 62.2 percent followed by Brazil (34.6 percent) and Canada (1.7 percent). These countries jointly account for 98.5 percent of total imports from America. Source: NBE Staff Compilation 19.2% 12.6% 4.9% 63.2% 0.04% Fig.V.8: Import By Origin Africa Europe America Asia Oceania National Bank of Ethiopia Quarterly Bulletin 58 | Third Quarter 2023/24 jointly accounted for 94.7 percent of Ethiopia's total imports from Europe. Africa’s share in total merchandise imports to Ethiopia was 19.2 percent. The major countries of origin were Morocco (51.2 percent), Egypt (25.5 percent), Djibouti (12.0 percent), Nigeria (4.6 percent), Kenya (3.0 percent) and South Africa (2.8 percent) which altogether represented 99.2 percent of the total imports from the African continent. Import bills from America had 4.9 percent share in total imports, of which the share of United States was 62.2 percent followed by Brazil (34.6 percent) and Canada (1.7 percent). These countries jointly account for 98.5 percent of total imports from America. Source: NBE Staff Compilation 19.2% 12.6% 4.9% 63.2% 0.04% Fig.V.8: Import By Origin Africa Europe America Asia Oceania

National Bank of Ethiopia Quarterly Bulletin 59 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 59 | Third Quarter 2023/24
5.3. Services and Transfers
5.3.1. Net Services
In the third quarter of 2023/24, net services registered a surplus of USD
302.7 million which was 27.3 percent
higher than USD 237.7 million surplus year earlier. Thus, favourable outcome was attributed to higher income from net transport services (5.7 percent) despite slowdown in surplus of net travel (0.5 percent) and government services (60.1 percent). Moreover, the deficit in net other services and investment income narrowed by 40.3 percent and 19.6 percent, respectively (Table 5.8). Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 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 Q I Q II QIII Qtr IV QI Q II QIII 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Million USD) Fig 5.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income National Bank of Ethiopia Quarterly Bulletin 59 | Third Quarter 2023/24
5.3. Services and Transfers
5.3.1. Net Services
In the third quarter of 2023/24, net services registered a surplus of USD
302.7 million which was 27.3 percent
higher than USD 237.7 million surplus year earlier. Thus, favourable outcome was attributed to higher income from net transport services (5.7 percent) despite slowdown in surplus of net travel (0.5 percent) and government services (60.1 percent). Moreover, the deficit in net other services and investment income narrowed by 40.3 percent and 19.6 percent, respectively (Table 5.8). Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 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 Q I Q II QIII Qtr IV QI Q II QIII 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Million USD) Fig 5.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income National Bank of Ethiopia Quarterly Bulletin 59 | Third Quarter 2023/24
5.3. Services and Transfers
5.3.1. Net Services
In the third quarter of 2023/24, net services registered a surplus of USD
302.7 million which was 27.3 percent
higher than USD 237.7 million surplus year earlier. Thus, favourable outcome was attributed to higher income from net transport services (5.7 percent) despite slowdown in surplus of net travel (0.5 percent) and government services (60.1 percent). Moreover, the deficit in net other services and investment income narrowed by 40.3 percent and 19.6 percent, respectively (Table 5.8). Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 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 Q I Q II QIII Qtr IV QI Q II QIII 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Million USD) Fig 5.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income National Bank of Ethiopia Quarterly Bulletin 59 | Third Quarter 2023/24
5.3. Services and Transfers
5.3.1. Net Services
In the third quarter of 2023/24, net services registered a surplus of USD
302.7 million which was 27.3 percent
higher than USD 237.7 million surplus year earlier. Thus, favourable outcome was attributed to higher income from net transport services (5.7 percent) despite slowdown in surplus of net travel (0.5 percent) and government services (60.1 percent). Moreover, the deficit in net other services and investment income narrowed by 40.3 percent and 19.6 percent, respectively (Table 5.8). Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 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 Q I Q II QIII Qtr IV QI Q II QIII 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Million USD) Fig 5.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income

National Bank of Ethiopia Quarterly Bulletin 60 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 60 | Third Quarter 2023/24
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2022/23 2023/24 Percentage
QIII QII QIII Change
A B C D=C/A E=C/B
1 Investment Income (2+5) -73.9 -88.6 -59.4 -19.6 -77.9 2 Interest, net (3-4) -73.7 -88.6 -58.6 -20.5 -76.9 3 Credit 17.3 20.1 32.7 89.7 345.9 4 Debit 90.9 108.7 91.3 0.4 -99.6 5 Dividend, net -0.2 0.0 -0.8 324.3 6 NON-FACTOR SERVICES, net (7-8)

311.6 315.5 362.1 16.2 -94.9
7 Exports of non-factor services 1,665.7 1,896.3 1,830.6 9.9 -99.5 8 Travel 259.2 278.4 328.7 26.8 -90.4 9 Transport 1 1,245.9 1,444.1 1,339.0 7.5 -99.5 10 Gov't 2 82.0 32.9 33.5 -59.1 -279.6 11 Other 3 78.6 140.9 129.3 64.5 -54.2 12 Imports of non-factor services

1,354.1

1,580.8

1,468.5 8.4 -99.5
13 Travel 124.9 207.2 195.0 56.2 -72.9
14 Transport 1 944.7 1,081.3 1,020.5 8.0 -99.3 15 Gov't 2 0.0 0.2 0.8 16 Other 3 284.6 292.2 252.2 -11.4 -103.9 17 Net Services (18+19+20+21+22) 237.7 226.9 302.7 27.3 -87.9 18 Travel (8-13) 134.3 71.2 133.7 -0.5 -100.7 19 Transport (9-14) 301.2 362.8 318.5 5.7 -98.4 20 Gov't (10-15) 82.0 32.7 32.7 -60.1 -283.5 21 Other (11-16) -205.9 -151.2 -122.9 -40.3 -73.3 22 Investment Income (2+5) -73.9 -88.6 -59.4 -19.6 -77.9 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
5.3.2. Transfers
During the review period, total transfer receipts decreased by 35.5 percent and reached USD 1.6 billion due to 28.0 percent decline in private transfers and 66.4 percent fall in official transfers. Similarly, total transfer payments decreased to USD 17.0 million from USD 52.2 million due to decline in both private and official transfer payments by 57.6 percent and 71.3 percent, respectively. Consequently, net transfers decreased by 34.8 percent and reached USD
1.5 billion from USD 2.4 billion (Table 5.9).
National Bank of Ethiopia Quarterly Bulletin 60 | Third Quarter 2023/24
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2022/23 2023/24 Percentage
QIII QII QIII Change
A B C D=C/A E=C/B
1 Investment Income (2+5) -73.9 -88.6 -59.4 -19.6 -77.9 2 Interest, net (3-4) -73.7 -88.6 -58.6 -20.5 -76.9 3 Credit 17.3 20.1 32.7 89.7 345.9 4 Debit 90.9 108.7 91.3 0.4 -99.6 5 Dividend, net -0.2 0.0 -0.8 324.3 6 NON-FACTOR SERVICES, net (7-8)

1,354.1

1,580.8

National Bank of Ethiopia Quarterly Bulletin 61 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 61 | Third Quarter 2023/24
Table 5.9: Developments in Transfer Accounts
(In Millions of USD)
S/N Particulars
2022/23 2023/24
Percentage
QIII Change Share
(In %)
QII Share
(In %)
QIII Share
A B C (In %) D=C/A E=C/B
1 Private transfers, net (2-5) 1,932.2 81.5 1,561.2 7.2 1,396.2 90.4 -27.7 -10.6 2 Credit (3+4) 1,946.9 80.4 1,582.1 82.6 1,402.4 89.8 -28.0 -11.4 3 NGO's 944.0 39.0 172.6 9.0 174.9 11.2 -81.5 1.3 4 Private individuals 1,002.9 41.4 1,409.5 73.6 1,227.6 78.6 22.4 -12.9 5 Debit 14.7 28.2 20.9 75.3 6.2 36.7 -57.6 -70.1 6 Official transfers, net (7-8) 437.3 18.5 327.1 17.3 148.8 9.6 -66.0 -54.5 7 Credit 474.8 19.6 333.9 17.4 159.6 10.2 -66.4 -52.2 8 Debit 37.5 71.8 6.8 24.7 10.8 63.3 -71.3 57.4 9 Total Receipts 2,421.7 100.0 1,916.0 100.0 1,562.0 100.0 -35.5 -18.5 10 Total Payments 52.2 100.0 27.7 100.0 17.0 100.0 -67.5 -38.7 11 Net Transfers 2,369.5 100.0 1,888.3 24.6 1,545.0 100.0 -34.8 -18.2 Source: NBE Staff Computation Source: NBE Staff Compilation 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 QIII Qtr IV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig 5.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers National Bank of Ethiopia Quarterly Bulletin 61 | Third Quarter 2023/24
Table 5.9: Developments in Transfer Accounts
(In Millions of USD)
S/N Particulars
2022/23 2023/24
Percentage
QIII Change Share
(In %)
QII Share
(In %)
QIII Share
A B C (In %) D=C/A E=C/B
1 Private transfers, net (2-5) 1,932.2 81.5 1,561.2 7.2 1,396.2 90.4 -27.7 -10.6 2 Credit (3+4) 1,946.9 80.4 1,582.1 82.6 1,402.4 89.8 -28.0 -11.4 3 NGO's 944.0 39.0 172.6 9.0 174.9 11.2 -81.5 1.3 4 Private individuals 1,002.9 41.4 1,409.5 73.6 1,227.6 78.6 22.4 -12.9 5 Debit 14.7 28.2 20.9 75.3 6.2 36.7 -57.6 -70.1 6 Official transfers, net (7-8) 437.3 18.5 327.1 17.3 148.8 9.6 -66.0 -54.5 7 Credit 474.8 19.6 333.9 17.4 159.6 10.2 -66.4 -52.2 8 Debit 37.5 71.8 6.8 24.7 10.8 63.3 -71.3 57.4 9 Total Receipts 2,421.7 100.0 1,916.0 100.0 1,562.0 100.0 -35.5 -18.5 10 Total Payments 52.2 100.0 27.7 100.0 17.0 100.0 -67.5 -38.7 11 Net Transfers 2,369.5 100.0 1,888.3 24.6 1,545.0 100.0 -34.8 -18.2 Source: NBE Staff Computation Source: NBE Staff Compilation 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 QIII Qtr IV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig 5.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers

National Bank of Ethiopia Quarterly Bulletin 62 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 62 | Third Quarter 2023/24
5.4. Current Account Balance
During the third quarter of 2023/24, the current account balance (including official transfers) widened to USD 1.6 billion from USD 704.8 million a year ago. This was due to deterioration in trade balance and decline in both private and public transfers albeit increase in net service surplus (Table 5.1)
5.5. Capital Account
Capital account recorded a surplus of USD
673.4 million, which was 26.4 percent lower
than that of a year earlier. The fall in surplus was mainly linked with the shift in net surplus of official long term capital, net other public-sector long term capital, deficit of USD and private sector long-term capital to a deficit. In contrast, foreign direct investment increased by 38.7 percent during the review period.
5.6. Changes in Reserve Position
The deficit in the overall balance of payments during the third quarter of 2023/24 reached a deficit of USD 75.2 million compared to USD 373.2 million deficit a year ago. Consequently, net foreign asset of the National Bank of Ethiopia showed USD
263.9 million draw down while net foreign
asset of commercial banks depicted USD
188.7 million build up (Table5.1).

National Bank of Ethiopia Quarterly Bulletin 63 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 63 | Third Quarter 2023/24
5.7. Developments in the Foreign Exchange Market
5.7.1. Exchange Rate Movements
In the interbank forex market, the weighted average official exchange rate of the Birr reached Birr 56.3211/USD depicting a 5.0 percent annual depreciation. The end period exchange rate of the Birr was 56.6236/USD, indicating a 5.0 percent annual depreciation against USD.
Table 5.10: Developments of 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
2022/23 54.5943 53.2830 12.7 0.00
Qtr. III C 53.9027 53.6179 3.15 0.00
January 53.4716 53.4081 1.05 0.00
February 53.7445 53.6174 1.00 0.00
March 53.9027 53.8283 1.10 0.00
2023/24
Qtr. II B 55.9969 55.6146 3.25 0.00
October 55.5230 55.3722 1.10 0.00
November 55.6998 55.6229 1.10 0.00
December 55.9969 55.8488 1.05 0.00
Qtr. III A 56.6236 56.3211 3.25 0.00
January 56.1663 56.0949 1.15 0.00
February 56.4624 56.3217 1.05 0.00
March 56.6236 56.5468 1.05 0.00
Percentage
Changes
A/B 1.12 1.27 0.00
A/C 5.05 5.04 3.17
Source: National Bank of Ethiopia
National Bank of Ethiopia Quarterly Bulletin 63 | Third Quarter 2023/24
5.7. Developments in the Foreign Exchange Market
5.7.1. Exchange Rate Movements
In the interbank forex market, the weighted average official exchange rate of the Birr reached Birr 56.3211/USD depicting a 5.0 percent annual depreciation. The end period exchange rate of the Birr was 56.6236/USD, indicating a 5.0 percent annual depreciation against USD.
Table 5.10: Developments of 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
2022/23 54.5943 53.2830 12.7 0.00
Qtr. III C 53.9027 53.6179 3.15 0.00
January 53.4716 53.4081 1.05 0.00
February 53.7445 53.6174 1.00 0.00
March 53.9027 53.8283 1.10 0.00
2023/24
Qtr. II B 55.9969 55.6146 3.25 0.00
October 55.5230 55.3722 1.10 0.00
November 55.6998 55.6229 1.10 0.00
December 55.9969 55.8488 1.05 0.00
Qtr. III A 56.6236 56.3211 3.25 0.00
January 56.1663 56.0949 1.15 0.00
February 56.4624 56.3217 1.05 0.00
March 56.6236 56.5468 1.05 0.00
Percentage
Changes
A/B 1.12 1.27 0.00
A/C 5.05 5.04 3.17
Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 64 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 64 | Third Quarter 2023/24 In retail foreign exchange market, the average buying rate in forex bureau of commercial banks stood at Birr 56.3293/USD , depicting 4.7 percent annual depreciation, whereas the selling rate was Birr 57.4756/USD, depicting 4.6 percent depreciation over last year same quarter. Therefore, the average spread between the buying and selling rates stood at 2.0 percent (Table 5.11).

National Bank of Ethiopia Quarterly Bulletin 65 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 65 | Third Quarter 2023/24
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
2022/23 2023/24
Percentage change Quarter III
A
Quarter II
B
Quarter III
C C/B C/A
Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 35,792.8 26,392.4 39,396.8 36,714.4 54,871.5 42,032.7 39.3 14.5 53.3 59.3 2 Bank of Abyssinia 192.4 3,094.8 97.1 5,244.3 138.4 5,197.6 42.5 (0.9) (28.1) 67.9 3 Dashen Bank 2,983.1 4,224.4 7,285.8 5,382.1 5,177.0 5,269.8 (28.9) (2.1) 73.5 24.7 4 Awash International Bank 292.1 5,865.4 312.6 4,746.6 188.8 5,533.8 (39.6) 16.6 (35.4) (5.7) 5 Wegagen Bank 142.6 910.8 34.5 530.3 31.2 888.7 (9.4) 67.6 (78.1) (2.4) 6 United Bank 511.7 861.2 228.9 959.3 612.6 1,106.1 167.6 15.3 19.7 28.4 7 Development Bank 0.2 9.7 - 8.3 0.2 8.9 - 7.5 (3.5) (8.2) 8 Nib International Bank 314.3 748.7 50.6 414.9 66.9 222.9 32.1 (46.3) (78.7) (70.2) 9 Lion International Bank 239.7 68.4 243.9 130.5 138.3 147.5 (43.3) 13.1 (42.3) 115.6 10 Oromia International Bank 2,205.9 1,521.4 1,751.4 1,782.4 1,291.9 1,127.8 (26.2) (36.7) (41.4) (25.9) 11 Zemen Bank 23.7 899.8 26.3 675.2 33.8 568.3 28.5 (15.8) 42.6 (36.8) 12 Cooperative Bank of Oromia 117.7 624.7 61.9 603.8 77.5 545.5 25.1 (9.7) (34.2) (12.7) 13 Buna International Bank 97.0 432.3 136.8 205.1 156.1 2,980.7 14.1 1,352.9 60.9 589.5 14 Birhan International Bank 118.1 718.3 21.4 778.2 60.9 474.8 184.7 (39.0) (48.4) (33.9) 15 Abay Bank 148.4 180.8 20.6 312.8 50.5 513.0 145.1 64.0 (66.0) 183.8 16 Addis International Bank 605.0 144.2 44.6 232.4 45.0 478.6 0.9 105.9 (92.6) 232.0 17 Debub Global Bank 423.8 159.3 102.5 59.0 100.7 73.3 (1.8) 24.3 (76.2) (54.0) 18 Enat Bank 39.6 256.8 168.8 144.3 153.3 140.1 (9.2) (2.9) 287.0 (45.4) 19 Zamzam Bank 0.2 149.7 1.7 183.4 - 359.9 (100.0) 96.2 (100.0) 140.4 20 Gohe Betoch Bank 1.0 18.9 - 25.1 - 9.7 - (61.4) (100.0) (48.8) 21 Hijera Bank 72.5 24.4 83.2 32.9 155.9 35.3 87.3 7.4 115.0 44.8 22 Amhara Bank 0.8 91.7 5.0 127.9 1.0 70.0 (80.5) (45.2) 23.5 (23.6) 23 Tsehay Bank 1.8 2.0 41.2 23.5 126.5 55.9 207.0 138.2 7,097.7 2,697.4 24 Siinqee Bank 4.3 - 30.3 46.9 14.2 229.6 (53.2) 389.3 231.2 25 Geda Bank 3.6 - 10.0 27.9 17.1 25.8 71.7 (7.4) 378.7 26 Ahadu Bank 10.2 3.3 1.5 32.3 3.5 117.4 132.6 263.5 (66.0) 3,468.9 27 Tseday Bank - - 4.4 - 1.5 11.3 (65.3) 28 Sidama Bank - - 1.1 28.6 0.1 14.3 (88.9) (50.1) Total 44,342.4 47,403.2 50,162.9 59,452.4 63,514.2 68,239.2 26.6 14.8 43.2 44.0 Average Exchange Rate 53.8014 54.9408 55.7014 56.8042 56.3293 57.4756 1.1 1.2 4.7 4.6 Spread 2.1 2.0 2.0 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

National Bank of Ethiopia Quarterly Bulletin 66 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 66 | Third Quarter 2023/24 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks Source: NBE Staff Compilation In the official forex market, US dollar fluctuated against major currencies on quarterly and annual basis. On quarterly basis, it depreciated against SDR (1.1 percent) and Euro (1.0 percent), while it appreciated against Swiss Franc (12.5 percent), Pound Sterling (11.6 percent) and Japanese Yen (1.2 percent) On annual basis, USD depreciated against Euro (1.2 percent) but it appreciated against Yen (11.8 percent), Pound Sterling (9.9 percent), Swiss Franc (8.8 percent) and SDR (0.2 percent) (Table 5.12). 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 70 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 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/2024 (Spread, %) (Birr per USD) Buying Rate Selling Rate Spread

National Bank of Ethiopia Quarterly Bulletin 67 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 67 | Third Quarter 2023/24
Table 5.12: Average Official Exchange Rates (USD per Major International Currencies)
Period
EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling MidRate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2022/23 QIII C 1.0732 0.0070 1.3394 1.1312 1.0813 January 1.0763 0.0071 1.3427 1.1326 1.0817 February 1.0727 0.0070 1.3400 1.1284 1.0822 March 1.0707 0.0070 1.3354 1.1326 1.0798 2023/24 QII B 1.0751 0.0063 1.3226 1.1538 1.1263 October 1.0557 1.0558 1.0558 0.0063 1.3115 1.1527 1.1526 1.1526 1.1055 November 1.0791 0.0062 1.3218 1.1483 1.1197 December 1.0905 0.0064 1.3346 1.1604 1.1536 QIII A 1.0861 0.0062 1.3373 1.0195 1.0196 1.0195 0.9857 January 1.0919 0.0063 1.3350 1.1633 1.1665 February 1.0792 0.0062 1.3427 0.9415 0.9041 March 1.0872 0.0061 1.3341 0.9539 0.8864 Percentage Changes A/B 1.02 -1.24 1.11 -11.63 -12.48 A/C 1.20 -11.80 -0.16 -9.87 -8.84 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 68 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 68 | Third Quarter 2023/24 On the other hand, the Birr exchange rate remained depreciated almost against the six major currencies on quarterly and annual basis. On annual basis, it depreciated by
11.2 percent against Swiss Franc, 9.7
percent against Pound Sterling, 6.3 percent against Euro, 5.0 percent against USD and
4.9 percent against SDR, while it
appreciated against Japanese Yen by 6.2 percent.
Likewise, the birr was depreciated against
Pound Sterling (3.5 percent), Swiss Franc
(3.0 percent), SDR (2.4 percent), Euro (2.3 percent), USD (1.3 percent) and Japanese Yen (1.0 percent) on quarterly basis. (Table 5.13) National Bank of Ethiopia Quarterly Bulletin 68 | Third Quarter 2023/24 On the other hand, the Birr exchange rate remained depreciated almost against the six major currencies on quarterly and annual basis. On annual basis, it depreciated by
11.2 percent against Swiss Franc, 9.7
percent against Pound Sterling, 6.3 percent against Euro, 5.0 percent against USD and
4.9 percent against SDR, while it
appreciated against Japanese Yen by 6.2 percent.
Likewise, the birr was depreciated against
Pound Sterling (3.5 percent), Swiss Franc
(3.0 percent), SDR (2.4 percent), Euro (2.3 percent), USD (1.3 percent) and Japanese Yen (1.0 percent) on quarterly basis. (Table 5.13)

National Bank of Ethiopia Quarterly Bulletin 69 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 69 | Third Quarter 2023/24
Table 5.13: Period Average Exchange Rates (Birr per Major Currencies)
Period
Currency
USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling MidRate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2022/23 QIII C 53.6180 54.1541 53.8860 57.5443 58.1198 57.8321 0.4053 0.4093 0.4073 71.8137 72.5318 72.1728 65.0940 65.7449 65.4194 57.9751 58.5549 58.2650 January 53.4081 53.9422 53.6752 57.4841 58.0589 57.7715 0.4089 0.4130 0.4110 71.7113 72.4285 72.0699 65.1094 65.7604 65.4349 57.7743 58.3520 58.0631 February 53.6174 54.1536 53.8855 57.5145 58.0895 57.8020 0.4045 0.4086 0.4065 71.8452 72.5636 72.2044 64.8976 65.5466 65.2221 58.0265 58.6068 58.3167 March 53.8283 54.3666 54.0975 57.6345 58.2109 57.9227 0.4024 0.4064 0.4044 71.8846 72.6034 72.2440 65.2750 65.9277 65.6014 58.1246 58.7059 58.4153 2023/24 QII B 55.6146 56.1708 55.8927 59.7947 60.3931 60.0939 0.3761 0.3799 0.3780 73.5597 74.2953 73.9275 68.9917 69.6813 69.3365 62.6414 63.2678 62.9546 October 55.3722 55.9259 55.6490 58.4590 59.0450 58.7520 0.3703 0.3740 0.3721 72.6221 73.3484 72.9852 67.3831 68.0559 67.7195 61.2129 61.8250 61.5189 November 55.6229 56.1791 55.9010 60.0210 60.6212 60.3211 0.3710 0.3747 0.3728 73.5215 74.2567 73.8891 68.9251 69.6143 69.2697 62.2805 62.9032 62.5919 December 55.8488 56.4073 56.1281 60.9041 61.5131 61.2086 0.3871 0.3910 0.3890 74.5356 75.2810 74.9083 70.6669 71.3736 71.0202 64.4308 65.0751 64.7529 QIII A 56.3211 56.8843 56.6027 61.1700 61.7814 61.4757 0.3800 0.3838 0.3819 75.3169 76.0701 75.6935 71.4204 72.1346 71.7775 64.4876 65.1330 64.8103 January 56.0949 56.6559 56.3754 61.2506 61.8622 61.5564 0.3851 0.3890 0.3870 74.8859 75.6347 75.2603 71.2506 71.9631 71.6069 65.4347 66.0904 65.7625 February 56.3217 56.8849 56.6033 60.7825 61.3903 61.0864 0.3771 0.3809 0.3790 75.6233 76.3795 76.0014 71.1287 71.8400 71.4843 64.3100 64.9531 64.6315 March 56.5468 57.1122 56.8295 61.4768 62.0916 61.7842 0.3778 0.3816 0.3797 75.4416 76.1960 75.8188 71.8819 72.6008 72.2414 63.7182 64.3554 64.0368 Percentage Change A/B 1.27 2.30 1.03 2.39 3.52 2.95 A/C 5.04 6.30 -6.24 4.88 9.72 11.23 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 70 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 70 | Third Quarter 2023/24
Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate
Currency
March 31,
2023
December
31, 2023
March 31,
2024
Percentage
Change
A B C C/B C/A
USD 54.1722 56.2769 56.9067 1.1 5.0
Pound 66.8594 71.7755 71.9074 0.2 7.6
Swedish Kroner 5.2077 5.6612 5.3324 -5.8 2.4 Djibouti Frank 0.3040 0.3183 0.3219 1.1 5.9 Swiss Frank 59.1335 67.2364 62.9708 -6.3 6.5 Saudi Riyal 14.4305 15.0072 15.1727 1.1 5.1 UAE Dirhams 14.7500 15.3214 15.4945 1.1 5.0 Canadian Dollar 39.9707 42.5599 41.9357 -1.5 4.9 Japanese Yen 0.4082 0.3687 0.3761 2.0 -7.9 Euro 58.8473 62.5293 61.4877 -1.7 4.5 SDR 72.8454 75.5067 75.4014 -0.1 3.5 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 71 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 71 | Third Quarter 2023/24
5.7.2. Movements in the Real Effective Exchange Rate
During the third quarter of 2023/24, REER depreciated by 20.3 percent owing to lower domestic inflation relative to trading partners in spite of the appreciation of the nominal effective exchange rate (NEER). On the other hand, NEERI appreciated by
6.9 percent on annual basis due to the
weakening of trading partners’ currencies against the US dollar, particularly the Turkish Lira (63.9 percent), Egyptian Pound (19.0 percent) and Japanese Yen (12.1 percent) (Table 5.15). National Bank of Ethiopia Quarterly Bulletin 71 | Third Quarter 2023/24
5.7.2. Movements in the Real Effective Exchange Rate
During the third quarter of 2023/24, REER depreciated by 20.3 percent owing to lower domestic inflation relative to trading partners in spite of the appreciation of the nominal effective exchange rate (NEER). On the other hand, NEERI appreciated by
6.9 percent on annual basis due to the
weakening of trading partners’ currencies against the US dollar, particularly the Turkish Lira (63.9 percent), Egyptian Pound (19.0 percent) and Japanese Yen (12.1 percent) (Table 5.15). National Bank of Ethiopia Quarterly Bulletin 71 | Third Quarter 2023/24
5.7.2. Movements in the Real Effective Exchange Rate
During the third quarter of 2023/24, REER depreciated by 20.3 percent owing to lower domestic inflation relative to trading partners in spite of the appreciation of the nominal effective exchange rate (NEER). On the other hand, NEERI appreciated by
6.9 percent on annual basis due to the
weakening of trading partners’ currencies against the US dollar, particularly the Turkish Lira (63.9 percent), Egyptian Pound (19.0 percent) and Japanese Yen (12.1 percent) (Table 5.15).

National Bank of Ethiopia Quarterly Bulletin 72 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 72 | Third Quarter 2023/24
Table 5.15: Trends in the Real and Nominal Effective Exchange Rates
Item
2022/23 2023/24
Percentage Change
QIII QII QIII
A B C C/B C/A
REERI 129.3 114.8 103.1 -10.2 -20.3
NEERI 79.5 84.3 85.0 0.8 6.9
Source: NBE Staff Compilation
NB:

REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate
Index
A decrease in the REERI and NEERI implies depreciation and vice versa.
Sudan inflation for QII 2023/24 is estimate
Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 REERI NEERI National Bank of Ethiopia Quarterly Bulletin 72 | Third Quarter 2023/24
Table 5.15: Trends in the Real and Nominal Effective Exchange Rates
Item
2022/23 2023/24
Percentage Change
QIII QII QIII
A B C C/B C/A
REERI 129.3 114.8 103.1 -10.2 -20.3
NEERI 79.5 84.3 85.0 0.8 6.9
Source: NBE Staff Compilation
NB:
REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate
Index
A decrease in the REERI and NEERI implies depreciation and vice versa.
Sudan inflation for QII 2023/24 is estimate
Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 REERI NEERI

National Bank of Ethiopia Quarterly Bulletin 73 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 73 | Third Quarter 2023/24
5.7.3. Volume of Transactions
The volume of foreign exchange traded in the interbank market during the third quarter of 2023/24 reached 3.3 million, which was
3.2 percent higher than last year same
quarter.
The foreign exchange was supplied exclusively by NBE to collect an indicative rate in the foreign exchange inter-bank market (Table 5:10 & Fig.V.13). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureau of commercial banks purchased USD 63.5 million and sold 68.2 million. Hence, the amount of forex purchased and sold has increased by 43.2 percent and 44.0 percent, respectively (Table 5.11). 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 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 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Mn USD) Amount Traded among CBs Total Amount Traded National Bank of Ethiopia Quarterly Bulletin 73 | Third Quarter 2023/24
5.7.3. Volume of Transactions
The volume of foreign exchange traded in the interbank market during the third quarter of 2023/24 reached 3.3 million, which was
3.2 percent higher than last year same
quarter.
The foreign exchange was supplied exclusively by NBE to collect an indicative rate in the foreign exchange inter-bank market (Table 5:10 & Fig.V.13). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureau of commercial banks purchased USD 63.5 million and sold 68.2 million. Hence, the amount of forex purchased and sold has increased by 43.2 percent and 44.0 percent, respectively (Table 5.11). 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 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 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Mn USD) Amount Traded among CBs Total Amount Traded National Bank of Ethiopia Quarterly Bulletin 73 | Third Quarter 2023/24
5.7.3. Volume of Transactions
The volume of foreign exchange traded in the interbank market during the third quarter of 2023/24 reached 3.3 million, which was
3.2 percent higher than last year same
quarter.
The foreign exchange was supplied exclusively by NBE to collect an indicative rate in the foreign exchange inter-bank market (Table 5:10 & Fig.V.13). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureau of commercial banks purchased USD 63.5 million and sold 68.2 million. Hence, the amount of forex purchased and sold has increased by 43.2 percent and 44.0 percent, respectively (Table 5.11). 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 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 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Mn USD) Amount Traded among CBs Total Amount Traded

National Bank of Ethiopia Quarterly Bulletin 74 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 74 | Third Quarter2023/24
VI. FEDERAL GOVERNMENT FINANCE
Federal government revenue and grants reached Birr 98.2 billion during the third quarter of 2023/24. Its performance was
20.2 percent of the annual budget (Table
6.1).
Total expenditure of Federal government reached Birr 173.3 billion. The performance of total expenditure was 24.5 percent of the annual budget plan. As a result, the overall fiscal deficit of the Federal government was Birr 75.1 billion (Table 6.1).

National Bank of Ethiopia Quarterly Bulletin 75 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 75 | Third Quarter2023/24
Table 6.1: Summary of Quarterly Federal Government Finance
[In Millions of Birr]
No Finer points
2022/23 2023/24
Percentage changes performance rate
A B C D
D/A D/C D/B
QIII Budget QII QIII
1 Revenue and Grants 87,750.1 485,836.2 139,617.0 98,247.4 12.0 (29.6) 20.2
1.1 Total Revenue 87,750.1 479,486.8 139,617.0 98,247.4 12.0 (29.6) 20.5
Tax Revenue 85,468.0 440,825.7 132,605.7 86,164.7 0.8 (35.0) 19.5 Direct tax 17,259.2 141,481.5 61,655.4 21,220.7 23.0 (65.6) 15.0 Indirect tax 68,208.8 299,344.2 70,950.3 64,944.0 (4.8) (8.5) 21.7 Non-Tax Revenue 2,282.1 38,661.1 7,011.3 12,082.7 429.5 72.3 31.3
1.2 Grant & Relief - 6,349.4 - -
2 Current Expenditure 53,425.4 316,406.5 69,079.3 74,401.3 39.3 7.7 23.5 3 Current Surplus/Deficit (Including Grants) 34,324.8 169,429.7 70,537.7 23,846.1 (30.5) (66.2) 14.1 (Excluding Grants) 34,324.8 163,080.3 70,537.7 23,846.1 (30.5) (66.2) 14.6 4 Capital Expenditure 38,519.2 171,833.7 55,932.6 44,467.7 15.4 (20.5) 25.9 5 Regional Transfers 72,373.7 219,041.0 55,053.2 54,504.5 (24.7) (1.0) 24.9 6 Total Expenditure (2+4+5) 164,318.2 707,281.2 180,065.1 173,373.5 5.5 (3.7) 24.5 7 Overall Surplus/Deficit (Including Grants) (76,568.1) (221,445.0) (40,448.0) (75,126.1) (1.9) 85.7 33.9 (Excluding Grants) (76,568.1) (227,794.4) (40,448.0) (75,126.1) (1.9) 85.7 33.0 8 Total Financing 76,568.1 221,445.0 40,448.0 75,126.1 (1.9) 85.7 33.9
8.1 Net External Borrowings 7,481.0 (17,248.4) 16,377.8 2,228.9 (70.2) (86.4) (12.9)
External Borrowing 9,201.3 25,699.3 21,284.0 9,759.0 6.1 (54.1) 38.0 Amortization 5,766.5 50,384.0 4,906.3 7,530.1 30.6 53.5 14.9
8.2 Net Domestic Borrowings 54,925.3 238,693.4 28,042.2 72,948.2 32.8 160.1 30.6
Banking System 36,965.5 11,067.4 52,695.6 42.6 376.1 - Non-Bank Sources 17,959.8 16,974.8 20,252.6 12.8 19.3 -
8.3 Privatization receipts -
8.4 Others and Residuals 14,161.7 (0.0) (3,971.9) (51.0) (100.4) (98.7)
Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 76 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 76 | Third Quarter2023/24
6.1. Revenue and Grants
During the review period, total revenue amounted to Birr 98.2 billion, of which, 87.7 percent was collected from taxes, and 12.3 percent from non-taxes. Indirect taxes contributed 75.4 percent to total tax revenue while that of direct taxes was 24.6 percent. The quarterly performance of total revenue against the annual budget was 20.2 percent (Table 6.2).

National Bank of Ethiopia Quarterly Bulletin 77 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 77 | Third Quarter2023/24
Table 6.2: Summary of Quarterly Federal Government Revenue by Component
[In Millions of Birr]
No Particulars
2022/23 2023/24 Percentage Change
Performance
Rate
QIII Budget QII QIII
A B C D D/A D/C D/B
Total Revenue and
Grants

87,750.1

485,836.2

139,617.0 98,247.4 12.0 (29.6) 20.2
Total Domestic Revenue

87,750.1

479,486.8

139,617.0 98,247.4 12.0 (29.6) 20.5
1 Tax Revenue

85,468.0

440,825.7

132,605.7 86,164.7 0.8 (35.0) 19.5
1.1 Direct Tax Revenue

17,259.2

141,481.5

61,655.4 21,220.7 23.0 (65.6) 15.0
1.1.1 Income Taxes

15,258.8

118,955.7

58,767.0

17,669.1 15.8 (69.9) 14.9

Personal

7,681.6

29,853.4

9,635.6 10,117.7 31.7 5.0 33.9

Business

7,577.2

89,102.3

49,131.4 7,551.5 (0.3) (84.6) 8.5
1.1.2 Others1

2,000.5

22,525.7

2,888.4 3,551.6 77.5 23.0 15.8
1.2 Indirect Taxes

68,208.8

299,344.2

70,950.3 64,944.0 (4.8) (8.5) 21.7
1.2.1 Domestic Taxes

24,967.2

111,755.5

27,452.1

26,591.2 6.5 (3.1) 23.8
1.2.2 Foreign Trade Taxes

43,241.6

187,588.7

43,498.2 38,352.7 (11.3) (11.8) 20.4

Import

43,241.6

187,588.7

43,498.2 38,352.7 (11.3) (11.8) 20.4
2 Non-Tax Revenue

2,282.1

38,661.1

7,011.3 12,082.7 429.5 72.3 31.3
3 Privatization

4 Grants and Relief

6,349.4

Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 78 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 78 | Third Quarter2023/24 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Tax revenue, at Birr 86.1 billion marginally went up by 0.8 percent annually owing to 23 percent increase in revenue from direct taxes. Hence, tax revenue performance was 19.5 percent of the annual budget.

0
20000
40000
60000
80000
100000
120000
140000
160000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue National Bank of Ethiopia Quarterly Bulletin 78 | Third Quarter2023/24 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Tax revenue, at Birr 86.1 billion marginally went up by 0.8 percent annually owing to 23 percent increase in revenue from direct taxes. Hence, tax revenue performance was 19.5 percent of the annual budget.

National Bank of Ethiopia Quarterly Bulletin 79 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 79 | Third Quarter2023/24 Fig.VI.2: Domestic Revenue of federal government by Major Components during the Third Quarter of 2023/24 Direct Tax Revenue 21.6% Indirect Tax Revenue 66.1% Non Tax Revenue 12.3%

National Bank of Ethiopia Quarterly Bulletin 80 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 80 | Third Quarter2023/24
6.2. Expenditure
Total Federal government expenditure,
(including regional transfers) was Birr
173.3 billion which showed a 5.5 percent
annual growth.
Current expenditure accounted for Birr
74.4 billion (42.9%) and capital
expenditure was Birr 44.4 billion
(25.7%) of the total expenditure, while the remaining Birr 54.5 billion (31.4%) was allocated for regional transfers (Table 6.3).
Table 6.3: Summary of Federal Government Expenditure by Component
[In Millions of Birr]
No Particulars
2022/23 2023/24
Percentage
Change
Performanc e Rate
QIII Budget QII QIII
A B C D D/A D/C D/B
Total Expenditure

164,318.2

707,281.2 180,065.1

173,373.5

5.5

(3.7) 24.5
1 Current Expenditure

53,425.4

316,406.5 69,079.3

74,401.3

39.3

7.7 23.5

General Services

27,418.7

80,613.3 28,848.8

25,620.9

(6.6)

(11.2) 31.8

Economic Services

1,923.2

6,896.8 2,110.6

1,902.2
(1.1)

(9.9) 27.6

Social Services

12,218.6

54,236.1 10,742.9

16,301.9
33.4

51.7 30.1

Others expenditure

1,475.3

69,190.2 10,139.9

6,294.1

326.6

(37.9) 9.1

Debt Service

10,389.7

105,470.0 17,237.1

24,282.2

133.7

40.9 23.0
2 Capital Expenditure

38,519.2

171,833.7 55,932.6

44,467.7

15.4

(20.5) 25.9

Economic Development

27,126.6

116,015.6 36,306.9

32,678.4

20.5

(10.0) 28.2

Social Development

8,615.3

24,403.5 12,550.8

9,734.1

13.0

(22.4) 39.9

General Development

2,777.3

31,414.6 7,074.8

2,055.2

(26.0)

(71.0) 6.5
4 Regional Transfers

72,373.7

219,041.0 55,053.2 54,504.5 (24.7)

(1.0) 24.9
Source: Ministry of Finance
National Bank of Ethiopia Quarterly Bulletin 80 | Third Quarter2023/24
6.2. Expenditure
Total Federal government expenditure,
(including regional transfers) was Birr
173.3 billion which showed a 5.5 percent
annual growth.
Current expenditure accounted for Birr
74.4 billion (42.9%) and capital
expenditure was Birr 44.4 billion
(25.7%) of the total expenditure, while the remaining Birr 54.5 billion (31.4%) was allocated for regional transfers (Table 6.3).
Table 6.3: Summary of Federal Government Expenditure by Component
[In Millions of Birr]
No Particulars
2022/23 2023/24
Percentage
Change
Performanc e Rate
QIII Budget QII QIII
A B C D D/A D/C D/B
Total Expenditure

164,318.2

707,281.2 180,065.1

173,373.5

5.5

(3.7) 24.5
1 Current Expenditure

53,425.4

316,406.5 69,079.3

74,401.3

39.3

7.7 23.5

General Services

27,418.7

80,613.3 28,848.8

25,620.9

(6.6)

(11.2) 31.8

Economic Services

1,923.2

6,896.8 2,110.6

1,902.2
(1.1)

(9.9) 27.6

Social Services

12,218.6

54,236.1 10,742.9

16,301.9
33.4

51.7 30.1

Others expenditure

1,475.3

69,190.2 10,139.9

6,294.1

326.6

(37.9) 9.1

Debt Service

10,389.7

105,470.0 17,237.1

24,282.2

133.7

40.9 23.0
2 Capital Expenditure

38,519.2

171,833.7 55,932.6

44,467.7

15.4

(20.5) 25.9

Economic Development

27,126.6

116,015.6 36,306.9

32,678.4

20.5

(10.0) 28.2

Social Development

8,615.3

24,403.5 12,550.8

9,734.1

13.0

(22.4) 39.9

General Development

2,777.3

31,414.6 7,074.8

2,055.2

(26.0)

(71.0) 6.5
4 Regional Transfers

72,373.7

219,041.0 55,053.2 54,504.5 (24.7)

(1.0) 24.9
Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 81 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 81 | Third Quarter2023/24 Fig.VI.3: Major Components of Federal Government Expenditure during the Third Quarter of 2023/24 Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components Third Quarter of 2023/24 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers Current Expenditure 42.9% Capital Expenditure 25.7% Regional Transfer 31.4%

National Bank of Ethiopia Quarterly Bulletin 82 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 82 | Third Quarter2023/24
6.3. Deficit Financing
The overall deficit of Federal government (including grants) was Birr
75.1 billion which was lower than Birr
76.5 billion deficit reported a year ago.
The deficit was financed through net domestic and external borrowing. Fig.VI.5: Federal Government Budget Deficits during Third Quarter of F.Y 2023/24 0 50000 100000 150000 200000 250000 300000 350000 400000 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants National Bank of Ethiopia Quarterly Bulletin 82 | Third Quarter2023/24
6.3. Deficit Financing
The overall deficit of Federal government (including grants) was Birr
75.1 billion which was lower than Birr
76.5 billion deficit reported a year ago.
The deficit was financed through net domestic and external borrowing. Fig.VI.5: Federal Government Budget Deficits during Third Quarter of F.Y 2023/24 0 50000 100000 150000 200000 250000 300000 350000 400000 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

National Bank of Ethiopia Quarterly Bulletin 83 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 83 | Third Quarter 2023/24
VII. DEVELOPMENTS IN INVESTMENT
During the third quarter of 2023/24, 23 investment projects having investment capital of Birr 61.5 billion became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed a remarkable growth. All investment projects were private, of which, and about 87 percent were domestic and 13 percent foreign. The domestic projects had Birr 61 billion (99.2 percent) in investment capital while foreign projects had Birr 480.9 million (0.8 percent). These investment projects have generated employment opportunities for 736 employees which was 41 percent higher than that of last year. Of the total employment created during the period, 43.3 percent was permanent and 56.7 percent casual (Table 7.1).
Table 7.1: Performance of Operational Investment Projects
Capital (In millions of Birr)
Type of
Projects Items
2022/23 2023/24
Percentage
Changes
QIII QII QIII
A B C Share C/A C/B
1. Total
Investment
Number of projects 9 12 23 100 155.6 91.7
Capital 132.6 846.7 61,512.6 100 46,300.9 7,164.9 Permanent Employment 333 852 319 100 -4.2 -62.6 Temporary Employment 189 182 417 100 120.6 129.1
2. Private
Investment
Number of projects 9 12 23 100 155.6 91.7
Capital 132.6 846.7 61,512.6 100 46,300.9 7,164.9 Permanent Employment 333 852 319 100 -4.2 -62.6 Temporary Employment 189 182 417 100 120.6 129.1
2.1 Domestic
Investment
Number of projects 4 6 20 87.0 400.0 233.3
Capital 88.7 785.72 61,031.7 99.2 68,706.9 7,667.6 Permanent Employment 67 46 113 35.4 68.7 145.7 Temporary Employment 107 11 189 45.3 76.6 1,618.2
2.2. Foreign
Investment
Number of projects 5 6 3 13.0 -40.0 -50.0
Capital 43.9 61.0 480.9 0.8 996.3 688.5
Permanent Employment 266 806 206 64.6 -22.6 -74.4 Temporary Employment 82 171 228 54.7 178.0 33.3
3. Public
Investment
Number of projects - - - - - -
Capital - - - - - -
Permanent Employment - - - - - -
Temporary Employment - - - - - -
Source: Ethiopian Investment Commission
National Bank of Ethiopia Quarterly Bulletin 83 | Third Quarter 2023/24
VII. DEVELOPMENTS IN INVESTMENT
During the third quarter of 2023/24, 23 investment projects having investment capital of Birr 61.5 billion became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed a remarkable growth. All investment projects were private, of which, and about 87 percent were domestic and 13 percent foreign. The domestic projects had Birr 61 billion (99.2 percent) in investment capital while foreign projects had Birr 480.9 million (0.8 percent). These investment projects have generated employment opportunities for 736 employees which was 41 percent higher than that of last year. Of the total employment created during the period, 43.3 percent was permanent and 56.7 percent casual (Table 7.1).
Table 7.1: Performance of Operational Investment Projects
Capital (In millions of Birr)
Type of
Projects Items
2022/23 2023/24
Percentage
Changes
QIII QII QIII
A B C Share C/A C/B
1. Total
Investment
Number of projects 9 12 23 100 155.6 91.7
Capital 132.6 846.7 61,512.6 100 46,300.9 7,164.9 Permanent Employment 333 852 319 100 -4.2 -62.6 Temporary Employment 189 182 417 100 120.6 129.1
2. Private
Investment
Number of projects 9 12 23 100 155.6 91.7
Capital 132.6 846.7 61,512.6 100 46,300.9 7,164.9 Permanent Employment 333 852 319 100 -4.2 -62.6 Temporary Employment 189 182 417 100 120.6 129.1
2.1 Domestic
Investment
Number of projects 4 6 20 87.0 400.0 233.3
Capital 88.7 785.72 61,031.7 99.2 68,706.9 7,667.6 Permanent Employment 67 46 113 35.4 68.7 145.7 Temporary Employment 107 11 189 45.3 76.6 1,618.2
2.2. Foreign
Investment
Number of projects 5 6 3 13.0 -40.0 -50.0
Capital 43.9 61.0 480.9 0.8 996.3 688.5
Permanent Employment 266 806 206 64.6 -22.6 -74.4 Temporary Employment 82 171 228 54.7 178.0 33.3
3. Public
Investment
Number of projects - - - - - -
Capital - - - - - -
Permanent Employment - - - - - -
Temporary Employment - - - - - -
Source: Ethiopian Investment Commission

National Bank of Ethiopia Quarterly Bulletin 84 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 84 | Third Quarter 2023/24 As for sectoral distribution, real estate, renting and business activities constituted
43.5 percent, manufacturing 30.4 percent,
construction 21.7 percent and education 4.3 percent of the total investment projects. Out of the total Birr 61.5 billion capital invested, the share of construction sector was 97.6 percent while the remaining sectors took 2.4 percent. About 56.7 percent of the permanent employment was created by manufacturing, 39.8 percent by real estate, renting and business activities and 3.4 percent by construction. In contrast, real estate, renting and business activities were the leading sectors accounting for 49.4 percent of temporary employment followed by manufacturing (47.2 percent) and construction (3.4 percent) (Table 7.2).
Table 7.2: Investment Distribution by Sector during the Third Quarter of 2023/24
Sectors
No. of
Proj.
Share
(%)
Capital (in
Million Birr)
Share
(%)
Perm.
Emp.
Share
(%)
Temp.
Emp.
Share
(%)
Agriculture, hunting and forestry - - - - - - - - Construction 5 21.7 60,010.5 97.6 11 3.4 14 3.4 Education 1 4.3 70.0 0.1 Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 7 30.4 796.9 1.3 181 56.7 197 47.2 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 10 43.5 635.2 1.0 127 39.8 206 49.4 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others* - - - - - - - - Grand Total 23 100 61,512.6 100.0 319 100 417 100 Source: Ethiopian Investment Commission. Export of flowers, spices, cotton and cotton product, cly spots, wooden handicrafts, souvenirs and flower baskets, data center services National Bank of Ethiopia Quarterly Bulletin 84 | Third Quarter 2023/24 As for sectoral distribution, real estate, renting and business activities constituted
43.5 percent, manufacturing 30.4 percent,
construction 21.7 percent and education 4.3 percent of the total investment projects. Out of the total Birr 61.5 billion capital invested, the share of construction sector was 97.6 percent while the remaining sectors took 2.4 percent. About 56.7 percent of the permanent employment was created by manufacturing, 39.8 percent by real estate, renting and business activities and 3.4 percent by construction. In contrast, real estate, renting and business activities were the leading sectors accounting for 49.4 percent of temporary employment followed by manufacturing (47.2 percent) and construction (3.4 percent) (Table 7.2).
Table 7.2: Investment Distribution by Sector during the Third Quarter of 2023/24
Sectors
No. of
Proj.
Share
(%)
Capital (in
Million Birr)
Share
(%)
Perm.
Emp.
Share
(%)
Temp.
Emp.
Share
(%)
Agriculture, hunting and forestry - - - - - - - - Construction 5 21.7 60,010.5 97.6 11 3.4 14 3.4 Education 1 4.3 70.0 0.1 Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 7 30.4 796.9 1.3 181 56.7 197 47.2 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 10 43.5 635.2 1.0 127 39.8 206 49.4 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others - - - - - - - - Grand Total 23 100 61,512.6 100.0 319 100 417 100 Source: Ethiopian Investment Commission. *Export of flowers, spices, cotton and cotton product, cly spots, wooden handicrafts, souvenirs and flower baskets, data center services

National Bank of Ethiopia Quarterly Bulletin 85 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 85 | Third Quarter 2023/24 In terms of regional distribution, Addis Ababa accounted for about 87 percent of the total projects and 99.2 percent of total investment capital while multiregional projects constituted 13 percent of the total projects and 0.8 percent of total investment capital. In terms of job creation, multiregional projects accounted for 64.6 and 54.7 percent of the total permanent and temporary employments respectively. Addis Ababa alone had 35.4 percent share in total permanent and 45.3 percent in temporary employment (Table 7.3). National Bank of Ethiopia Quarterly Bulletin 85 | Third Quarter 2023/24 In terms of regional distribution, Addis Ababa accounted for about 87 percent of the total projects and 99.2 percent of total investment capital while multiregional projects constituted 13 percent of the total projects and 0.8 percent of total investment capital. In terms of job creation, multiregional projects accounted for 64.6 and 54.7 percent of the total permanent and temporary employments respectively. Addis Ababa alone had 35.4 percent share in total permanent and 45.3 percent in temporary employment (Table 7.3).

National Bank of Ethiopia Quarterly Bulletin 86 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 86 | Third Quarter 2023/24
Table 7.3: Performance of Operational Investment Projects by Region
Region
2022/23 2023/24 Growth Rate
QIII QII QIII
C/A C/B A B C Share In (%)
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital.
Perm emp
Temp emp
No of Proj
Capital.
Perm emp
Temp emp
Addis
Ababa 4 89 67 107 6 785.7 46 11 20 61,032 113 189 87.0 99.2 35.4 45.3 400.0 68,706.9 68.7 76.6 233.3 7,667.6 145.7 1,618.2 Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multiregional 5 44 266 82 6 61.0 806 171 3 481 206 228 13.0 0.8 64.6 54.7 -40.0 996.3 -22.6 178.0 -50.0 688.5 -74.4 33.3 Grand Total 9 133 333 189 12 846.7 852 182 23 61,512.6 319 417 100 155.6 46,300.9 -4.2 120.6 91.7 7,164.9 -62.6 129.1 Source: Ethiopian Investment Commission

National Bank of Ethiopia Quarterly Bulletin 87 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 87 | Third Quarter 2023/24
VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS
8.1. Overview of the World Economy4
Global economic activity is set to recover but remain moderate in the third quarter of 2023/24. Indicators continue to point to improve global growth momentum in the third quarter, with the strongest signal coming from survey indicators. In March, the global (excluding the euro area) composite output Purchasing Managers’ Index (PMI) remained at a solid 52.6, reflecting robust manufacturing output, which was also at 52.6. In the United States, high frequency indicators point towards robust but decelerating economic activity in the third quarter. In China, the recovery in economy remains mixed as the property slowdown continues to weigh on growth. Industrial activity in China, at 7.0 percent year-on-year, exceeded expectations in January and February. In Unite Kingdom, indicators signal a shortterm rebound in the growth momentum of the United Kingdom. The recovery in GDP 4 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 6-7/2023. Bulletin Issue 3 / 2024 started in January (+0.2 percent month-onmonth) and was supported by services and construction, while manufacturing output continued to shrink.
8.2 Inflation Developments
Headline inflation across OECD economies held steady in February, while core inflation continued to ease, albeit modestly. In February, the annual headline consumer price index (CPI) inflation across OECD countries (excluding Türkiye) declined marginally to 3.1 percent, compared with
3.2 percent in the previous month.
Excluding food and energy prices, OECD core inflation continued to slow to 3.6 percent in February, down 0.2 percentage points from January, amid easing labour market pressures in advanced economies. In the United State, annual headline consumer price inflation, however, increased by 0.3 percentage points to 3.5 percent in March as energy prices rose, while core inflation remained stable at 3.8 percent. In China, headline inflation turned positive in February, to 0.7 percent year-on-year, inflationary pressures remain subdued, with

National Bank of Ethiopia Quarterly Bulletin 88 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 88 | Third Quarter 2023/24 producer price inflation remaining negative in February. In the Japan, headline inflation picked up in February to 2.8 percent, from 2.2 percent in the previous month, largely reflecting base effects linked to last year’s energy subsidies.
8.3. Commodity Price
Oil prices remain relatively stable, despite heightened geopolitical risk in the Middle East. Attacks by Houthi rebels on ships in the Red Sea have disrupted some oil trading. However, shipping through the Red Sea has been redirected around the Cape of Good Hope, limiting the upward pressure on oil prices due to higher shipping costs, which only constitute around 1-2 percent of the oil price. Oil prices have also remained largely unaffected by the supply cuts announced by OPEC+ in late November, which were in place for the third quarter of FY 2023/24. On the other hand, non-energy commodity prices have increased since the March Governing Council meeting. International food commodity prices were mainly driven by an unprecedented rally in cocoa prices triggered by severe supply shortages in West Africa, while grains prices increased more moderately, partly on the back of geopolitical uncertainty about supply from Russia and Ukraine. Meanwhile, metal prices increased due to supply disruptions in the copper and aluminium markets.
8.4. Exchange Rate Developments
In foreign exchange markets, the euro was broadly stable in trade-weighted terms. During the review period, the nominal effective exchange rate of the euro as measured against the currencies of 41 of the euro area’s most important trading partners was broadly stable (+0.3 percent). A small depreciation against the US dollar (-0.3 percent) was more than compensated for by an appreciation against other major currencies. The stability of the euro against the US dollar came following initial upward pressure on the US dollar due to market expectations of tighter-for-longer US monetary policy. In terms of bilateral exchange rate movements against other major currencies, the euro appreciated against the Swedish krona (by 2.1 percent),

National Bank of Ethiopia Quarterly Bulletin 89 | Third Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 89 | Third Quarter 2023/24 the Swiss franc (by 2.4 percent), as the Swiss National Bank decided to cut rates, and the Japanese yen (by 2.4 percent).
8.5. Impact of Global Economic Development on Ethiopian Economy
Global economic growth is moderating in the third quarter of the FY 2023/24, while, oil prices remain relatively stable and nonenergy commodity prices have increased since the March. Hence, the rise in price of non-energy commodities played its own role for positive performance of the country’s export sector. Meanwhile, the steady oil international price had a helpful impact on stable fuel import payments.

National Bank of Ethiopia Quarterly Bulletin 90 | Third Quarter 2023/24 STATISTICAL ANNEXES

National Bank of Ethiopia Quarterly Bulletin 91 | Third Quarter 2023/24 Table 1(a): Statement of Condition of National Bank of Ethipia: 2022/23 Qtr.I 64,408.6 32.7 726.0 55,744.7 7,905.1 416,991.5 197,491.5 219,500.0 0.0 44,822.7 0.0 163,805.3 July 65,152.1 1,039.7 748.2 55,325.5 8,038.7 397,427.1 197,927.1 199,500.0 0.0 44,822.7 0.0 164,150.2 August 65,676.2 32.7 744.3 57,046.3 7,852.9 396,991.5 197,491.5 199,500.0 0.0 44,822.7 0.0 163,597.1 September 64,408.6 32.7 726.0 55,744.7 7,905.1 416,991.5 197,491.5 219,500.0 0.0 44,822.7 0.0 163,805.3 Qtr.II 62,948.1 2.2 780.9 56,164.2 6,000.8 473,991.5 433,991.5 40,000.0 0.0 44,822.7 0.0 161,398.3 October 62,910.8 777.2 743.6 53,077.9 8,312.2 443,991.5 433,991.5 10,000.0 0.0 44,822.7 0.0 161,566.3 November 63,456.5 8.1 761.2 57,170.3 5,516.9 463,991.5 433,991.5 30,000.0 0.0 44,822.7 0.0 157,703.8 December 62,948.1 2.2 780.9 56,164.2 6,000.8 473,991.5 433,991.5 40,000.0 0.0 44,822.7 0.0 161,398.3 Qtr.III 48,984.7 43.7 789.9 44,826.2 3,325.0 513,991.5 433,991.5 80,000.0 0.0 44,822.7 0.0 173,214.8 January 65,641.5 25.3 787.3 58,213.2 6,615.8 493,991.5 433,991.5 60,000.0 0.0 44,822.7 0.0 163,231.0 February 63,155.7 38.8 777.6 56,328.4 6,010.8 503,991.5 433,991.5 70,000.0 0.0 44,822.7 0.0 168,808.3 March 48,984.7 43.7 789.9 44,826.2 3,325.0 513,991.5 433,991.5 80,000.0 0.0 44,822.7 0.0 173,214.8 Qtr.IV 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 0.0 44,822.7 0.0 162,596.3 April 49,221.1 572.9 797.7 43,841.0 4,009.6 533,991.5 433,991.5 100,000.0 0.0 44,822.7 0.0 165,718.0 May 57,379.3 166.5 785.6 53,130.9 3,296.4 543,991.5 433,991.5 110,000.0 0.0 44,822.7 0.0 169,602.8 June 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 0.0 44,822.7 0.0 162,596.3 2023/24 Qtr.I 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 July 37,921.9 143.6 804.9 32,776.2 4,197.1 573,120.4 433,120.4 140,000.0 0.0 44,822.7 0.0 161,970.1 August 30,839.0 144.1 796.1 26,499.1 3,399.7 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 161,723.9 September 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 Qtr.II 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 October 128,456.2 28.8 792.8 123,400.5 4,234.1 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 162,081.6 November 111,216.2 188.5 809.4 106,775.6 3,442.7 590,120.4 433,120.4 157,000.0 0.0 42,322.7 0.0 172,391.9 December 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 Qtr.III 85,624.2 696.9 817.6 80,548.8 3,560.9 630,120.4 433,120.4 197,000.0 0.0 41,322.7 0.0 174,991.4 January 102,573.3 272.0 813.5 97,192.0 4,295.8 610,120.4 433,120.4 177,000.0 0.0 42,322.7 0.0 169,627.2 February 90,430.1 694.6 817.4 85,381.8 3,536.3 620,120.4 433,120.4 187,000.0 0.0 41,322.7 0.0 168,253.1 March 85,624.2 696.9 817.6 80,548.8 3,560.9 630,120.4 433,120.4 197,000.0 0.0 41,322.7 0.0
174,991.4 Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance to DBE Others Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance

National Bank of Ethiopia Quarterly Bulletin 92 | Third Quarter 2023/24 Liabilities (In Millions of Birr) 2022/23 Qtr.I 690,028.13 207,614.79 215,401.88 48,571.29 166,830.59 219,918.06 12,569.76 207,348.30 4,389.91 42,703.50 July 671,552.14 206,426.87 203,094.01 39,751.92 163,342.10 216,349.04 12,843.22 203,505.82 4,389.91 41,292.31 August 671,087.54 200,685.59 206,636.08 29,922.58 176,713.50 219,176.85 12,794.66 206,382.19 4,389.91 40,199.11 September 690,028.13 207,614.79 215,401.88 48,571.29 166,830.59 219,918.06 12,569.76 207,348.30 4,389.91 42,703.50 Qtr.II 743,160.62 235,833.63 225,334.80 40,798.80 184,536.00 235,296.22 13,246.02 222,050.20 4,830.82 41,865.15 October 713,291.36 209,958.64 236,108.79 59,156.84 176,951.95 219,777.94 12,785.73 206,992.21 4,389.91 43,056.08 November 729,974.49 221,907.10 234,505.06 43,583.44 190,921.62 223,458.22 13,002.98 210,455.24 4,830.82 45,273.29 December 743,160.62 235,833.63 225,334.80 40,798.80 184,536.00 235,296.22 13,246.02 222,050.20 4,830.82 41,865.15 Qtr.III 781,013.84 258,331.60 234,682.34 44,121.49 190,560.85 234,984.60 13,356.48 221,628.12 4,830.82 48,184.47 January 767,686.77 247,929.23 231,275.46 45,869.39 185,406.07 239,029.99 13,324.58 225,705.41 4,830.82 44,621.27 February 780,778.33 253,774.35 230,632.32 62,006.82 168,625.50 244,281.94 13,205.92 231,076.02 4,830.82 47,258.91 March 781,013.84 258,331.60 234,682.34 44,121.49 190,560.85 234,984.60 13,356.48 221,628.12 4,830.82 48,184.47 QIV 827,564.90 254,316.05 266,847.22 42,691.56 224,155.66 247,577.45 13,419.79 234,157.66 4,830.82 53,993.35 April 793,753.42 269,451.04 230,650.83 50,711.81 179,939.03 239,472.44 13,452.70 226,019.74 4,830.82 49,348.29 May 815,796.33 259,711.46 250,742.68 52,806.30 197,936.38 245,944.85 13,304.26 232,640.59 4,830.82 54,566.52 June 827,564.90 254,316.05 266,847.22 42,691.56 224,155.66 247,577.45 13,419.79 234,157.66 4,830.82 53,993.35 2023/24 Qtr.I 819,023.79 245,315.14 257,074.12 59,099.09 197,975.03 253,530.32 13,378.99 240,151.33 4,830.82 58,273.39 July 817,835.15 250,442.05 264,324.54 53,124.06 211,200.48 242,398.22 13,542.40 228,855.82 4,830.82 55,839.52 August 817,506.04 241,058.04 265,771.05 51,034.83 214,736.22 249,093.67 13,433.34 235,660.33 4,830.82 56,752.47 September 819,023.79 245,315.14 257,074.12 59,099.09 197,975.03 253,530.32 13,378.99 240,151.33 4,830.82 58,273.39 Qtr.II 925,420.74 254,152.67 236,960.68 42,609.04 194,351.63 371,129.65 13,712.14 357,417.51 4,830.82 58,346.92 October 915,480.94 239,233.38 239,184.22 64,898.44 174,285.78 372,777.64 13,392.58 359,385.07 4,830.82 59,454.87 November 916,051.18 243,788.50 236,438.74 47,781.81 188,656.93 371,182.82 13,597.26 357,585.56 4,830.82 59,810.31 December 925,420.74 254,152.67 236,960.68 42,609.04 194,351.63 371,129.65 13,712.14 357,417.51 4,830.82 58,346.92 Qtr.III 932,058.77 269,026.5 236,683.48 43,991.2 192,692.30 361,012.7 13,698.07 347,314.6 4,830.82 60,505.3 January 924,643.62 267,007.4 234,236.09 50,315.6 183,920.50 362,947.2
13,648.37 349,298.8 4,830.82 55,622.1 February 920,126.35 268,747.9 228,329.07 46,372.8 181,956.30 361,331.8 13,695.91 347,635.8 4,830.82 56,886.8 March 932,058.77 269,026.5 236,683.48 43,991.2 192,692.30 361,012.7 13,698.07 347,314.6 4,830.82 60,505.3
Table 1(b): Statement of Condition of National Bank of Ethipia:
End of
Period
Total
Liab.=
Assets
Currency
(Notes

Coins)
Deposits Foreign Liabilities Capital
Account
Other
Liab. Total Gov't Banker Total Fund Credit Others

National Bank of Ethiopia Quarterly Bulletin 93 | Third Quarter 2023/24 Assets Loans & Adv. Invest- ment Commercial Banks (2+3) 1 2 3 4 5 (7+8+9) 6 7 8 9 10 2022/23 Qtr.I 208,829.96 39,088.31 169,741.65 75,823.93 193,191.52 1,554,554.05 998,971.36 519,483.20 36,099.49 477,130.08 July 203,201.42 36,173.21 167,028.22 62,201.03 189,596.83 1,502,214.33 958,443.25 513,542.53 30,228.55 452,786.10 August 210,301.01 34,669.75 175,631.26 65,216.21 192,382.02 1,519,582.08 974,906.60 513,402.72 31,272.76 529,796.83 September 208,829.96 39,088.31 169,741.65 75,823.93 193,191.52 1,554,554.05 998,971.36 519,483.20 36,099.49 477,130.08 Qtr.II 221,911.45 35,883.57 186,027.88 73,187.54 189,712.85 1,677,302.58 1,108,587.30 533,292.56 35,422.72 481,804.36 October 211,300.76 39,544.01 171,756.74 71,093.28 184,217.91 1,598,573.30 1,038,837.31 524,946.22 34,789.77 483,649.66 November 229,064.63 38,113.01 190,951.61 70,416.97 175,226.44 1,627,096.42 1,070,428.78 525,999.35 30,668.29 479,570.33 December 221,911.45 35,883.57 186,027.88 73,187.54 189,712.85 1,677,302.58 1,108,587.30 533,292.56 35,422.72 481,804.36 Qtr.III 237,841.30 43,042.95 194,798.35 63,462.10 183,196.85 1,748,913.94 1,167,755.70 545,454.29 35,703.95 509,569.64 January 228,297.46 42,098.32 186,199.13 71,608.37 192,953.22 1,685,183.52 1,119,382.03 532,337.20 33,464.28 507,779.32 February 216,253.01 42,855.09 173,397.93 60,412.07 192,573.69 1,717,093.10 1,136,959.50 545,863.19 34,270.41 510,295.74 March 237,841.30 43,042.95 194,798.35 63,462.10 183,196.85 1,748,913.94 1,167,755.70 545,454.29 35,703.95 509,569.64 Qtr.IV 266,011.19 44,173.50 221,837.69 74,213.20 204,362.06 1,827,480.83 1,195,992.24 593,345.62 38,142.97 494,029.53 April 226,142.25 43,996.61 182,145.64 73,563.60 184,917.63 1,749,261.72 1,172,304.33 544,242.54 32,714.85 511,983.72 May 236,964.48 44,361.31 192,603.18 71,212.61 187,729.05 1,750,804.61 1,178,641.31 538,618.59 33,544.71 531,036.89 June 266,011.19 44,173.50 221,837.69 74,213.20 204,362.06 1,827,480.83 1,195,992.24 593,345.62 38,142.97 494,029.53 2023/24 Qtr.I 246,478.67 46,585.62 199,893.04 55,343.21 228,852.68 1,887,071.48 1,268,551.04 574,926.64 43,593.80 560,394.09 July 257,216.04 46,450.68 210,765.36 69,241.44 216,308.44 1,859,345.02 1,236,222.68 578,584.95 44,537.39 518,550.15 August 257,925.93 42,671.17 215,254.76 59,143.14 222,578.10 1,875,537.41 1,253,955.01 578,646.99 42,935.41 557,458.71 September 246,478.67 46,585.62 199,893.04 55,343.21 228,852.68 1,887,071.48 1,268,551.04 574,926.64 43,593.80 560,394.09 Qtr.II 237,396.30 43,414.62 193,981.68 61,645.00 219,930.15 1,973,681.35 1,332,795.54 591,232.17 49,653.65 613,509.21 October 219,565.23 45,358.00 174,207.23 57,977.25 220,328.94 1,901,733.98 1,282,531.64 573,646.81 45,555.54 561,826.85 November 240,515.01 44,920.61 195,594.40 66,307.19 214,625.25 1,915,067.03 1,296,432.47 573,163.55 45,471.01 601,363.37 December 237,396.30 43,414.62 193,981.68 61,645.00 219,930.15 1,973,681.35 1,332,795.54 591,232.17 49,653.65
613,509.21 Qtr.III 243,388.17 51,435.52 191,952.65 70,404.56 235,027.72 2,033,122.95 1,388,345.85 591,320.74 53,456.36 645,839.49 January 235,881.76 48,536.83 187,344.93 57,976.22 225,330.36 1,989,429.44 1,348,135.84 591,605.20 49,688.40 631,286.62 February 235,268.79 49,364.08 185,904.71 57,438.27 228,946.94 2,010,705.45 1,366,904.75 591,558.17 52,242.54 640,226.88 March 243,388.17 51,435.52 191,952.65 70,404.56 235,027.72 2,033,122.95 1,388,345.85 591,320.74 53,456.36 645,839.49 Other Assets Reserves Total End of Period Foreign Assets Claims On Gov't Total
Table 2(a): Statement of Condition of Commercial Banks:
(In Millions of Birr)
Cash in
Hand
Deposits with
NBE
Claims on Non-Central Gov't

National Bank of Ethiopia Quarterly Bulletin 94 | Third Quarter 2023/24 Liabilities Total Demand Time Saving Total Capital Legal Reserve Others 1 (3+4+5) 2 3 4 5 6 7 (9+10+11) 8 9 10 11 12 2022/23 Qtr.I 2509609.6 1629988.4 427123.7 118190.3 1084674.4 110362.7 41086.3 244300.4 132259.8 34557.8 77,482.8 483871.9 July 2408949.9 1555553.0 413489.9 113173.1 1028889.9 98870.2 39931.9 236042.0 129825.4 34450.7 71,765.9 478552.8 August 2516843.7 1586649.1 413649.6 116003.3 1056996.3 110024.2 41790.9 240688.4 130564.0 34454.9 75,669.5 537691.1 September 2509609.6 1629988.4 427123.7 118190.3 1084674.4 110362.7 41086.3 244300.4 132259.8 34557.8 77,482.8 483871.9 Qtr.II 2644193.3 1745608.0 444210.1 125746.8 1175651.2 148937.7 40862.8 242852.9 139347.5 39262.0 64,243.4 465931.9 October 2549024.2 1659692.7 434118.5 119822.0 1105752.3 127673.6 40655.1 246159.0 131909.1 35473.3 78,776.6 474843.7 November 2581703.6 1683543.3 428546.6 120046.9 1134949.8 151582.6 40740.9 241313.6 134393.0 38788.9 68,131.7 464523.3 December 2644193.3 1745608.0 444210.1 125746.8 1175651.2 148937.7 40862.8 242852.9 139347.5 39262.0 64,243.4 465931.9 Qtr.III 2742922.1 1839212.3 468943.3 139043.6 1231225.4 138227.6 39043.8 262260.7 148684.9 39262.0 74,313.8 464177.7 January 2685814.7 1766334.0 443363.0 131695.1 1191275.9 147875.9 41389.3 250792.8 142250.6 39262.0 69,280.3 479422.7 February 2696811.6 1777099.0 441651.8 135482.9 1199964.4 145460.5 39232.9 256529.8 143870.8 39262.0 73,397.0 478489.4 March 2742922.1 1839212.3 468943.3 139043.6 1231225.4 138227.6 39043.8 262260.7 148684.9 39262.0 74,313.8 464177.7 Qtr.IV 2866975.1 1925617.9 494090.5 149218.6 1282308.8 151589.1 42887.7 261497.6 153210.8 43427.3 64,859.6 485382.7 April 2745368.4 1830998.5 455639.7 140289.2 1235069.7 144920.9 47626.5 267112.0 149466.5 39262.0 78,383.6 454710.4 May 2777677.2 1861478.2 469962.1 144921.0 1246595.1 134889.0 39717.0 251892.7 151752.1 43427.3 56,713.3 489700.3 June 2866975.1 1925617.9 494090.5 149218.6 1282308.8 151589.1 42887.7 261497.6 153210.8 43427.3 64,859.6 485382.7 2023/24 Qtr.I 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 July 2917508.8 1958115.3 487447.2 144297.2 1326370.9 147938.6 41996.3 280778.3 164018.9 45905.5 70853.8 488680.3 August 2969860.6 1983993.2 487276.9 146927.2 1349789.0 151344.2 42083.1 286867.0 166199.6 45931.1 74736.3 505573.0 September 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 Qtr.II 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 October 2957145.7 2019447.1 492067.6 149601.9 1377777.6 139003.1 42068.4 268344.6 168117.9 46096.3 54130.4 488282.6 November 3033222.6 2035534.2 501460.3 155071.2 1379002.7 155695.7 44742.9 267740.0 173336.1 54883.0 39520.8 529509.9 December 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 Qtr.III
3223433.8 2188479.5 571836.1 175345.3 1441298.1 153791.6 40190.7 297908.9 186952.1 56049.7 54907.0 543063.1 January 3134492.5 2111715.3 534389.2 169101.4 1408224.7 149756.8 41351.7 279810.0 182850.8 56049.7 40909.4 551858.8 February 3168530.5 2142991.9 551456.0 174561.7 1416974.2 146829.2 41321.6 289834.2 185864.3 56049.7 47920.2 547553.6 March 3223433.8 2188479.5 571836.1 175345.3 1441298.1 153791.6 40190.7 297908.9 186952.1 56049.7 54907.0 543063.1
Table 2(b): Statement of Condition of Commercial Banks:
(In Millions of Birr)
End of
Period
Total
(Liab.=
Assets)
Non-Central Gov't Deposits
Gov't
Depos.
Foreign
Liab.
Capital Account
Other
Liab.

National Bank of Ethiopia Quarterly Bulletin 95 | Third Quarter 2023/24 Assets 2022/23 Qtr.I 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 July 9,721.3 3,121.4 53,772.0 44,119.0 5,595.6 270.0 38,253.4 23,594.8 134,328.4 August 10,832.1 5,194.5 53,900.3 46,753.6 5,627.5 276.2 40,849.8 21,124.0 137,804.6 September 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 Qtr.II 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 October 12,303.7 3,594.1 54,152.8 51,714.1 8,079.1 286.9 43,348.1 15,709.5 137,474.2 November 18,452.3 5,150.4 54,281.1 52,132.1 7,994.1 290.3 43,847.6 15,018.0 145,033.9 December 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 Qtr.III 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 January 23,694.4 4,579.5 53,776.1 53,727.3 4,139.1 340.9 49,247.4 17,466.0 153,243.3 February 27,203.1 3,964.6 53,906.7 48,522.4 4,126.7 276.8 44,118.9 20,717.1 154,313.9 March 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 Qtr.IV 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 April 29,481.1 5,139.1 54,146.8 53,650.7 4,164.2 276.6 49,209.9 18,395.4 160,813.1 May 29,268.9 4,408.8 54,271.0 51,293.9 0.0 271.2 51,022.7 21,579.5 160,822.0 June 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 2023/24 Qtr.I 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 July 30,717.6 3,149.5 53,589.5 61,930.4 0.0 247.4 61,683.0 18,604.1 167,991.2 August 32,607.8 2,917.8 53,589.5 58,742.2 0.0 163.9 58,578.2 19,542.1 167,399.4 September 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 Qtr.III 33,430.8 3,031.8 53,985.4 82,653.4 0.0 153.9 82,499.4 11,767.5 184,868.8 January 36,347.0 1,977.8 53,634.7 75,197.8 0.0 159.9 75,037.8 11,162.3 178,319.6 February 36,026.1 3,929.7 53,809.1 75,084.0 0.0 159.3 74,924.7 11,342.4 180,191.4 March 33,430.8 3,031.8 53,985.4 82,653.4 0.0 153.9 82,499.4 11,767.5 184,868.8 Public Enterprise Cooperatives Private & Individuals
Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia:
(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
Assets
Total

National Bank of Ethiopia Quarterly Bulletin 96 | Third Quarter 2023/24 Total N.B.E Others 2022/23 Qrt.I 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 July 134,328.4 633.6 34.7 34,901.9 66,319.0 55,953.6 10,365.4 0.0 19,729.2 12,710.1 August 137,804.6 2,251.1 33.8 35,180.5 66,816.1 56,210.4 10,605.7 0.0 20,512.9 13,010.2 September 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 Qrt.II 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 October 137,474.2 1,061.6 47.0 35,134.9 67,182.1 56,345.4 10,836.7 0.0 20,938.8 13,109.8 November 145,033.9 930.9 40.5 35,414.8 71,095.6 56,301.2 14,794.4 0.0 22,779.5 14,772.6 December 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 Qrt.III 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 January 153,243.3 952.3 42.7 35,663.1 78,095.9 56,598.1 21,497.8 0.0 23,785.3 14,704.1 February 154,313.9 935.6 48.0 35,929.3 79,238.3 56,471.1 22,767.2 0.0 23,655.2 14,507.5 March 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 Qrt.IV 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 April 160,813.1 1,017.9 46.3 36,440.4 81,775.3 56,752.5 25,022.8 0.0 26,138.9 15,394.4 May 160,822.0 1,008.9 42.7 36,882.7 81,770.3 56,573.9 25,196.4 0.0 26,167.5 14,950.0 June 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 2023/24 Qrt.I 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 July 167,991.2 1,566.0 39.7 36,917.7 81,300.8 56,195.2 25,105.6 0.0 26,295.5 21,871.6 August 167,399.4 1,344.9 56.9 39,608.7 82,939.2 56,393.3 26,545.9 0.0 26,304.0 17,145.6 September 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 Qrt.II 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 October 169,963.1 2,468.3 54.9 37,896.7 83,958.8 56,966.4 26,992.4 0.0 27,914.4 17,670.1 November 166,734.8 1,679.3 52.0 38,105.6 81,149.1 53,965.8 27,183.3 0.0 27,949.2 17,799.7 December 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 Qrt.III 184,868.8 917.0 60.2 39,723.1 94,330.3 53,164.8 41,165.5 0.0 34,008.1 15,830.1 January 178,319.6 1,563.5 53.3 38,913.9 93,209.1 53,526.9 39,682.3 0.0 27,410.6 17,169.2 February 180,191.4 1,014.3 57.4 39,200.7 93,256.1 52,794.5 40,461.6 0.0 29,652.3 17,010.5 March 184,868.8 917.0 60.2 39,723.1 94,330.3 53,164.8 41,165.5 0.0 34,008.1 15,830.1 Foreign Advance & Loan Other Liability Items
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

National Bank of Ethiopia Quarterly Bulletin 97 | Third Quarter 2023/24 Table 4: Money Supply and its Determinants 1.0 2.0 (1+2) 3 4.0 (3+4) 5 (7+10) 6 (8+9) 7 8.0 9.0 10.0 (13+12) 11 12.0 13.0 14.0 2022/23 Qtr.I 168526.5 427123.7 595650.2 1202864.7 1798514.9 2014526.3 451249.1 368420.3 82828.8 1,563,277.3 2,099.4 -32638.2 34737.7 218110.9 July 170253.7 413489.9 583743.5 1142063.1 1725806.6 1965210.3 448401.8 357675.2 90726.7 1,516,808.5 -16,391.0 -38660.1 22269.1 223012.7 August 166015.8 413649.5 579665.4 1172999.6 1752665.0 1982558.8 449426.8 367069.0 82357.8 1,533,132.0 -12,080.3 -35505.6 23425.3 217813.6 September 168526.5 427123.7 595650.2 1202864.7 1798514.9 2014526.3 451249.1 368420.3 82828.8 1,563,277.3 2,099.4 -32638.2 34737.7 218110.9 Qtr.II 199950.1 444210.1 644160.1 1301398.0 1945558.1 2160670.5 473967.9 433192.7 40775.2 1,686,702.6 -313.5 -32638.2 32324.7 214798.9 October 170414.6 434118.5 604533.1 1225574.2 1830107.4 2049985.3 441379.0 384834.7 56544.3 1,608,606.2 -8,222.0 -38660.1 30438.1 211656.0 November 183794.1 428546.6 612340.7 1254996.7 1867337.4 2085302.8 444051.9 420408.1 23643.8 1,641,250.8 -5,829.5 -35505.6 29676.1 212135.9 December 199950.1 444210.1 644160.1 1301398.0 1945558.1 2160670.5 473967.9 433192.7 40775.2 1,686,702.6 -313.5 -32638.2 32324.7 214798.9 Qtr.III 215288.6 468943.3 684231.9 1370269.0 2054500.9 2272872.0 514839.3 469870.1 44969.3 1,758,032.7 -8,219.9 -32638.2 24418.3 210151.2 January 205830.9 443363.0 649193.9 1322971.0 1972164.9 2189741.5 493199.5 448122.2 45077.4 1,696,541.9 -8,441.1 -38660.1 30219.0 209135.5 February 210919.3 441651.8 652571.0 1335447.3 1988018.3 2216743.3 489097.9 441984.7 47113.2 1,727,645.4 -14,326.4 -35505.6 21179.2 214398.6 March 215288.6 468943.3 684231.9 1370269.0 2054500.9 2272872.0 514839.3 469870.1 44969.3 1,758,032.7 -8,219.9 -32638.2 24418.3 210151.2 Qtr.IV 210142.6 494090.5 704233.0 1431527.4 2135760.5 2408233.5 574072.9 521300.0 52772.9 1,834,160.6 -1,312.8 -32638.2 31325.5 271160.3 April 225454.4 455639.6 681094.1 1375358.8 2056452.9 2284646.0 523276.4 483279.7 39996.7 1,761,369.6 -12,723.0 -38660.1 25937.1 215470.1 May 215350.2 469962.0 685312.2 1391516.1 2076828.3 2306107.9 544025.3 491185.3 52840.1 1,762,082.6 -4,010.0 -35505.6 31495.6 225269.6 June 210142.6 494090.5 704233.0 1431527.4 2135760.5 2408233.5 574072.9 521300.0 52772.9 1,834,160.6 -1,312.8 -32638.2 31325.5 271160.3 2023/24 Qtr.I 198729.5 495622.8 694352.3 1513228.7 2207581.0 2496465.5 608165.1 521021.4 87143.8 1888300.4 -213430.1 -226429.8 12999.7 75454.5 July 203991.4 487447.2 691438.6 1470668.1 2162106.7 2447996.6 588366.2 519996.4 68369.9 1859630.3 -177231.2 -204476.3 27245.1 108658.7 August 198386.9 487276.9 685663.8 1496716.3 2182380.1 2477744.2 600319.5 529085.6 71233.9 1877424.7 -201194.6 -218254.7 17060.1 94169.5 September 198729.5 495622.8 694352.3 1513228.7 2207581.0 2496465.5 608165.1 521021.4 87143.8 1888300.4 -213430.1 -226429.8 12999.7 75454.5 Qtr.II 210738.0 535267.9 746005.9 1562699.1
2308705.0 2594360.8 628010.4 557511.4 70499.0 1966350.4 -238309.7 -257625.2 19315.5 47346.1 October 193875.4 492067.6 685943.0 1527379.5 2213322.5 2497549.0 596547.9 515222.0 81325.9 1901001.2 -228412.6 -244321.4 15908.9 55814.0 November 198867.9 501460.3 700328.2 1534073.8 2234402.0 2513186.9 601268.2 542338.6 58929.6 1911918.7 -238402.4 -259966.7 21564.3 40382.5 December 210738.0 535267.9 746005.9 1562699.1 2308705.0 2594360.8 628010.4 557511.4 70499.0 1966350.4 -238309.7 -257625.2 19315.5 47346.1 Qtr.III 217590.9 571836.1 789427.0 1616643.4 2406070.4 2688354.7 667365.4 586129.3 81236.1 2020989.3 -245174.7 -275388.5 30213.8 37109.6 January 218470.5 534389.2 752859.7 1577326.1 2330185.8 2617442.2 635378.5 559804.9 75573.6 1982063.8 -243749.4 -260373.9 16624.5 43507.0 February 219383.9 551456.0 770839.9 1591535.9 2362375.8 2655651.1 655865.5 573747.7 82117.8 1999785.6 -254785.0 -270901.7 16116.7 38490.3 March 217590.9 571836.1 789427.0 1616643.4 2406070.4 2688354.7 667365.4 586129.3 81236.1 2020989.3 -245174.7 -275388.5 30213.8 37109.6 (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 QuasiMoney Total Volume Total Credit Net Claims on Gov't Nat. Bank Comm. Banks Claims on Non-Cen Gov't Total Nat. Bank Comm. Banks Total

National Bank of Ethiopia Quarterly Bulletin 98 | Third Quarter 2023/24 2022/23 Qtr.I 177795.4 415591.3 593386.8 1241356.4 1834743.2 1939988.9 1682086.3 2021.7 July 180128.4 412249.4 592377.8 1166046.4 1758424.2 1912149.6 1939998.1 -15948.4 August 175478.7 406203.9 581682.6 1204670.6 1786353.2 1913169.3 1778433.2 -11657.5 September 177795.4 415591.3 593386.8 1241356.4 1834743.2 1939988.9 1682086.3 2021.7 Qtr.II 158900.3 437991.1 596891.4 1275370.0 1872261.5 2162831.2 1180691.8 -313.8 October 174334.2 415017.3 589351.4 1209641.8 1798993.2 1972085.8 1824159.5 -7909.5 November 179015.4 412690.4 591705.9 1229896.7 1821602.6 2060279.1 1396704.5 -5759.5 December 158900.3 437991.1 596891.4 1275370.0 1872261.5 2162831.2 1180691.8 -313.8 Qtr.III 171089.9 462378.1 633468.0 1342863.6 1976331.6 2275144.9 1230622.9 -8228.1 January 210565.0 423855.0 634420.0 1305772.4 1940192.4 2106531.3 1923878.6 -8120.3 February 205435.4 425310.7 630746.0 1308738.3 1939484.3 2190142.4 1470226.2 -14154.5 March 171089.9 462378.1 633468.0 1342863.6 1976331.6 2275144.9 1230622.9 -8228.1 QIV 244458.8 506017.8 750476.7 1431527.4 2182004.1 2442045.1 2545814.9 -162345.5 April 215534.4 472042.7 687577.1 1373983.5 2061560.6 2392024.4 1717335.3 -172037.0 May 222241.4 476541.5 698782.9 1391516.1 2090299.0 2315332.4 2206127.4 -157698.2 June 244458.8 506017.8 750476.7 1431527.4 2182004.1 2442045.1 2545814.9 -162345.5 2023/24 QI 209659.6 482241.0 691900.6 1561652.0 2253552.6 2404096.3 2031811.2 -205533.2 July 215822.9 485984.9 701807.7 1501552.1 2203359.8 2381900.7 2378467.2 -172446.0 August 209694.9 478505.9 688200.9 1537127.6 2225328.5 2391023.2 2177812.7 -194152.8 September 209659.6 482241.0 691900.6 1561652.0 2253552.6 2404096.3 2031811.2 -205533.2 QII 167473.5 527774.1 695247.6 1531445.1 2226692.7 2596955.1 1376445.3 -238548.0 October 198334.5 470416.6 668751.1 1507523.6 2176274.7 2402642.2 2155735.3 -219732.9 November 193697.3 482906.3 676603.6 1503392.4 2179996.0 2483028.7 1627042.8 -235541.6 December 167473.5 527774.1 695247.6 1531445.1 2226692.7 2596955.1 1376445.3 -238548.0 QIII 172919.5 563830.4 736749.9 1584310.5 2321060.4 2691043.0 1414692.5 -245419.9 January 223495.3 510876.1 734371.4 1556820.8 2291192.3 2517979.4 2247660.3 -234486.9 February 213679.9 531052.2 744732.0 1559705.2 2304437.2 2623783.3 1701817.6 -251727.5 March 172919.5 563830.4 736749.9 1584310.5 2321060.4 2691043.0 1414692.5 -245419.9 1/ Obtained by multiplying each original observation by appropriate index for the month Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net)
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
Quasi
Money
Total
Volume

National Bank of Ethiopia Quarterly Bulletin 99 | Third Quarter 2023/24 Gross Reserve NBE Total Gold Foreign Exc. Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6.00 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2022/23 Qtr.I 140232.5 64408.6 32.7 55744.7 7905.1 726.0 75823.9 261004.3 41,086.3 219918.1 -120771.8 -155509.5 34737.7 July 127353.1 65152.1 1039.7 55325.5 8038.7 748.2 62201.0 256281.0 39,931.9 216349.0 -128927.8 -151196.9 22269.1 August 130892.4 65676.2 32.7 57046.3 7852.9 744.3 65216.2 260967.7 41,790.9 219176.8 -130075.3 -153500.7 23425.3 September 140232.5 64408.6 32.7 55744.7 7905.1 726.0 75823.9 261004.3 41,086.3 219918.1 -120771.8 -155509.5 34737.7 Qtr.II 136135.6 62948.1 2.2 56164.2 6000.8 780.9 73187.5 276159.0 40,862.8 235296.2 -140023.4 -172348.2 32324.7 October 134004.1 62910.8 777.2 53077.9 8312.2 743.6 71093.3 260433.1 40,655.1 219777.9 -126429.0 -156867.2 30438.1 November 133873.4 63456.5 8.1 57170.3 5516.9 761.2 70417.0 264199.1 40,740.9 223458.2 -130325.6 -160001.8 29676.1 December 136135.6 62948.1 2.2 56164.2 6000.8 780.9 73187.5 276159.0 40,862.8 235296.2 -140023.4 -172348.2 32324.7 Qtr.III 112446.9 48984.7 43.7 44826.2 3325.0 789.9 63462.1 274028.4 39,043.8 234984.6 -161581.5 -185999.8 24418.3 January 137249.9 65641.5 25.3 58213.2 6615.8 787.3 71608.4 280419.3 41,389.3 239030.0 -143169.4 -173388.5 30219.0 Febraury 123567.8 63155.7 38.8 56328.4 6010.8 777.6 60412.1 283514.8 39,232.9 244281.9 -159947.0 -181126.2 21179.2 March 112446.9 48984.7 43.7 44826.2 3325.0 789.9 63462.1 274028.4 39,043.8 234984.6 -161581.5 -185999.8 24418.3 Qtr.IV 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 April 122784.8 49221.1 572.9 43841.0 4009.6 797.7 73563.6 287099.0 47,626.5 239472.4 -164314.2 -190251.3 25937.1 May 128591.9 57379.3 166.5 53130.9 3296.4 785.6 71212.6 285661.9 39,717.0 245944.9 -157070.0 -188565.5 31495.6 June 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 2023/24 Qtr.I 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 July 107163.3 37921.9 143.6 32776.2 4197.1 804.9 69241.4 284394.5 41996.3 242398.2 -177231.2 -204476.3 27245.1 August 89982.1 30839.0 144.1 26499.1 3399.7 796.1 59143.1 291176.7 42083.1 249093.7 -201194.6 -218254.7 17060.1 September 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 Qtr.II 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 October 186433.5 128456.2 28.8 123400.5 4234.1 792.8 57977.2 414846.0 42068.4 372777.6 -228412.6 -244321.4 15908.9 November 177523.3 111216.2 188.5 106775.6 3442.7 809.4 66307.2 415925.7 44742.9 371182.8 -238402.4 -259966.7 21564.3 December 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 Qtr.III
156028.7 85624.2 696.9 80548.8 3560.9 817.6 70404.6 401203.4 40190.7 361012.7 -245174.7 -275388.5 30213.8 January 160549.5 102573.3 272.0 97192.0 4295.8 813.5 57976.2 404298.9 41351.7 362947.2 -243749.4 -260373.9 16624.5 Febraury 147868.3 90430.1 694.6 85381.8 3536.3 817.4 57438.3 402653.3 41321.6 361331.7 -254785.0 -270901.7 16116.7 March 156028.7 85624.2 696.9 80548.8 3560.9 817.6 70404.6 401203.4 40190.7 361012.7 -245174.7 -275388.5 30213.8
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 Others

National Bank of Ethiopia Quarterly Bulletin 100 | Third Quarter 2023/24 2022/23 Qtr.I 2,173,460.3 610,183.1 416,991.5 193,191.5 1,563,277.3 1,043,794.1 519,483.2 July 2,103,832.4 587,023.9 397,427.1 189,596.8 1,516,808.5 1,003,266.0 513,542.5 August 2,122,505.6 589,373.6 396,991.5 192,382.0 1,533,132.0 1,019,729.3 513,402.7 September 2,173,460.3 610,183.1 416,991.5 193,191.5 1,563,277.3 1,043,794.1 519,483.2 Qtr.II 2,350,407.0 663,704.4 473,991.5 189,712.8 1,686,702.6 1,153,410.0 533,292.6 October 2,236,815.7 628,209.5 443,991.5 184,217.9 1,608,606.2 1,083,660.0 524,946.2 November 2,280,468.8 639,218.0 463,991.5 175,226.4 1,641,250.8 1,115,251.5 525,999.3 December 2,350,407.0 663,704.4 473,991.5 189,712.8 1,686,702.6 1,153,410.0 533,292.6 Qtr.III 2,455,221.1 697,188.4 513,991.5 183,196.8 1,758,032.7 1,212,578.4 545,454.3 January 2,383,486.7 686,944.8 493,991.5 192,953.2 1,696,541.9 1,164,204.7 532,337.2 Febraury 2,424,210.6 696,565.2 503,991.5 192,573.7 1,727,645.4 1,181,782.2 545,863.2 March 2,455,221.1 697,188.4 513,991.5 183,196.8 1,758,032.7 1,212,578.4 545,454.3 Qtr.IV 2,602,514.2 768,353.6 563,991.5 204,362.1 1,834,160.6 1,240,814.9 593,345.6 April 2,480,278.8 718,909.2 533,991.5 184,917.6 1,761,369.6 1,217,127.0 544,242.5 May 2,493,803.2 731,720.6 543,991.5 187,729.0 1,762,082.6 1,223,464.0 538,618.6 June 2,602,514.2 768,353.6 563,991.5 204,362.1 1,834,160.6 1,240,814.9 593,345.6 2023/24 QI 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 July 2,649,059.2 789,428.9 573,120.4 216,308.4 1,859,630.3 1,281,045.4 578,584.9 August 2,680,123.3 802,698.5 580,120.4 222,578.1 1,877,424.7 1,298,777.7 578,647.0 September 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 QII 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 October 2,701,450.5 800,449.4 580,120.4 220,328.9 1,901,001.2 1,327,354.3 573,646.8 November 2,716,664.4 804,745.7 590,120.4 214,625.3 1,911,918.7 1,338,755.2 573,163.6 December 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 QIII 2,886,137.5 865,148.2 630,120.4 235,027.7 2,020,989.3 1,429,668.6 591,320.7 January 2,817,514.6 835,450.8 610,120.4 225,330.4 1,982,063.8 1,390,458.6 591,605.2 February 2,848,853.0 849,067.4 620,120.4 228,946.9 1,999,785.6 1,408,227.5 591,558.2 March 2,886,137.5 865,148.2 630,120.4 235,027.7 2,020,989.3 1,429,668.6 591,320.7 Loans & Advances Investments
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

National Bank of Ethiopia Quarterly Bulletin 101 | Third Quarter 2023/24 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2022/23 Qtr.I 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 July 1694761.7 1556139.6 413489.9 1029476.6 113173.1 138622.1 39751.9 98870.2 August 1727178.4 1587231.6 413649.5 1057578.8 116003.3 139946.8 29922.6 110024.2 September 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 Qtr.II 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 October 1847045.7 1660215.3 434118.5 1106274.8 119822.0 186830.4 59156.8 127673.6 November 1880660.4 1685494.3 428546.6 1136900.8 120046.9 195166.1 43583.4 151582.6 December 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 Qtr.III 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 January 1962387.6 1768642.3 443363.0 1193584.3 131695.1 193745.2 45869.4 147875.9 Febraury 1985364.0 1777896.7 441651.8 1200762.0 135482.9 207467.3 62006.8 145460.5 March 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 Qtr.IV 2122285.8 1928005.2 494090.5 1284696.1 149218.6 194280.7 42691.6 151589.1 April 2029667.2 1834034.5 455639.6 1238105.7 140289.2 195632.8 50711.8 144920.9 May 2050611.6 1862916.3 469962.0 1248033.3 144921.0 187695.3 52806.3 134889.0 June 2122285.8 1928005.2 494090.5 1284696.1 149218.6 194280.7 42691.6 151589.1 2023/24 QI 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 July 2161864.2 1960801.6 487447.2 1329057.2 144297.2 201062.7 53124.1 147938.6 August 2192374.5 1989995.5 487276.9 1355791.3 146927.2 202379.1 51034.8 151344.2 September 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 QII 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 October 2226059.3 2022157.8 492067.6 1380488.3 149601.9 203901.5 64898.4 139003.1 November 2241373.8 2037896.3 501460.3 1381364.8 155071.2 203477.5 47781.8 155695.7 December 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 QIII 2389168.5 2191385.7 571836.1 1444204.4 175345.3 197782.8 43991.2 153791.6 January 2314783.8 2114711.4 534389.2 1411220.9 169101.4 200072.3 50315.6 149756.8 Febraury 2338922.8 2145720.9 551456.0 1419703.2 174561.7 193201.9 46372.8 146829.2 March 2389168.5 2191385.7 571836.1 1444204.4 175345.3 197782.8 43991.2 153791.6
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

National Bank of Ethiopia Quarterly Bulletin 102 | Third Quarter 2023/24 1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2022/23 Qtr.I 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 July 87044.9 201755.8 114710.8 62201.0 39931.9 39931.9 0.0 224,024.9 13.7 60.0 2211693.1 3.8 August 82750.5 209231.7 126481.2 65216.2 41790.9 41790.9 0.0 232,657.0 15.0 60.6 2309939.7 4.2 September 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 Qtr.II 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 October 94758.5 210168.0 115409.5 71093.3 40655.1 40655.1 0.0 240,606.1 13.8 60.9 2342477.7 3.7 November 89394.4 227924.7 138530.3 70417.0 40740.9 40740.9 0.0 257,600.9 15.5 60.6 2360083.7 3.8 December 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 Qtr.III 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 January 98909.9 226696.1 127786.2 71608.4 41389.3 41389.3 0.0 256,915.1 14.0 61.3 2466151.3 3.8 Febraury 95825.9 214744.4 118918.5 60412.1 39232.9 39232.9 0.0 235,923.6 13.3 60.7 2489143.3 3.9 March 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 Qtr.IV 99890.3 263875.8 163985.5 74213.2 42887.7 42887.7 0.0 295,201.2 15.8 61.2 -90194.4 -0.1 April 103979.7 223806.8 119827.1 73563.6 47626.5 47626.5 0.0 249,743.9 13.0 59.7 2530508.0 3.7 May 98947.8 234711.1 135763.3 71212.6 39717.0 39717.0 0.0 266,206.6 14.5 61.5 2551529.3 3.9 June 99890.3 263875.8 163985.5 74213.2 42887.7 42887.7 0.0 295,201.2 15.8 61.2 -90194.4 -0.1 2023/24 Qtr.I 107067.0 243639.3 136572.3 55343.2 42343.5 42343.5 0.0 256639.0 12.9 60.7 -73695.8 -0.1 July 107662.0 254829.4 147167.4 69241.4 41996.3 41996.3 0.0 282074.6 14.0 61.0 2662206.0 3.8 August 105437.0 255326.8 149889.8 59143.1 42083.1 42083.1 0.0 272386.9 13.9 60.7 2711670.4 3.9 September 107067.0 243639.3 136572.3 55343.2 42343.5 42343.5 0.0 256639.0 12.9 60.7 -73695.8 -0.1 Qtr.II 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 October 112510.7 218034.3 105523.6 57977.2 42068.4 42068.4 0.0 233943.2 11.1 61.1 2737383.0 3.8 November 108058.0 238924.6 130866.6 66307.2 44742.9 44742.9 0.0 260488.9 12.9 61.4 2792157.2 4.0 December 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 Qtr.III 114627.5 240196.5 125569.0 70404.6 40190.7 40190.7 0.0 270410.4 12.6 61.4 -56277.9 -0.1 January 117258.9 233259.4 116000.6 57976.2 41351.7 41351.7 0.0 249884.0 11.4 61.0 2897459.2 3.8 Febraury 113223.4 232453.5 119230.1 57438.3 41321.6 41321.6 0.0 248570.2 11.8 61.4 2930383.2 4.0 March 114627.5 240196.5 125569.0 70404.6 40190.7 40190.7 0.0 270410.4 12.6 61.4 -56277.9 -0.1 Note:
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.
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 Total Short Term Long Term

National Bank of Ethiopia Quarterly Bulletin 103 | Third Quarter 2023/24 2022/23 Qtr.I 207,706.7 206,402.2 372.4 1,637.8 6,075.6 15,406.7 64,926.0 117,983.8 1,304.5 0.8 41.4 99.4 73.3 126.3 963.2 July 206,519.1 205,223.7 372.5 1,654.0 6,128.0 15,490.1 65,783.2 115,795.9 1,295.4 0.8 41.4 99.4 73.3 126.2 954.3 August 200,777.8 199,477.5 372.4 1,637.4 6,041.4 14,687.1 63,681.5 113,057.7 1,300.3 0.8 41.4 99.4 73.3 126.3 959.1 September 207,706.7 206,402.2 372.4 1,637.8 6,075.6 15,406.7 64,926.0 117,983.8 1,304.5 0.8 41.4 99.4 73.3 126.3 963.2 Qtr.II 235,831.2 234,512.0 369.3 1,669.4 6,356.9 17,775.5 70,868.3 137,472.6 1,319.2 0.8 41.5 99.5 73.3 126.5 977.7 October 209,959.3 208,649.3 369.3 1,636.9 6,036.8 15,370.2 65,279.2 119,956.8 1,310.0 0.8 41.5 99.5 73.3 126.4 968.5 November 221,904.6 220,591.6 369.3 1,649.6 6,188.2 16,413.8 68,188.1 127,782.7 1,313.0 0.8 41.5 99.5 73.3 126.4 971.6 December 235,831.2 234,512.0 369.3 1,669.4 6,356.9 17,775.5 70,868.3 137,472.6 1,319.2 0.8 41.5 99.5 73.3 126.5 977.7 Qtr.III 258,421.6 257,085.3 372.1 1,729.6 6,376.1 19,216.4 68,774.5 160,616.6 1,336.3 0.8 41.4 99.4 73.2 126.5 994.9 January 247,929.9 246,606.9 369.3 1,693.9 6,311.9 18,755.9 69,672.4 149,803.6 1,323.0 0.8 41.5 99.5 73.3 126.5 981.5 February 253,771.1 252,440.5 368.5 1,702.0 6,362.1 19,087.9 69,223.5 155,696.5 1,330.6 0.8 41.5 99.5 73.3 126.5 989.1 March 258,421.6 257,085.3 372.1 1,729.6 6,376.1 19,216.4 68,774.5 160,616.6 1,336.3 0.8 41.4 99.4 73.2 126.5 994.9 Qtr.IV 254,405.6 253,061.4 371.9 1,716.0 6,020.3 17,686.4 67,838.2 159,428.7 1,344.2 0.8 41.5 99.5 73.2 126.5 1,002.7 April 269,541.1 268,201.5 371.9 1,730.2 6,387.2 19,762.0 71,086.3 168,863.8 1,339.6 0.8 41.5 99.5 73.2 126.5 998.1 May 259,801.5 258,458.5 371.9 1,703.6 6,124.1 18,340.0 68,595.3 163,323.5 1,343.0 0.8 41.5 99.5 73.2 126.5 1,001.5 June 254,405.6 253,061.4 371.9 1,716.0 6,020.3 17,686.4 67,838.2 159,428.7 1,344.2 0.8 41.5 99.5 73.2 126.5 1,002.7 2023/24 Qtr.I 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 July 250,531.6 249,185.1 371.8 1,718.0 5,947.8 17,347.9 67,093.6 156,706.1 1,346.5 0.8 41.5 99.5 73.3 126.5 1,004.9 August 241,147.5 239,798.7 371.8 1,714.7 5,808.6 16,385.3 64,479.5 151,038.8 1,348.8 0.8 41.5 99.6 73.3 126.5 1,007.1 September 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 Qtr.II 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 October 239,233.4 237,882.0 368.7 1,701.9 5,732.4 15,276.5 63,438.8 151,363.8 1,351.4 0.8 41.5 99.6 73.2 126.5 1,009.7 November 243,788.5 242,434.1 368.6 1,702.4 5,780.6 15,796.1 65,665.8 153,120.6 1,354.4 0.8 41.5 99.5 73.2 126.5 1,012.8 December 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 Qtr.III 269,026.4 267,662.6 368.7 1,751.6 5,822.3 16,491.0 74,401.9 168,827.0 1,363.8 0.8 41.5
99.6 73.2 126.4 1,022.2 January 267,007.3 265,648.6 368.9 1,714.6 5,834.9 17,237.4 74,213.4 166,279.5 1,358.7 0.8 41.5 99.5 73.2 126.4 1,017.3 February 268,747.9 267,385.3 368.8 1,731.5 5,827.4 16,988.7 74,124.5 168,344.4 1,362.6 0.8 41.5 99.6 73.2 126.4 1,021.1 March 269,026.4 267,662.6 368.7 1,751.6 5,822.3 16,491.0 74,401.9 168,827.0 1,363.8 0.8 41.5 99.6 73.2 126.4 1,022.2 Total Value (Coins) 1 5 10
Table 10: Circulating Notes and Coins by Denomination
End of
Period
Value of
Notes &
Coins
Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 25 50 100(coin) 100 200

National Bank of Ethiopia Quarterly Bulletin 104 | Third Quarter 2023/24 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 Import trade (agricultural inputs) 5 6 7 14.0-15 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 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
10 10
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 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 01/12/2010 to 10-Oct-2017 11/10/2017 to todate Sep.16,1996- Dec. 31,1997 Jan. 1,1998- Mar. 3, 2002 Mar. 4,2002- 01/08/2002 Aug. 2002 to 07/02/2005 08/02/2005 04/07/2007 04/07/2007 30/11/2010 June 1, 1996- Sep. 15, 1996 NBE Lending to:
CBEs/ Discount Rate/ 10.5
Deposit rates
Through
September 30,
1992
Oct. 1, 1992-
Aug 31, 1994 Sept.1,1994- Jan. 1, 1995
2.Savings deposits Differed by ownership and maturity Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private
Table 11: Interest Rate Structures
A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994

National Bank of Ethiopia Quarterly Bulletin 105 | Third Quarter 2023/24 Table 12: Government Internal Debt by Holder Non- interest bearing Interest bearing Comm. Banks Total Gov't Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2022/23 Qtr.I 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 July 718855.3 397427.1 199500.0 5662.2 192264.9 189596.8 26580.0 163,016.9 131,831.4 18.1 131813.3 August 728670.0 396991.5 199500.0 5226.6 192264.9 192382.0 26607.4 165,774.6 139,296.4 18.1 139278.3 Sebtember 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 Qtr.II 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 October 773897.9 443991.5 10000.0 5226.6 428764.9 184217.9 27487.3 156,730.7 145,688.4 18.1 145670.3 November 789349.4 463991.5 30000.0 5226.6 428764.9 175226.4 29062.5 146,164.0 150,131.4 18.1 150113.3 December 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 Qtr.III 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1 January 834923.0 493991.5 60000.0 5226.6 428764.9 177440.5 34142.3 143,298.2 163,491.0 18.1 163472.9 February 849089.7 503991.5 70000.0 5226.6 428764.9 172547.5 24470.1 148,077.4 172,550.7 18.1 172532.6 March 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1 Qtr.IV 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140,662.3 194,269.6 18.1 194251.5 April 870422.3 533991.5 100000.0 5226.6 428764.9 154903.2 24674.2 130,229.0 181,527.6 18.1 181509.5 May 886361.1 543991.5 110000.0 5226.6 428764.9 153130.0 24345.6 128,784.4 189,239.6 18.1 189221.5 June 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140,662.3 194,269.6 18.1 194251.5 2023/24 Qtr.I 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 July 947938.0 573120.4 140000.0 4355.5 428764.9 172068.8 22298.3 149770.5 202748.8 18.1 202730.7 August 969878.6 580120.4 147000.0 4355.5 428764.9 174717.4 22301.3 152416.1 215040.8 18.1 215022.7 Sebtember 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 Qtr.II 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1 October 967153.3 580120.4 147000.0 4355.5 428764.9 163673.7 22307.1 141366.6 223359.2 18.1 223341.1 November 972068.4 590120.4 157000.0 4355.5 428764.9 153262.8 22309.9 130952.8 228685.2 18.1 228667.1 December 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1 Qtr.III 1,041,337.0 630,120.4 197,000.0 4,355.5 428,764.9 154,090.8 24,305.3 129,785.5 257,125.8 18.1 257,107.7 January 1,014,670.6 610,120.4 177,000.0 4,355.5 428,764.9 153,795.8 23,939.1 129,856.7 250,754.3 18.1 250,736.2 Febraury 1,028,984.7 620,120.4 187,000.0 4,355.5 428,764.9
152,239.9 23,944.1 128,295.8 256,624.3 18.1 256,606.2 March 1,041,337.0 630,120.4 197,000.0 4,355.5 428,764.9 154,090.8 24,305.3 129,785.5 257,125.8 18.1 257,107.7

Since December 2019, Gov't Treasury bills to others includes Both Treasury bills and Notes
(In Millions of Birr)
End of
Period
Total
Gov't
Indebtedness
National Bank of Ethiopia
Commercial Banks Others
NBE
Total
Direct
Advance
Gov't Bonds

National Bank of Ethiopia Quarterly Bulletin 106 | Third Quarter 2023/24 Table 13: General Government Quarterly Revenue (In million Birr) Ethiopian fiscal year Fiscal year ending July 7 Budget Revised Budget Revised 3Mon(QI) Revised 6 Month Revised (QII) 9Month (QIII) 12Month (QIV) Budget 3mon(QI) 6months (QII) 9Months (QIII) Tax revenue 593,695.1 614,207.3 127,517.5 296,377.7 168,860.2 429,935.5 133,557.8 593,232.1 163,296.6 774,416.4 147,537.4 366,512.3 218,974.9 532,987.3 166,475.0 Direct taxes 257,572.6 267,470.3 57,170.1 144,020.0 86,849.9 189,835.1 45,815.1 263,958.6 74,123.5 353,003.3 59,366.8 180,833.8 121,467.0 250,301.5 69,467.7 Income and profits tax 248,870.9 258,230.6 55,712.6 141,335.5 85,623.0 186,269.6 44,934.0 254,984.3 68,714.7 337,876.4 57,544.0 176,634.8 119,090.8 244,688.8 68,054.1 Personal income 98,435.1 102,025.3 24,245.2 49,947.1 25,701.9 71,944.6 21,997.6 108,234.1 36,289.5 130,979.5 27,295.2 61,527.6 34,232.4 101,172.9 39,645.3 Rental income tax 5,862.2 7,522.6 2,015.3 4,983.8 2,968.5 5,746.5 762.7 6,502.5 755.9 10,002.8 2,394.5 5,927.4 3,532.9 7,605.3 1,677.9 Business profits 118,775.9 121,930.8 26,154.3 79,650.6 53,496.3 96,972.4 17,321.8 123,422.3 26,449.9 157,691.6 24,458.0 99,083.6 74,625.6 120,912.0 21,828.4 Withholding income tax on imports 8,482.5 8,517.5 423.4 1,126.1 702.7 2,028.9 902.8 1,517.0 (511.9) 10,527.6 199.2 1,785.5 1,586.3 2,105.4 319.9 Agriculture income 562.7 867.9 34.0 187.3 153.4 441.5 254.2 563.1 121.5 1,283.4 29.1 418.3 389.1 786.8 368.6 Other income 12,246.1 12,585.7 1,880.3 3,312.9 1,432.6 5,554.7 2,241.8 9,647.4 4,092.8 21,363.2 2,814.2 4,927.1 2,112.9 7,951.5 3,024.4 Interest income tax 4,077.4 4,138.0 864.8 1,894.9 1,030.1 3,196.5 1,301.5 4,510.5 1,314.1 4,887.2 111.4 2,610.5 2,499.1 3,614.0 1,003.5 Capital gains tax 428.9 642.6 95.3 232.8 137.5 384.4 151.6 587.4 203.0 1,141.3 242.4 354.7 112.4 540.9 186.1 Rural land use fee 385.1 921.4 48.3 208.9 160.6 398.5 189.6 511.6 113.1 516.5 12.0 443.0 431.1 697.5 254.4 Urban land lease fee 8,316.6 8,318.3 1,409.2 2,475.5 1,066.3 3,167.0 691.5 8,462.7 5,295.7 14,610.3 1,810.8 3,756.0 1,945.2 4,915.2 1,159.2 Domestic indirect taxes 164,017.6 174,632.1 30,425.3 69,203.0 38,777.7 113,711.9 44,508.9 160,720.8 47,008.9 233,824.4 41,590.8 95,600.5 54,009.7 154,255.2 58,654.6 Sales/TOT/excise taxes 82,997.1 92,062.8 12,926.7 26,189.5 13,262.8 49,783.1 23,593.6 65,316.5 15,533.5 120,444.9 18,189.2 41,748.9 23,559.7 71,895.6 30,146.7 Petroleum products 1,248.9 1,289.9 94.8 461.2 366.3 996.5 535.4 1,858.8 862.3 1,415.7 654.1 1,299.3 645.2 2,166.0 866.7 Alcohol and tobacco 5,743.5 5,749.7 1,192.3 2,631.9 1,439.7 4,564.6 1,932.7 8,051.3 3,486.6 6,441.9 1,826.7 6,672.9 4,846.2 5,637.6 (1,035.3) Other goods 76,004.7 85,023.3 11,639.6 23,096.4 11,456.8 44,221.9 21,125.5 55,406.5 11,184.6 112,587.4 15,708.4 33,776.7 18,068.3 64,092.0 30,315.3 Services TOT/ sales tax 75,546.7 76,347.0 15,638.8 39,071.3 23,432.5 58,156.4 19,085.2 87,374.6 29,218.2 100,522.8 21,398.2
49,678.5 28,280.3 75,855.1 26,176.6 Stamp duties 5,473.7 6,222.2 1,859.8 3,942.2 2,082.4 5,772.4 1,830.2 8,029.7 2,257.3 12,856.8 2,003.4 4,173.1 2,169.8 6,504.4 2,331.3 Import duties and taxes 172,104.9 172,104.9 39,922.1 83,154.7 43,232.6 126,388.5 43,233.7 168,552.6 42,164.1 187,576.4 46,574.3 90,063.0 43,488.7 128,410.6 38,347.6 Custom duties 62,238.8 62,238.8 14,889.1 31,782.2 16,893.2 48,818.8 17,036.6 64,255.5 15,436.7 67,838.3 21,593.9 42,096.2 20,502.3 60,445.9 18,349.7 Sales/excise taxes 79,454.3 79,454.3 20,024.1 41,025.4 21,001.3 61,131.6 20,106.2 79,698.7 18,567.1 86,590.2 20,033.7 38,771.8 18,738.1 55,054.0 16,282.2 Petroleum products 4,237.9 4,237.9 1,378.5 2,622.1 1,243.6 3,150.4 528.3 3,852.4 702.0 4,619.1 672.9 2,003.8 1,330.9 2,570.3 566.5 Alcohol and tobacco 786.5 786.5 197.5 377.3 179.8 455.4 78.1 622.4 167.0 857.2 91.8 209.0 117.2 312.8 103.8 Other imports 74,429.9 74,429.9 18,448.1 38,026.0 19,577.9 57,525.9 19,499.8 75,223.9 17,698.1 81,113.8 19,269.0 36,559.0 17,290.0 52,170.9 15,611.9 Surtax on imports 30,411.9 30,411.9 5,009.0 10,347.2 5,338.2 16,438.1 6,090.9 24,598.4 8,160.4 33,147.9 4,946.7 9,195.0 4,248.3 12,910.7 3,715.7 Export taxes 12.4 5.5 15.0 9.5 20.1 5.1 Coffee duties Coffee surtax Other Transaction tax Non-tax revenue 99,321.0 98,582.9 15,851.5 33,161.5 17,310.1 48,115.2 14,953.6 92,227.1 44,111.9 157,622.1 15,835.3 44,986.5 29,151.2 80,657.2 35,670.7 Charges and fees 7,027.9 7,334.3 1,254.6 2,600.3 1,345.7 3,911.9 1,311.6 7,148.0 3,236.1 6,945.1 2,357.8 5,938.1 3,580.3 9,767.9 3,829.8 Sales of goods & services 11,691.6 14,844.3 2,142.0 4,987.2 2,845.1 7,890.0 2,902.8 12,844.5 4,954.4 12,951.1 2,126.3 5,829.2 3,703.0 10,328.0 4,498.7 Residual surplus, capital charge, interest payments and state dividend 23,508.3 23,436.4 1,975.2 3,160.7 1,185.4 3,465.0 304.3 16,679.0 13,214.1 23,474.4 141.0 847.1 706.1 6,094.9 5,247.8 Reimbursement & property sales 1,908.8 2,047.3 272.4 680.3 407.9 940.6 260.3 1,477.5 536.9 2,059.1 319.8 623.7 304.0 1,288.6 664.8 Miscellaneous 34,506.2 26,765.9 3,797.2 7,888.9 4,091.8 11,218.6 3,329.7 20,236.9 9,018.3 38,864.9 3,493.4 8,616.9 5,123.4 12,970.4 4,353.5 Other extraordinary 0.0 - - - - - - - - - Privatization proceeds 0.0 - - - - - - - - - Other revenue 20,678.3 24,154.7 6,410.0 13,844.1 7,434.1 20,689.1 6,845.0 33,841.2 13,152.1 73,327.4 7,397.0 23,131.4 15,734.4 40,207.5 17,076.1 Total revenue 693,016.1 712,790.2 143,369.0 329,539.2 186,170.3 478,050.7 148,511.4 685,459.1 207,408.4 932,038.5 163,372.6 411,498.8 248,126.2 613,644.5 202,145.7 External grants 38,924.0 38,924.0 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 32,127.6 10,242.3 41,119.6 0.0 14,951.2 14,951.2 24,339.2 9,388.0 Grants in kind/earmarked 31,264.7 31,264.7 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 29,701.5 7,816.2 34,770.2 - 14,951.20 14,951.20 24,339.2 9,388.0 Untied cash & CPF/grants 7,659.3 7,659.3 0.0 2,426.1 2,426.1 6,349.4 - - - - - Total revenue and grants 731,940.1 751,714.2 149,934.6 342,983.1
193,048.5 499,936.0 156,952.9 717,586.7 217,650.7 973,158.2 163,372.6 426,450.0 263,077.4 637,983.7 211,533.7 Source: Ministry of Finance, National Bank of Ethiopia Pre-Actual Pre actual 2022/23 2023/24 2015 2016

National Bank of Ethiopia Quarterly Bulletin 107 | Third Quarter 2023/24 Table 14: General Government Quarterly Expenditure (In million Birr) Ethiopian fiscal year Fiscal year ending July 7 Revised 6 Month Revised (QII) 9Month (QIII) 12Month QIV Budget 3months(QI) 6months (QII) 9months (QIII) A. Capital Expenditure Economic development 77,313.0 50,344.3 127,087.1 49,774.1 216,131.9 89,044.8 278,620.0 38,900.2 109,447.4 70,547.1 179,416.7 69,969.3 Agriculture 10,332.0 5,839.1 18,455.4 8,123.4 27,566.4 9,111.0 39,102.5 7,545.9 16,297.4 8,751.5 27,147.8 10,850.4 Natural Resource 15,726.3 11,690.2 28,516.2 12,789.9 47,356.3 18,840.1 56,359.6 5,311.6 26,458.2 21,146.6 38,435.8 11,977.7 o/w: Water 15,274.1 12,366.1 27,032.9 11,758.7 46,424.6 19,391.7 50,304.1 5,052.8 24,122.0 19,069.1 38,114.0 13,992.0 Mines & Energy 1,036.6 1,034.0 1,531.6 495.0 1,669.9 138.3 2,696.7 289.8 610.3 320.6 1,079.1 468.7 Trade, Industry & Tourism 688.8 434.4 1,617.0 928.2 8,975.4 7,358.4 8,145.4 381.9 3,497.2 3,115.3 6,294.2 2,797.0 Urban dev't & housing 19,357.0 12,126.6 26,901.7 7,544.7 44,390.0 17,488.2 20,477.3 12,832.2 30,003.4 17,171.2 49,267.0 19,263.6 Road construction 29,525.5 18,745.5 48,840.9 19,315.5 78,597.6 29,756.6 93,888.9 11,196.0 30,115.6 18,919.5 52,824.3 22,708.7 Transport & communication 646.8 474.7 1,224.2 577.4 7,576.4 6,352.2 57,949.7 1,342.8 2,465.3 1,122.5 4,368.6 1,903.2 Social Development 29,001.7 20,966.5 44,311.2 15,309.6 74,773.2 30,462.0 83,897.2 11,416.8 32,479.6 21,062.8 57,773.9 25,294.3 Education 19,754.9 15,108.2 29,403.8 9,648.9 50,860.6 21,456.8 40,736.7 6,541.8 20,188.2 13,646.4 35,655.2 15,467.0 Health 7,810.5 4,982.7 12,435.4 4,624.9 19,094.2 6,658.8 32,604.6 4,025.2 9,369.3 5,344.1 17,441.7 8,072.4 Socail welfare 730.3 360.3 1,144.4 414.1 2,444.6 1,300.3 3,426.8 450.4 1,821.9 1,371.5 2,881.0 1,059.1 Culture & sport 705.9 515.3 1,327.6 621.7 2,373.7 1,046.1 7,129.2 399.5 1,100.3 700.8 1,796.0 695.7 General Development 17,078.8 11,795.5 30,205.0 13,126.1 65,011.8 34,806.8 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 Compensation payments 0.0 - - External assistance 13,443.8 6,878.2 21,885.3 8,441.5 29,701.5 7,816.2 34,770.2 7,301.7 14,951.2 7,649.4 24,339.2 9,388.0 Sub Total Capital Expenditure 123,393.5 83,106.3 201,603.4 78,209.8 355,917.0 154,313.6 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 B. Current Expenditure General Services 95,686.5 52,457.6 145,612.0 49,925.5 215,850.3 70,238.3 179,175.4 44,467.7 100,130.8 55,663.2 150,256.6 50,125.8 Organ of the State 10,948.7 5,901.3 16,252.2 5,303.5 27,366.7 11,114.5 23,202.5 5,718.8 13,587.8 7,869.0 21,355.5 7,767.7 Justice 6,447.8 3,128.3 10,131.3 3,683.4 14,411.4 4,280.2 16,052.2 1,829.7 6,506.0 4,676.3 11,712.0 5,206.0 Defence 39,541.6 22,214.9 59,448.1 19,906.5 82,824.7 23,376.5 50,000.0 17,355.0 35,572.2 18,217.3 51,191.9 15,619.6 Public order & security 21,358.8 12,944.2 33,364.5 12,005.6 50,390.2 17,025.7 48,320.3 9,397.6 22,630.5 13,232.9 33,738.2
11,107.7 Other General services 17,389.5 8,268.9 26,415.9 9,026.4 40,857.3 14,441.4 41,600.4 10,166.6 21,834.3 11,667.7 32,259.1 10,424.7 Economic Services 25,763.0 13,325.4 39,124.1 13,361.1 55,863.0 16,738.9 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 Agriculture&natural resource 15,156.5 8,286.3 22,926.9 7,770.4 32,714.1 9,787.2 48,546.9 6,768.8 20,468.6 13,699.8 31,247.7 10,779.1 Agriculture 12,239.5 6,504.2 18,429.4 6,189.9 25,819.4 7,389.9 39,776.9 5,496.5 16,944.4 11,447.9 25,936.6 8,992.2 Natural resource 2,917.0 1,782.0 4,497.5 1,580.5 6,894.7 2,397.2 8,769.9 1,272.2 3,524.1 2,251.9 5,311.1 1,786.9 o/w: Water 2,882.6 1,859.6 4,466.1 1,583.5 6,876.2 2,410.0 7,146.2 1,116.2 2,690.8 1,574.6 5,483.2 2,792.4 Trade, Industry & Tourism 5,550.6 2,595.7 8,655.5 3,104.9 12,366.0 3,710.5 12,927.7 2,719.3 6,705.5 3,986.3 10,355.7 3,650.1 Mines & Energy 139.9 75.6 240.8 100.9 330.2 89.4 361.3 46.6 168.7 122.1 297.0 128.2 Tourism 187.8 111.7 288.6 100.8 485.9 197.3 618.8 11.7 185.8 174.1 334.2 148.3 Transport & communication 1,419.1 562.1 2,069.5 650.4 3,286.7 1,217.2 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 Urban devt. & construction 2,615.2 1,372.5 3,889.4 1,274.3 5,330.4 1,441.0 14,829.4 1,172.4 3,185.6 2,013.2 3,444.6 259.0 o/w: Road Construction 1,209.9 652.6 1,771.8 561.9 2,123.7 351.9 4,138.0 533.4 1,689.7 1,156.3 1,947.7 258.0 Economic development studies 693.9 321.5 1,053.3 359.5 1,349.6 296.3 1,294.8 322.4 682.6 360.2 924.4 241.7 Social Services 101,248.0 47,260.1 150,895.5 49,647.5 217,279.4 66,383.9 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 Education & training 65,774.1 31,029.4 99,736.0 33,962.0 142,805.6 43,069.6 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 Culture & sports 2,495.8 1,354.9 3,753.5 1,257.7 5,528.1 1,774.5 5,455.3 1,500.3 2,890.6 1,390.2 4,499.4 1,608.8 Public health 23,442.5 11,580.8 35,913.2 12,470.8 53,144.4 17,231.2 67,567.0 10,224.8 23,236.9 13,012.2 43,176.1 19,939.1 Labour & social welfare 1,339.3 604.7 2,306.9 967.6 3,804.1 1,497.2 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 Rehabilitation 8,196.3 2,690.4 9,185.8 989.5 11,997.2 2,811.5 9,562.3 2,588.6 5,415.6 2,826.9 8,131.8 2,716.2 Interest & Charges 29,064.7 18,063.0 39,454.4 10,389.7 54,544.0 15,089.6 105,470.0 12,032.3 29,269.4 17,237.1 53,551.6 24,282.2 Internal debt 21,347.7 13,467.5 30,195.7 8,847.9 41,556.6 11,361.0 88,458.0 10,892.7 25,230.6 14,337.9 42,853.9 17,623.3 External debt 7,717.0 4,595.5 9,258.7 1,541.7 12,987.4 3,728.7 17,012.0 1,139.6 4,038.8 2,899.2 10,697.8 6,659.0 O/w: defence commercial Miscellaneous 28,190.3 19,730.6 33,140.1 4,949.8 39,317.9 6,177.8 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 External assistance * 0.0 - Sub Total Current Expenditure 279,952.5 150,836.7 408,226.1 128,273.6 582,854.6 174,628.5 706,927.8 114,927.2 279,761.3 164,834.1 451,394.1 171,632.8 Grand Total Expenditure 403,346.0 233,943.1 609,829.4 206,483.4 938,771.6 328,942.2 1,200,475.3 174,086.9 452,097.1 278,010.2
744,140.6 292,043.5 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value 2016 2023/24 Pre-actual Pre-Actual 2022/23 2015

National Bank of Ethiopia Quarterly Bulletin 108 | Third Quarter 2023/24 MGR Jet fuel Gasoil LFO HFO Total fuel oil Qtr.I 120,069.7 205,741.8 570,182.1 6,646.3 4,500.0 979,262.1 83,268.5 Qtr.II 122,357.9 221,894.3 600,552.3 9,751.8 9,596.8 1,028,073.0 83,268.5 Qtr.III 135,787.6 208,436.3 690,546.5 5,987.2 9,894.9 1,118,039.0 83,268.5 Qtr.IV 128,524.0 183,926.2 635,440.9 8,695.8 11,076.0 1,031,159.5 83,268.5 Qtr.I 159,613.1 210,503.5 616,810.6 8,886.7 14,477.8 1,070,195.8 83,268.5 Qtr.II 133,745.9 212,529.5 648,408.0 10,582.6 8,425.3 1,077,952.0 83,268.5 Qtr.III 141,900.1 133,970.7 659,674.5 9,393.6 10,290.6 1,018,813.7 83,268.5 Qtr.IV 142,182.9 84,127.5 643,282.9 8,690.9 9,700.0 952,861.8 83,268.5 Qtr.I 145,183.0 99,180.5 613,828.1 8,195.6 12,300.0 941,460.1 83,268.5 Qtr.II 176,894.5 107,969.3 630,617.5 6,914.5 15,500.0 998,749.8 83,268.5 Qtr.III 154,240.3 129,945.4 654,442.0 7,750.0 13,602.4 1,021,896.2 83,268.5 Qtr.IV 176,255.2 106,927.1 636,567.6 7,300.0 16,010.8 1,003,018.4 83,268.5 Qtr.I 169,292.8 127,007.6 677,243.3 13,809.6 10,437.5 1,056,812.1 83,268.5 Qtr.II 169,625.8 126,027.1 625,325.9 9,985.0 12,995.0 1,004,247.3 83,268.5 Qtr.III 161,316.3 139,263.2 625,222.2 4,935.0 12,770.0 943,506.7 17,705.0 Qtr.IV 173,484.2 104,408.7 669,411.2 7,210.0 9,397.3 963,911.4 16,607.3 Qtr.I 166,296.6 147,176.4 649,322.3 4,500.0 2,000.0 969,295.3 6,500.0 Qtr.II 168,681.6 129,360.2 606,671.5 6,500.0 13,000.0 924,213.3 19,500.0 Qtr.III 187,823.6 150,727.4 684,586.0 6,672.2 13,440.1 1,043,249.3 20,112.3 Qtr.IV 183,697.6 194,451.4 606,270.1 6,179.0 13,150.8 1,003,748.8 19,329.7 Qtr.I 154,992.4 145,961.7 596,183.3 7,400.0 7,900.0 912,437.4 15,300.0 Qtr.II 198,679.4 209,934.2 645,535.7 7,698.2 11,503.8 1,073,351.3 19,202.0 Qtr.III 167,262.1 166,926.9 546,034.0 8,030.1 7,898.7 896,151.8 15,928.8 2019/20 2023/24
Table 15: Domestic Refining and Imports of Ptroleum
Period
2022/23
(In Metric Tone)
2018/19
2020/21
2021/22

National Bank of Ethiopia Quarterly Bulletin 109 | Third Quarter 2023/24 Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr) 2009 2010 2011 2012 2013 2014 2015 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Agriculture, Hunting and Forestry 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 771,163.0 Crop 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 511,777.5 Animal Farming and Hunting 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 195,057.3 Forestry 51,202.7 53,001.7 54,891.1 57,022.9 59,285.2 61,852.6 64,328.3 Fishing 1,389.4 1,546.7 1,581.8 1,625.9 1,653.4 2,015.5 2,794.3 Mining and Quarrying 4,296.9 3,402.8 2,658.9 5,089.3 10,960.7 11,624.5 10,796.1 Manufacturing 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 162,125.7 Large and Medium Scale Manufacturing 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9 117,266.1 Small Scale and Cottage Industries 37,721.5 39,444.2 40,294.7 41,332.9 42,352.7 43,360.1 44,859.6 Electricity and Water 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,593.6 19,826.3 Construction 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 501,490.4 Whole Sale and Retail Trade 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 352,241.8 Hotels and Restaurants 41,625.2 44,335.3 48,143.8 49,220.4 50,484.9 54,536.5 60,146.9 Transport and Communications 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 139,047.5 Financial Intermediation 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,636.2 86,092.9 Real Estate, Renting and Business Activities 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9 113,274.2 Public Administration and Defense 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3 97,515.9 Education 41,031.0 42,520.8 44,221.6 44,784.1 45,694.9 46,432.3 47,583.1 Health and Social Work 16,767.9 18,153.4 20,747.2 23,414.2 26,554.3 29,413.0 32,650.5 Other Community , Social & Personal Services 19,198.4 20,178.0 21,454.2 21,995.5 22,426.8 22,890.2 23,400.6 Private Households with Employed Persons 16,633.3 17,276.0 17,707.4 18,115.5 18,515.9 18,939.5 19,329.1 Total 1,613,519.9 1,739,254.9 1,895,726.7 2,014,108.6 2,141,452.8 2,277,492.4 2,439,478.1 Less : FISIM 17,038.3 19,763.6 21,037.4 24,520.9 27,214.5 28,829.5 29,556.7 Gross Value Added at Constant Basic Prices 1,596,481.6 1,719,491.3 1,874,689.3 1,989,587.7 2,114,238.3 2,248,662.8 2,409,921.4 Taxes on Products 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,085.2 91,585.7 GDP at Constant Market Prices 1,717,127.2 1,834,066.5 1,987,157.5 2,109,180.1 2,228,170.1 2,346,748.0 2,501,507.2 Source:MoPD Sectors/Year

National Bank of Ethiopia Quarterly Bulletin 110 | Third Quarter 2023/24 Table 17: Growth Rate of GDP By Economic Activity at Constant Prices (In percent) 2009 2010 2011 2012 2013 2014 2015 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Agriculture, Hunting and Forestry 6.7 3.5 3.8 4.3 5.6 6.1 6.2 Crop 8.2 4.7 3 4.7 5.7 6.9 7.1 Animal Farming and Hunting 4.2 0.6 6 3.3 5.8 4.6 4.4 Forestry 3.6 3.5 3.8 3.9 4.0 4.3 4.0 Fishing 0.5 11.3 2.3 2.8 1.7 21.9 38.6 Mining and Quarrying -29.8 -20.8 -21.9 91.4 115.4 6.1 -7.1 Manufacturing 24.7 5.5 7.7 7.5 5.1 4.8 7.0 Large and Medium Scale Manufacturing 19.2 6.0 10 9.8 6.2 5.8 8.4 Small Scale and Cottage Industries 36.9 4.6 3 2.6 2.5 2.4 3.5 Electricity and Water 4.9 3.3 4 7.2 9.2 6.5 12.7 Construction 20.7 15.7 15 9.9 6.6 4.9 7.1 Whole Sale and Retail Trade 6.5 12.3 11.7 6.4 6.3 7.9 7.6 Hotels and Restaurants 0.1 6.5 9 2.2 2.6 8.0 10.3 Transport and Communications 15.1 6.4 21 1.2 7.0 9.8 12.0 Financial Intermediation 18.3 10.7 10.1 10.2 9.0 10.5 9.5 Real Estate, Renting and Business Activities 4.4 6.2 7.5 9.5 8.9 9.0 9.1 Public Administration and Defense 13.2 8.9 9 2.3 4.9 4.5 4.0 Education -3.2 3.6 4 1.8 2.0 1.6 2.5 Health and Social Work 7.0 8.3 14.3 12.9 13.4 10.8 11.0 Other Community , Social & Personal Services 4.5 5.1 6.3 2.5 2.0 2.1 2.2 Private Households with Employed Persons 3.5 3.9 2.5 2.3 2.2 2.3 2.1 Total 10.2 7.8 8.9 6.2 6.3 6.4 7.1 Less : FISIM 17.6 16.0 7 14.2 11.0 5.9 2.5 Gross Value Added at Constant Basic Prices 10.1 7.7 9.0 6.1 6.3 6.4 7.2 Taxes on Products 1.6 -5.0 -1.8 6.3 -4.7 -13.9 -6.6 GDP at Constant Market Prices 9.5 6.8 8.3 6.1 5.6 5.3 6.6 Source: MoPD Industry/Year

National Bank of Ethiopia Quarterly Bulletin 111 | Third Quarter 2023/24 Table 18: GDP by Economic Activity at Current Prices (In million Birr) 2008 2009 2010 2011 2012 2013 2014 2015 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Agriculture, Hunting and Forestry 542,700 616,843 684,644 910,589.1 1,196,254.2 1,626,284.1 2,312,286.2 3,114,215.0 Crop 346,294 393,324 427,193 587,216.0 797,015.6 1,122,637.7 1,639,822.3 2,189,185.1 Animal Farming and Hunting 146,960 164,730 191,867 247,337.3 303,074.1 385,788.3 523,066.6 731,290.9 Forestry 49,447 58,788 65,584 76,035.8 96,164.4 117,858.2 149,397.2 193,738.9 Fishing 1,382 2,259 2,351 3,020.6 3,747.5 5,034.3 5,351.5 7,481.6 Mining and Quarrying 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 34,587.9 29,329.9 Manufacturing 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 261,122.9 390,709.0 Large and Medium Scale Manufacturing 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 185,656.5 285,203.1 Small Scale and Cottage Industries 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 75,466.4 105,505.9 Electricity and Water 11,015 13,714 15,026 18,726.4 23,826.9 30,434.9 34,860.6 53,134.9 Construction 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 1,068,150.2 1,661,757.3 Whole Sale and Retail Trade 202,241 225,076 275,513 360,656.3 444,506.1 554,457.8 801,596.4 1,129,865.3 Hotels and Restaurants 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 129,976.7 195,338.3 Transport and Communications 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 251,762.7 314,877.2 Financial Intermediation 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 180,666.7 238,373.1 Real Estate, Renting and Business Activities 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 404,030.6 715,651.7 Public Administration and Defense 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 188,988.2 260,507.3 Education 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 127,857.9 164,357.3 Health and Social Work 15,669 18,770 24,100 27,328.0 34,927.8 40,104.3 47,995.9 60,118.6 Other Community , Social & Personal Services 18,371 20,568 23,634 28,140.8 33,305.6 39,400.7 49,977.4 66,077.1 Private Households with Employed Persons 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 67,753.0 80,607.1 Total 1,463,883 1,722,669 2,091,618 2,575,507.5 3,222,499.9 4,165,858.8 5,966,964.9 8,482,400.7 Less : FISIM 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 67,289.5 79,436.0 Gross Value Added at Constant Basic Prices 1,449,397 1,703,798 2,064,789 2,543,623.2 3,183,395.8 4,119,057.0 5,899,675.3 8,402,964.6 Taxes on Products 118,700 128,755 137,583 152,599.6 191,351.1 221,967.3 257,339.9 319,343.1 GDP at Current Market Prices 1,568,097 1,832,554 2,202,373 2,696,222.7 3,374,746.9 4,341,024.2 6,157,015.2 8,722,307.7 Source: MoPD Industry/Year 22

National Bank of Ethiopia Quarterly Bulletin 112 | Third Quarter 2023/24 Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) 2008 2009 2010 2011 2012 2013 2014 2015 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Agriculture, Hunting and Forestry 12.1 13.7 11.0 33.0 32.6 35.9 42.2 34.7 Crop 11.9 13.6 8.6 37.5 35.7 40.9 46.1 33.5 Animal Farming and Hunting 11.1 12.1 16.5 28.9 27.0 27.3 35.6 39.8 Forestry 16.1 18.9 11.6 16.2 26.5 22.6 26.8 29.7 Fishing 12.8 63.5 4.1 28.5 24.1 34.3 6.3 39.8 Mining and Quarrying -2.3 -20.9 -16.3 -16.9 186.3 220.5 11.9 (15.2) Manufacturing 7.0 27.0 13.1 17.4 18.9 11.7 30.6 49.6 Large and Medium Scale Manufacturing 6.3 21.2 13.4 20.2 20.1 12.8 30.8 53.6 Small Scale and Cottage Industries 10.4 40.1 12.4 3.0 16.2 9.0 30.1 39.8 Electricity and Water 4.3 24.5 9.6 20.7 27.2 27.7 14.5 52.4 Construction 60.3 26.4 50.9 9.3 14.5 21.2 55.4 55.6 Whole Sale and Retail Trade 8.1 11.3 22.4 32.4 23.2 24.7 44.6 41.0 Hotels and Restaurants 22.9 8.0 19.0 25.1 19.1 20.8 35.7 50.3 Transport and Communications 22.4 10.2 6.8 20.4 40.5 30.8 37.2 25.1 Financial Intermediation 21.7 30.3 33.9 22.6 12.2 19.3 47.0 31.9 Real Estate, Renting and Business Activities 5.1 5.6 12.4 33.4 45.8 47.7 76.7 77.1 Public Administration and Defense 20.8 29.8 17.1 9.1 16.4 32.4 18.7 37.8 Education 19.8 44.2 24.0 13.1 11.3 23.6 9.8 28.5 Health and Social Work 21.3 19.8 28.4 13.4 27.8 14.8 19.7 25.3 Other Community , Social & Personal Services 9.9 12.0 14.9 19.1 18.4 18.3 26.8 32.2 Private Households with Employed Persons 4.8 23.7 27.9 22.6 22.7 19.6 48.0 19.0 Total 18.2 17.7 21.4 23.3 25.3 29.3 43.2 42.2 Less : FISIM 24.6 30.3 42.2 22.0 13.8 19.7 43.8 18.1 Gross Value Added at Current Basic Prices 18.2 17.6 21.2 23.3 25.4 29.4 43.2 42.4 Taxes on Products 12.8 12.9 6.9 10.9 25.4 16.0 15.9 24.1 GDP at Current Market Prices 17.7 16.9 20.2 22.4 25.2 28.6 41.8 41.7 Source: MoPD Sectors/Year 23

National Bank of Ethiopia Quarterly Bulletin 113 | Third Quarter 2023/24 Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) 2008 2009 2010 2011 2012 2013 2014 2015 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Gross Value Added at Current Basic Prices 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 3,183,395.8 4,119,056.00 5,899,675.3 8,402,964.6 Taxes on Products, net 118,700.0 128,755.5 137,583.5 152,600.0 191,351.1 221,967.0 257,339.9 319,343.1 GDP at Current Market Prices 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 3,374,746.9 4,341,024.0 6,157,015.2 8,722,307.7 Incomes from ROW, net (5,122.4) (10,884.1) (14,349.1) (13,104.0) (19,203.0) (22,381.0) (27,861.8) (22,028.7) Gross National Income at Current Basic Prices 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 3,164,192.9 4,096,676.0 5,871,813.5 8,380,935.9 Gross National Income at Current Market Prices 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 3,355,544.0 4,318,643.7 6,129,153.5 8,700,279.0 Current Transfers from ROW, net 155,964.2 154,959.4 188,527.3 240,392.0 210,332.1 292,126.0 400,304.3 420,452.7 Gross National Disposable Income 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 3,565,876.0 4,610,770.0 6,529,457.8 9,120,731.7 Government Final Consumption Expenditure 174,598.8 203,607.9 225,523.2 247,362.0 308,096.7 383,565.0 453,263.1 551,106.6 Private Final Consumption Expenditure 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 2,363,783.1 3,135,110.0 4,765,752.5 6,882,737.9 Gross Capital Formation (Investment) 585,665.0 704,596.0 751,626.2 948,866.0 1,031,962.8 1,216,585.0 1,560,324.8 1,933,863.0 Exports of Goods and Services 122,500.8 139,830.1 184,282.1 213,437.0 240,525.0 331,294.0 507,581.9 575,061.6 Imports of Goods and Services 424,749.9 430,233.2 502,112.9 561,512.0 569,620.6 725,530.0 1,129,907.1 1,220,461.4 Resource Balance (302,249.2) (290,403.1) (317,830.8) (348,075.0) (329,095.7) (394,236.0) (622,325.2) (645,399.8) Gross Domestic Savings 351,234.0 409,579.8 535,268.5 600,791.0 702,867.1 822,349.0 937,999.6 1,288,463.2 Gross National Savings 502,075.8 553,655.1 709,446.7 828,078.0 893,996.2 1,092,095.0 1,310,442.1 1,686,887.2 Mid-year Population (In Million) 91.2 93.4 95.5 97.6 99.7 101.9 104.1 105.7 Per Capita Nominal GDP (In Birr) 17,192.4 19,630.4 23,061.5 27,625.0 33,849.0 42,595.0 59,155.4 82,513.8 Per Capita Real GDP (In Birr) 17,192.4 18,393.9 19,204.9 20,312.5 21,155.3 21,860.5 22,578.4 23,642.9 Average Exchange Rate (Birr/USD) 21.1 22.4 26.1 28.1 31.3 39.0 48.6 53.3 Real GDP (In USD) 74,296.6 76,610.6 70,249.0 70,666.9 67,294.2 57,101.7 48,386.5 46,904.8 Nominal GDP (In USD)(Million) 74,296.6 81,760.4 84,356.0 96,107.0 107,672.6 111,261.9 126,772.7 163,697.8 Per Capita Nominal GDP (In USD) 814.6 875.8 883.3 985.0 1,080.0 1,091.8 1,218.0 1,549.0 Per Capita Real GDP (In USD) 814.6 820.7 735.6 724.3 675.0 560.3 464.9 443.8 GDP Deflator 1.00 1.07 1.20 1.36 1.60 1.95 2.62 3.49 Source:
MoPD Description / Year 24

National Bank of Ethiopia Quarterly Bulletin 114 | Third Quarter 2023/24 Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings 2008 2009 2010 2011 2012 2013 2014 2015 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2021/23 GDP at Current Basic Prices 18.2 17.6 21.2 23.3 25.2 29.4 43.2 42.4 Taxes on Products, net 12.9 8.5 6.9 10.9 25.4 16.0 15.9 24.1 GDP at Current Market Prices 17.7 16.9 20.2 22.5 25.2 28.6 41.8 41.7 Incomes from ROW, net (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.5 -20.9 Gross National Income at Current Basic Price 18.3 17.2 21.1 23.3 25.0 29.5 43.3 42.7 Gross National Income at Current Market Price 17.8 16.6 20.1 22.5 25.1 28.7 41.9 41.9 Current Transfers from ROW, net 21.5 (0.6) 21.7 25.7 (12.5) 38.9 37.0 5.0 Gross National Disposable Income 18.1 15.0 20.2 22.8 22.0 29.3 41.6 39.7 Government Final Consumption Expenditure 27.2 16.6 10.8 9.7 24.6 24.5 18.2 21.6 Private Final Consumption Expenditure 15.7 17.0 18.2 27.9 27.9 32.6 52.0 44.4 Gross Capital Formation (Investment) 15.1 20.3 6.7 26.2 8.8 17.9 28.3 23.9 Exports of Goods and Services 0.8 14.1 31.8 15.9 12.7 37.7 53.2 13.3 Imports of Goods and Services 8.0 1.3 16.7 11.8 1.4 27.4 55.7 8.0 Resource Balance (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.9 3.7 Gross Domestic Savings 19.4 16.6 30.7 12.2 17.0 17.0 14.1 37.4 Gross National Savings 20.3 10.3 28.1 16.4 8.0 22.2 20.0 28.7 Mid-year Population (in Million) 2.4 2.4 2.3 2.2 2.1 1.5 Per Capita GDP (Birr) (Nominal) 15.0 14.2 17.5 19.8 22.5 25.8 38.9 39.5 Per Capita GDP (Birr) (Real) 5.0 7.0 4.4 5.8 4.1 3.3 3.3 4.7 Average Exchange Rate (Birr/USD) 5.0 6.2 16.5 7.6 11.5 24.5 24.5 9.7 Real GDP (USD) 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 -3.1 GDP at Current Market Prices(USD) 12.1 10.0 3.2 13.7 12.0 3.3 13.9 29.1 Per Capita GDP (USD) (Nominal) 9.5 7.5 0.9 11.5 9.6 1.1 11.6 27.2 Per Capita GDP (USD) (Real) 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 -4.5 Percentage Change in GDP Deflator 9.5 6.7 12.5 13.3 17.6 21.8 34.5 33.2 Source:MoPD Description / Year

National Bank of Ethiopia Quarterly Bulletin 115 | Third Quarter 2023/24 Period General Index Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Hosing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2015/16 Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 2019/20 QI 149.5 156.6 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 141.4 QII 153.1 158.5 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 146.8 QIII 159.6 164.5 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 153.9 QIV 171.2 179.2 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 161.9 2020/21 QI 179.9 192.1 158.5 170.3 172.2 158.7 147.4 218.3 106.1 140.2 130.3 165.2 155.3 165.8 QII 181.9 193.7 168.8 177.3 174.8 159.8 155.9 171.1 104.3 153.9 145.6 176.7 161.3 168.3 QIII 191.9 201.8 176.8 185.6 188.5 173.6 170.6 200.0 117.3 163.1 149.9 183.3 169.3 180.4 QIV 207.7 224.0 184.0 199.0 189.2 196.7 189.6 209.5 125.9 175.6 152.8 192.8 184.7 188.9 2021/22 QI 234.9 263.5 202.5 213.2 202.0 217.8 206.3 209.0 119.9 189.2 164.9 205.3 195.1 201.8 QII 244.0 271.9 218.7 223.0 211.4 228.2 221.6 209.3 121.0 220.7 184.8 218.6 200.3 211.9 QIII 257.7 286.3 240.5 225.8 223.2 249.4 232.8 217.3 125.8 238.3 190.1 233.4 215.8 224.6 QIV 282.2 317.0 259.4 250.3 227.7 292.5 246.9 223.5 129.9 256.6 196.8 262.2 253.8 242.1 2022/23 QI 310.4 351.0 270.8 287.0 239.6 327.2 256.5 265.1 133.7 286.4 207.3 291.1 287.7 263.7 QII 325.9 360.4 298.9 307.6 260.5 360.7
268.2 278.8 127.5 350.6 222.5 312.1 326.5 286.1 QIII 343.8 378.0 324.1 327.9 276.2 386.7 293.6 276.8 128.3 359.9 223.5 335.5 351.5 304.4 QIV 370.1 410.0 333.5 351.6 295.1 416.3 329.7 290.3 133.4 357.7 231.3 361.3 369.4 324.2 2023/24 QI 398.0 444.5 359.5 354.6 320.4 438.9 371.2 297.2 161.4 359.9 227.8 382.9 378.6 344.5 QII 419.6 468.9 375.0 366.8 346.1 449.3 382.9 319.5 167.2 330.9 282.3 400.9 397.7 362.9 QIII 439.7 494.8 412.8 375.5 351.6 461.1 400.5 342.1 173.7 335.2 287.2 421.2 410.4 376.2
Table 22(A): National Non-Food Consumer Price Index,
Source: Central Statistical Agency(CSA) and NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 116 | Third Quarter 2023/24 December 2016=100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish & Sea Food Hosing,Water, Electricity, Gas and Other Fuels Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 QII 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 QIII 201.8 233.6 200.6 158.4 191.7 147.3 195.4 202.0 117.9 213.4 159.4 QIV 224.0 265.3 225.7 161.6 216.8 181.1 204.5 212.4 120.3 234.8 170.8 2021/22 QI 263.5 320.2 252.0 188.2 223.4 241.9 219.6 235.9 124.5 284.7 210.2 QII 271.9 326.9 250.1 193.3 227.2 250.6 253.6 243.7 138.9 294.4 231.9 QIII 286.4 332.5 262.5 194.1 254.6 285.6 254.9 256.3 146.8 298.1 271.9 QIV 317.0 357.0 303.2 259.7 301.7 323.7 265.5 291.2 148.1 315.0 312.1 2022/23 QI 351.0 400.8 342.7 401.8 332.3 400.2 313.8 304.8 163.1 329.8 349.7 QII 360.4 414.1 357.3 437.9 342.0 403.6 352.0 307.5 170.5 338.3 362.2 QIII 378.0 441.6 374.0 459.8 366.3 392.6 381.0 339.1 193.3 342.6 346.1 QIV 410.0 492.3 417.6 435.9 384.2 384.2 395.9 384.7 218.8 349.6 347.1 2023/24 QI 444.5 547.0 447.5 385.4 408.4 417.0 406.0 421.1 226.0 355.9 361.0 QII 468.9 594.6 461.2 391.2 424.9 392.1 424.0 456.1 230.6 366.9 357.5 QIII 494.8 627.4 476.6 397.4 449.8 394.9 436.0 506.3 246.3 390.9 336.6
Table 22 (B): National Food Consumer Price Index,

National Bank of Ethiopia Quarterly Bulletin 117 | Third Quarter 2023/24 Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 2020/21 QI 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 QII 185.7 194.4 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 179.2 QIII 193.6 201.4 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 187.7 QIV 212.2 229.5 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 199.0 2021/22 QI 234.8 265.3 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 211.7 QII 242.0 270.1 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 220.7 QIII 253.7 277.5 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 235.6 QIV 279.3 311.6 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 254.8 2022/23 QI 308.7 346.3 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 280.1 QII 323.2
358.0 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 296.7 QIII 355.7 381.5 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 336.1 QIV 399.1 438.2 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 369.3 2023/24 QI 425.4 471.9 390.1 382.2 405.5 502.5 417.1 394.0 295.4 135.4 343.3 228.5 397.0 406.7 QII 447 500.26 406.52 397.35 426.58 525.92 427.37 399.71 316.18 135.07 318.26 298.16 404.71 426.63 QIII 468.03 529.95 420.97 429.21 424.65 542.83 441.34 404.1 323.95 138.62 319.14 294.21 443.9 441.86
Table 22 (C): Addis Ababa Non-Food Consumer Price Index

National Bank of Ethiopia Quarterly Bulletin 118 | Third Quarter 2023/24
Table 22(D): Addis Ababa Food Consumer Price Index Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 QII 211.7 220.8 213.6 181.0 174.8 184.7 205.2 185.9 141.3 414.7 163.2 QIII 201.4 212.8 197.9 188.5 170.7 174.0 205.1 180.1 141.3 369.3 161.4 QIV 229.5 233.9 238.1 179.6 185.1 204.9 211.6 195.0 141.0 501.2 167.2 2021/22 QI 265.3 255.7 267.8 259.0 211.7 236.2 218.5 225.8 143.6 705.6 202.2 QII 270.1 274.0 256.8 296.5 216.8 273.7 237.9 234.2 181.0 577.5 219.8 QIII 277.5 278.5 268.6 229.5 222.9 317.5 261.0 232.3 191.0 522.6 266.5 QIV 311.6 288.7 328.4 305.3 261.9 381.4 279.1 279.9 195.2 538.4 285.4 2022/23 QI 346.3 320.3 356.2 322.2 304.5 470.2 322.1 314.7 231.7 520.8 316.8 QII 358.0 336.7 379.4 317.8 320.4 493.8 359.1 298.3 234.9 543.8 339.9 QIII 381.5 392.0 406.5 334.8 343.2 415.7 417.1 312.8 332.2 542.1 348.2 QIV 438.2 463.4 454.9 346.3 377.9 426.6 405.9 409.1 336.4 550.4 353.3 2023/24 QI 471.9 497.6 472.9 337.6 406.0 455.0 413.6 464.1 346.7 596.1 367.3 QII 500.3 551.8 485.0 377.0 431.3 440.3 424.6 504.2 349.6 581.2 372.2 QIII 530.0 600.2 503.7 387.1 445.8 477.9 458.8 525.9 441.3 560.4 380.4

National Bank of Ethiopia Quarterly Bulletin 119 | Third Quarter 2023/24
Table 22 (E1): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
2016/17
QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 QIV 158.7 174.6 143.2 134.0 156.7 125.6 169.5 101.2 222.3 104.6 192.7 127.2 153.7 150.3 2020/21 QI 170.8 179.9 162.0 159.3 168.1 152.7 170.6 106.4 322.8 104.6 189.5 141.0 165.7 150.7 QII 169.1 186.3 152.3 143.3 171.7 134.4 173.3 123.9 203.4 104.6 213.4 119.6 167.4 156.5 QIII 174.3 195.6 153.6 139.4 171.8 136.4 176.6 136.3 203.4 104.6 218.6 118.7 168.3 160.6 QIV 191.7 224.9 159.6 133.1 180.5 145.1 186.9 154.1 218.4 104.6 227.8 133.0 170.3 161.9 2021/22 QI 216.5 256.8 177.6 143.3 180.0 188.9 203.2 161.0 218.4 104.6 249.6 156.4 182.1 183.3 QII 223.0 268.3 179.1 156.8 188.8 173.8 214.1 155.7 203.4 104.6 303.9 171.2 191.3 193.7 QIII 233.3 274.4 193.5 172.7 197.0 197.1 228.9 165.1 218.4 104.6 319.7 175.3 196.8 208.5 QIV 268.7 313.4 225.5 193.3 237.8 245.6 276.5 161.8 218.4 104.6 358.9 226.0 212.1 239.4 2022/23 QI 300.1 356.1 245.9 189.2 258.5 253.3 328.6 189.6 256.2 104.6 419.2 240.7 255.4 279.4 QII 317.3 376.4 260.1 176.3 272.2 251.1 373.4 209.5 327.5 104.6 501.3 240.3 265.3 364.7 QIII 342.0 398.4 287.5 209.0 286.9 275.1 415.1 304.4 305.0 104.6 519.9 193.2 291.2 404.5 QIV 378.0 438.2 319.7 226.0 308.8 320.9 448.7 342.9 387.5 104.6 521.5 230.5 321.8 430.0 2023/24 QI 412.0 487.8 338.6 211.4 351.1 324.3 475.0 404.1 436.8 126.3 541.9 282.8 356.9 431.5 QII 434.3 521.0 350.4 208.2 418.2 300.8 491.8 431.3 457.9 152.2 504.5 365.1 363.4 452.6 QIII 460.3 544.5 378.9 281.4 403.1 373.5 516.8 389.4 397.8 158.1 480.4 393.3 375.2 468.0 Source: Central Statistical Agency AFAR

National Bank of Ethiopia Quarterly Bulletin 120 | Third Quarter 2023/24
Table 22 (E2): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic
Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing, Water,
Electricity, Gas and Other
Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
2015/16
Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 2020/21 QI 185.8 200.0 169.8 193.7 159.8 177.8 155.2 222.7 215.2 149.4 140.2 132.7 153.3 150.5 QII 185.9 197.9 172.5 207.2 165.1 182.6 158.3 206.7 143.9 138.8 159.4 138.3 163.6 150.5 QIII 192.0 199.2 184.0 225.7 176.7 188.5 169.5 210.0 146.2 215.0 165.3 144.6 175.0 158.9 QIV 204.2 213.9 193.3 244.6 192.5 185.4 186.7 248.2 164.0 261.2 184.4 153.5 184.0 168.0 2021/22 QI 232.9 255.5 207.6 266.8 204.1 206.5 206.5 257.8 170.6 217.5 195.1 164.4 195.1 174.5 QII 244.2 264.5 221.4 297.2 213.2 219.5 214.7 280.2 193.8 220.8 213.5 164.6 212.0 170.0 QIII 260.6 279.3 239.7 317.5 229.3 236.4 234.6 298.0 192.8 245.7 227.3 187.6 234.5 189.8 QIV 283.1 302.6 261.2 354.1 253.2 240.1 279.6 281.3 192.0 257.3 243.5 207.4 276.0 231.8 2022/23 QI 313.1 344.3 278.1 394.9 275.8 228.9 315.7 307.5 243.9 257.3 272.1 205.7 313.6 269.0 QII 326.0 349.8 299.4 423.0 299.2 238.6 337.9 356.7 270.2 222.5 320.7 281.0 345.6 336.8 QIII 344.9 364.2 323.2 466.0 316.7 268.0 353.2 350.2 276.4 222.5 355.9 260.8 369.9 362.8 QIV 374.4 398.1 347.9 488.9 333.8 299.0 400.7 353.9 267.1 234.8 356.8 275.5 394.7 358.9 2023/24 QI 410.7 442.5 375.1 542.1 341.2 320.4 438.5 398.6 282.7 394.3 333.1 189.1 417.7 340.9 QII 439.4 479 394.7 580.57 347.4 344.84 442.928 414 294.4 417 318.8 320.4 436 366.35 QIII 461.2 508.9
407.7 621.8 359.1 345.8 461.0 440.5 339.0 451.2 328.3 359.0 448.0 374.1 AMHARA

National Bank of Ethiopia Quarterly Bulletin 121 | Third Quarter 2023/24
Table 22 (E3): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
2016/17
QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 2018/19 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 2020/21 QI 201.1 222.6 180.8 201.3 147.0 141.5 177.9 195.9 177.9 100.0 236.1 114.6 271.0 169.6 QII 203.4 220.5 187.2 210.7 149.5 153.1 183.1 198.8 132.7 100.0 268.6 125.0 288.0 170.6 QIII 203.7 217.6 190.7 193.5 166.8 188.3 198.5 204.0 139.2 100.0 282.7 125.0 235.4 182.7 QIV 218.6 233.9 204.3 201.8 181.8 172.7 230.5 225.2 140.6 100.0 309.8 125.0 295.6 188.2 2021/22 QI 258.1 289.1 229.0 221.0 201.2 201.4 258.3 239.3 140.6 100.0 311.5 141.7 339.2 205.6 QII 283.6 317.3 252.0 250.7 206.3 236.5 283.8 245.1 144.2 100.0 378.2 154.2 364.3 217.7 QIII 297.0 329.3 266.5 259.7 225.6 251.8 316.1 249.0 151.5 100.0 373.7 141.7 372.6 247.8 QIV 314.8 359.9 272.4 251.3 247.7 230.1 363.8 260.3 192.0 100.0 393.1 150.0 368.6 308.5 2022/23 QI 347.7 405.4 293.5 268.5 263.5 224.6 395.1 269.4 244.2 100.0 467.6 150.0 424.1 349.7 QII 368.0 422.3 316.9 321.0 292.8 235.5 428.6 267.2 255.9 100.0 588.0 170.8 427.4 426.8 QIII 394.5 426.9 364.1 347.8 319.6 247.8 469.3 291.3 266.3 100.0 590.5 158.3 599.4 467.0 QIV 416.8 463.6 372.8 316.2 346.0 225.4 510.1 310.0 279.3 100.0 589.1 150.0 652.9 494.2 2023/24 QI 501.3 584.9 422.7 422.8 395.2 310.5 564.4 356.0 292.1 100.0 615.5 150.0 651.5 459.2 QII 519.0 607.8 435.5 440.1 416.6 318.0 579.8 479.2 334.8 100.0 534.4 166.7 630.7 473.6 QIII 540.3 611.7 473.2 545.9 430.1 307.5 579.8 571.9 380.9 100.0 500.9 200.0 739.2 477.0 Source: Central Statistical Agency BENISHANGUL GUMUZ

National Bank of Ethiopia Quarterly Bulletin 122 | Third Quarter 2023/24
Table 22 (E4): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic
Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing,Water,
Electricity, Gas and Other
Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
2016/17
QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 QII 172.5 204.1 149.0 157.8 154.7 143.2 153.4 168.9 211.2 60.2 142.4 166.0 160.2 135.6 QIII 178.7 215.4 151.3 170.5 160.2 143.1 166.0 176.7 168.6 60.2 151.6 155.3 167.9 131.5 QIV 189.0 233.7 155.6 162.4 168.3 147.0 182.1 166.0 168.6 60.2 186.8 165.8 171.8 138.4 2021/22 QI 217.7 279.7 171.5 190.4 185.7 158.6 196.3 239.2 173.3 60.2 197.4 187.4 185.4 150.8 QII 233.0 295.8 186.1 212.8 209.9 172.9 207.3 251.9 182.1 60.2 203.8 208.8 194.7 163.7 QIII 245.1 294.5 208.2 298.0 215.2 181.6 220.5 243.1 203.5 60.2 203.5 204.9 218.7 181.1 QIV 267.7 323.8 225.8 322.3 224.9 187.9 270.4 249.5 168.6 60.2 203.7 210.1 254.0 217.8 2022/23 QI 303.5 374.9 250.1 335.4 260.7 202.3 301.3 265.0 226.8 60.2 259.8 200.7 286.6 250.2 QII 337.0 402.8 288.0 367.0 372.7 208.2 348.4 249.0 269.3 60.2 322.3 196.3 307.9 318.6 QIII 362.2 426.0 314.6 406.8 420.7 207.3 382.0 262.4 338.0 60.2 316.3 196.5 325.3 368.3 QIV 392.4 478.8 327.8 425.7 438.7 215.0 404.1 286.0 285.0 60.2 339.3 206.2 348.7 407.7 2023/24 QI 413.2 508.8 341.9 436.9 399.4 227.7 426.3 308.0 355.8 60.2 389.9 227.1 385.7 437.3 QII 423.84 532.602 342.69 407 409 210.2 435.854 314.5 387 60.24 373.1 257.2 440.4 446.9 QIII 441.25 556.25 355.45 430 426 217.8 446.049 336.6 399.5 60.24 388.7 281.4 468.7 445 Source: Central Statistical Agency DIRE DAWA

National Bank of Ethiopia Quarterly Bulletin 123 | Third Quarter 2023/24
Table 22 (E5): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic
Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing, Water,
Electricity, Gas and
Other Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the
House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
2016/17
QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 QIII 149.0 159.3 137.2 190.5 153.0 124.0 140.0 89.3 151.3 121.7 152.2 163.0 160.4 116.6 QIV 165.7 181.3 147.8 250.2 159.3 132.4 151.9 94.0 148.7 120.0 144.8 145.2 150.6 118.6 2020/21 QI 173.7 192.1 152.5 269.9 157.7 135.2 150.2 111.3 175.6 115.2 146.0 146.1 152.9 112.0 QII 173.6 190.6 154.1 265.4 164.6 134.5 151.6 117.9 180.2 118.8 191.2 160.9 161.5 116.6 QIII 184.6 203.3 163.0 283.9 169.5 139.3 163.3 128.4 195.1 124.9 217.1 167.9 178.4 123.5 QIV 193.4 217.9 165.1 280.3 187.8 131.6 194.9 140.4 200.9 131.0 217.0 184.4 182.0 128.2 2021/22 QI 220.2 260.9 173.3 270.4 219.3 137.0 219.5 147.3 209.6 137.0 227.7 202.0 185.8 145.2 QII 229.6 262.4 191.8 291.8 266.9 156.2 231.0 164.2 202.2 128.3 323.6 237.8 196.3 185.3 QIII 250.8 294.7 200.3 292.2 312.1 156.5 264.0 151.6 200.9 157.4 317.3 245.5 205.4 196.0 QIV 275.5 319.7 224.6 313.8 317.1 177.1 307.6 184.4 238.0 198.8 348.7 248.9 228.5 212.1 2022/23 QI 305.3 357.2 245.7 357.0 332.7 180.7 326.9 237.1 238.6 242.4 478.7 227.5 303.9 239.6 QII 316.1 367.1 257.5 370.2 355.4 183.5 335.2 216.2 259.0 235.2 604.7 234.8 344.3 294.7 QIII 335.9 391.2 272.3 400.3 363.6 191.7 378.0 230.4 249.4 244.9 574.7 229.3 347.3 347.7 QIV 357.7 424.9 280.4 447.9 382.8 178.4 400.0 264.6 280.4 262.7 560.0 229.3 371.1 359.6 2023/24 QI 379.4 462.1 284.2 466.6 391.9 169.2 425.8 275.3 258.3 283.0 585.4 252.3 390.9 378.1 QII 396.4 476.6 304.3 510.7 452.9 172.9 455.1 279.1 287.2 363.6 542.7 286.4 399.0 410.6 QIII 422.0 508.3 322.8 552.0 456.9 194.2 488.3 275.1 306.9 325.3 514.8 304.0 402.2 438.9 Source: Central Statistical Agency GAMBELLA

National Bank of Ethiopia Quarterly Bulletin 124 | Third Quarter 2023/24
Table 22 (E6): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic
Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing, Water,
Electricity, Gas and Other
Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
2016/17
QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 QII 179.7 192.4 170.8 176.1 138.0 190.2 154.7 160.5 258.7 100.0 136.2 155.4 178.9 167.9 QIII 182.2 193.2 174.6 176.3 144.9 203.6 154.9 173.2 225.3 100.0 140.8 151.8 182.0 178.2 QIV 194.2 214.3 180.0 180.6 166.0 195.0 173.1 186.1 240.4 100.0 148.0 159.1 186.7 182.9 2021/22 QI 215.3 249.1 191.7 182.7 174.8 201.8 189.1 213.2 240.3 100.0 147.8 168.2 220.8 202.3 QII 245.3 276.6 223.4 278.0 188.2 208.4 202.8 225.9 247.2 100.0 184.3 200.8 234.9 220.5 QIII 261.8 283.4 246.6 348.5 205.7 203.5 227.4 251.9 256.3 100.0 187.2 197.6 243.8 243.8 QIV 283.8 307.9 267.0 374.1 216.0 204.5 259.5 265.4 279.0 100.0 193.4 203.5 283.8 296.4 2022/23 QI 306.3 348.6 276.7 322.0 228.4 214.2 293.4 306.2 353.1 100.0 220.3 201.3 345.0 330.3 QII 316.5 362.1 284.5 279.6 257.0 224.7 313.9 346.0 375.6 100.0 255.4 201.0 382.7 368.3 QIII 348.8 381.4 326.0 391.8 272.5 275.8 346.5 376.2 322.2 100.0 309.9 207.3 376.0 385.9 QIV 371.6 426.3 333.3 345.7 296.3 298.6 366.5 379.3 348.7 100.0 464.9 206.6 394.4 423.3 2023/24 QI 388.7 458.3 340.0 299.1 333.0 340.7 389.3 399.8 304.8 100.0 371.4 209.2 420.7 457.6 QII 391 484 326 240 326 338.84 393.6314 416 305 100 303 226.8 431 453.3 QIII 417.4 510.0 352.5 320.4 351.5 323.9 400.6 421.6 304.8 100.0 305.0 226.6 468.3 467.9 Source: Ethiopian Statistical Service(ESS) HARARI

National Bank of Ethiopia Quarterly Bulletin 125 | Third Quarter 2023/24
Table 22 (E7): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing, Water, Electricity,
Gas and Other Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
2016/17
QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 2018/19 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 QIII 186.9 198.5 172.0 159.3 210.9 163.5 175.4 165.3 220.5 101.9 167.0 146.0 166.2 168.2 QIV 202.6 221.1 178.9 164.2 226.9 152.7 204.8 184.2 255.0 104.1 180.3 157.8 174.2 195.0 2021/22 QI 234.8 264.2 197.1 184.1 244.7 176.9 229.3 206.9 246.8 106.4 197.5 173.3 184.9 204.5 QII 243.8 271.6 208.2 206.2 259.0 185.8 236.1 219.7 249.0 108.6 231.8 179.0 198.8 211.4 QIII 257.1 287.3 218.4 213.6 248.0 200.7 262.8 233.1 255.3 110.3 255.6 183.3 211.0 223.2 QIV 284.2 319.9 238.3 214.3 277.3 214.8 311.0 257.5 255.8 114.2 275.0 193.9 236.7 267.0 2022/23 QI 315.5 355.4 264.2 218.3 336.2 233.8 346.1 255.5 292.4 121.6 299.1 207.3 262.0 310.6 QII 329.6 364.0 285.6 241.7 333.7 264.1 382.5 250.1 302.9 118.8 373.1 225.9 286.5 338.5 QIII 343.4 377.4 299.7 268.3 350.0 267.7 417.0 289.4 286.7 120.1 377.5 232.7 305.0 363.9 QIV 373.6 415.9 319.3 280.2 375.9 281.0 442.2 357.5 293.0 126.5 369.8 236.2 334.1 392.1 2023/24 QI 400.2 450.1 336.1 300.0 366.7 309.1 451.4 404.7 300.9 127.9 360.0 242.6 352.9 408.1 QII 422.8 470.8 361.3 313.6 391.5 345.0 464.8 422.1 330.4 129.5 318.5 283.8 383.2 429.5 QIII 446.6 502.1 375.3 340.9 400.6 352.3 478.3 439.9 357.5 130.9 326.3 288.1 408.9 447.2 Source: Ethiopian Statistical Service(ESS) OROMIA

National Bank of Ethiopia Quarterly Bulletin 126 | Third Quarter 2023/24
Table 22 (E8): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages & Tobacco
Clothing & Foot-wear
Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 99.2 97.6 100.6 97.1 96.5 105.9 99.7 92.5 85.3 99.5 98.0 100.0 96.4 98.9 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2018/19 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 QIII 207.1 211.6 201.2 183.4 147.5 229.1 180.2 146.5 252.8 72.1 179.7 148.6 193.9 173.3 QIV 231.9 246.9 212.4 195.5 159.2 239.5 211.2 165.8 221.2 73.5 196.5 147.6 214.1 186.3 2021/22 QI 259.9 291.3 219.2 208.9 170.9 237.5 232.9 176.4 226.1 73.3 209.1 156.1 238.1 201.3 QII 266.8 296.5 228.4 218.6 178.7 248.0 250.3 202.2 209.4 72.1 263.5 172.6 250.4 209.8 QIII 278.8 308.8 239.9 230.9 191.9 257.2 274.6 202.0 214.4 71.9 282.6 177.3 260.9 235.8 QIV 304.6 344.9 252.4 248.4 206.6 253.5 326.8 212.7 230.2 71.1 302.0 181.3 290.6 276.5 2022/23 QI 336.3 380.3 279.4 266.8 226.9 280.4 369.2 234.3 273.8 71.1 336.5 195.2 319.8 307.9 QII 356.2 394.8 306.3 283.0 249.0 313.2 407.2 246.1 279.0 70.4 457.8 208.1 333.2 353.2 QIII 372.6 411.5 322.3 306.9 268.6 323.4 433.4 269.0 289.1 70.7 444.0 205.3 364.6 378.7 QIV 404.0 448.3 346.7 327.5 292.9 345.2 468.3 269.3 321.3 75.2 435.8 210.9 400.3 397.5 2023/24 QI 423.1 460.8 374.5 361.2 309.0 368.6 510.3 313.2 327.5 80.7 436.5 233.5 459.4 415.8 QII 438.6 470.8 397.1 378.9 326.7 398.0 526.0 296.6 341.0 84.7 394.4 240.5 478.1 437.7 QIII 450.9 482.2 410.3 407.0 341.1 408.1 532.4 324.5 359.5 84.7 404.7 235.4 503.7 452.9 Source: Ethiopian Statistical Service(ESS)
SNNPR

National Bank of Ethiopia Quarterly Bulletin 127 | Third Quarter 2023/24
Table 22 (E9): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing, Water, Electricity,
Gas and Other Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
2016/17
Qtr.I 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 Qtr. II 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 Qtr. III 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 Qtr. IV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2018/19 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 172.0 183.3 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Qtr.IV 191.9 206.8 175.4 161.0 195.2 179.9 173.8 154.8 243.5 103.8 225.2 200.9 181.4 193.0 2021/22 Qtr.I 210.0 235.9 181.4 183.7 216.3 158.7 206.3 165.4 259.0 104.4 260.3 217.0 199.8 214.1 Qtr.II 223.3 257.4 185.5 175.4 218.3 171.2 218.6 183.9 252.5 104.7 296.4 261.8 201.9 218.1 Qtr.III 235.2 260.8 206.9 240.9 230.9 168.7 232.6 190.4 272.0 104.5 327.1 259.2 194.5 238.3 Qtr.IV 257.7 287.2 225.0 295.6 264.2 144.4 270.8 210.8 337.6 108.5 362.1 267.1 216.8 278.6 2022/23 Qtr.I 289.7 333.1 241.7 300.3 296.7 146.1 324.9 238.2 449.4 112.1 463.7 300.4 235.5 329.1 Qtr.II 324.1 352.5 292.6 364.1 425.3 164.5 393.3 245.5 459.1 114.5 566.4 365.6 259.2 379.1 Qtr.III 337.0 363.0 308.2 368.4 472.0 180.7 415.0 243.5 421.4 115.0 594.2 386.9 267.3 403.0 Qtr.IV 347.9 380.9 311.5 356.7 514.6 173.6 434.7 249.4 427.0 116.0 602.9 397.7 279.6 433.6 2023/24 QI 374.4 408.4 336.8 379.3 520.2 211.3 473.5 274.9 442.2 115.0 646.4 421.9 303.5 430.3 QII 399.5 455.13 337.88 392.38 443.79 221.5 476.5461 295.98 537.5 116.04 653.62 423.7 332.1 446 QIII 411.3 471.91 344.09 419.32 464.44 194.7 507.3468 373.64 566.1 116.28 585.16 491.5 378.2 467 Source: Ethiopian Statistical Service(ESS) SOMALI

National Bank of Ethiopia Quarterly Bulletin 128 | Third Quarter 2023/24
Table 22 (E10): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic
Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing, Water,
Electricity, Gas and
Other Fuels
Furnishings,
Household Equipment and Routine
Maintenance of the
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
2015/16
Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2021/22 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2022/23 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2023/24 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179 194.60161 153.98712 168 116 100 123 161 248 183 QIII 213.8 239.2 192.3 264.6 179
194.60161 153.98712 168 116 100 123 161 248 183 Source: Ethiopian Statistical Service(ESS) TIGRAY

National Bank of Ethiopia Quarterly Bulletin 129 | Third Quarter 2023/24
Table 22 (F1): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Nonalcoholic Beverages
Bread & Cereals
Meat
Fish & Sea Food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 2020/21 QI 179.9 188.1 210.0 195.2 136.9 172.5 141.2 266.7 145.7 182.4 146.9 QII 187.5 202.7 202.2 196.1 160.7 213.7 144.5 224.0 135.3 183.0 155.6 QIII 195.6 216.0 205.3 206.9 180.8 203.4 145.4 205.4 137.6 200.7 160.4 QIV 224.9 243.8 222.3 213.2 231.3 256.6 161.5 212.4 147.2 245.9 171.7 2021/22 QI 256.8 300.4 245.5 252.3 210.3 348.3 159.8 250.0 148.6 349.7 190.0 QII 268.3 312.1 255.9 243.3 208.9 300.2 169.7 304.0 194.0 303.9 219.5 QIII 274.4 308.4 249.9 254.6 239.4 313.4 178.5 271.6 213.2 297.9 254.6 QIV 313.4 323.7 302.3 238.0 277.1 466.1 187.8 357.0 233.9 302.0 282.4 2022/23 QI 356.1 369.2 385.0 263.8 332.8 480.3 229.7 394.3 247.6 322.9 303.2 QII 376.4 393.0 388.9 296.0 371.0 499.0 234.0 383.8 247.6 320.0 337.5 QIII 398.4 418.8 408.3 330.3 389.8 569.0 256.6 336.6 405.7 321.7 348.1 QIV 438.2 456.7 439.6 362.2 421.4 604.8 340.5 450.4 426.5 319.9 355.5 2023/24 QI 487.8 517.0 515.9 378.9 454.1 503.5 378.7 595.7 460.7 374.0 360.7 QII 520.95671 599.7 489 326.835 471.659 466 400.9 617.05 495.27603 324.859 370.0 QIII 544.47486 660.7 423 495.234 481.784 475 422.9 614.69 502.01723 363.654 384.3 Source: Ethiopian Statistical Service(ESS) AFAR

National Bank of Ethiopia Quarterly Bulletin 130 | Third Quarter 2023/24
Table 22 (F2): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Nonalcoholic
Beverages
Bread and
Cereals
Meat
Fish and Sea food
Milk, Cheese &
Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 2020/21 QI 200.0 238.1 194.3 0.0 187.6 142.7 188.0 181.9 119.5 208.1 143.3 QII 197.9 245.6 202.5 0.0 192.4 150.7 197.8 159.9 139.0 200.8 150.2 QIII 199.2 252.1 204.8 0.0 198.3 165.8 211.8 157.3 151.8 192.2 158.8 QIV 213.9 275.0 234.5 0.0 214.5 208.7 217.6 157.3 153.3 200.7 164.2 2021/22 QI 255.5 330.4 260.7 0.0 243.5 280.4 246.8 191.7 166.7 241.1 180.1 QII 264.5 321.7 263.5 0.0 252.4 329.1 271.9 199.4 233.5 258.8 203.0 QIII 279.3 331.8 278.4 0.0 266.2 422.7 274.2 191.6 234.6 272.1 245.6 QIV 302.6 359.5 309.1 0.0 313.5 384.7 287.3 222.1 201.2 291.8 283.8 2022/23 QI 344.3 415.3 374.2 0.0 355.0 487.6 349.4 246.3 247.3 315.8 297.9 QII 349.8 421.5 387.8 0.0 369.3 522.2 378.6 228.1 247.1 328.1 310.5 QIII 364.2 463.2 411.5 0.0 386.7 470.2 416.5 232.6 276.8 332.8 313.0 QIV 398.1 522.2 473.9 0.0 414.5 492.2 438.6 267.8 329.2 334.6 318.9 2023/24 QI 442.5 587.6 502.0 0.0 443.7 522.4 466.3 353.2 370.3 340.1 325.4 QII 479.3 660.3 509.7 0.0 455.3 535.5 510.0 403.8 357.4 351.9 330.7 QIII 508.9 707.1 525.0 0.0 464.5 502.6 546.4 430.3 401.0 393.4 333.4 Source: Ethiopian Statistical Service(ESS) AMHARA

National Bank of Ethiopia Quarterly Bulletin 131 | Third Quarter 2023/24
Table 22 (F3): Regional States' Consumer Price Index (Food)
December 2016= 100
Period
Food & Nonalcoholic Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 129.3 132.6 183.3 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 144.7 161.1 208.5 123.0 271.6 127.6 2020/21 QI 222.6 251.8 204.9 152.3 130.8 150.9 143.8 259.4 128.9 347.7 135.7 QII 220.5 261.9 220.9 143.8 122.0 167.3 143.0 220.1 150.5 335.3 153.8 QIII 217.6 248.2 213.4 155.3 113.6 174.3 203.4 214.4 160.3 367.4 153.1 QIV 233.9 261.6 251.3 166.8 122.3 203.1 227.2 213.5 159.1 446.7 154.4 2021/22 QI 289.1 353.3 300.9 178.3 132.2 199.5 187.8 250.2 156.5 589.0 191.3 QII 317.3 371.6 294.9 201.2 140.1 294.4 211.6 300.1 172.2 578.0 212.4 QIII 329.3 392.1 304.3 241.5 153.5 362.2 233.0 282.6 213.4 515.5 258.6 QIV 359.9 411.6 381.7 281.8 185.6 368.8 269.9 327.4 209.9 508.8 291.0 2022/23 QI 405.4 453.4 459.8 293.1 203.0 445.3 264.9 368.2 320.5 524.5 328.1 QII 422.3 489.6 458.0 352.0 198.0 496.6 301.8 365.7 279.6 528.4 349.3 QIII 426.9 504.4 479.0 361.1 227.0 464.5 429.9 369.3 328.1 534.4 321.1 QIV 463.6 551.9 519.4 345.7 246.0 524.9 451.0 405.7 377.1 562.0 326.9 2023/24 QI 584.9 801.9 525.4 483.1 263.1 616.2 435.0 519.7 435.4 650.1 354.7 QII 607.8 857.8 539.8 499.8 271.7 570.6 488.7 570.7 488.7 564.1 359.0 QIII 611.7 779.3 545.8 488.5 475.5 581.4 668.1 631.8 662.5 527.7 354.2 Source: Ethiopian Statistical Service (ESS) BENISHANGUL GUMUZ

National Bank of Ethiopia Quarterly Bulletin 132 | Third Quarter 2023/24
Table 22 (F4): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Non-alcoholic
Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 QII 204.1 210.4 210.1 160.0 171.3 150.7 190.9 205.5 126.1 367.7 153.7 QIII 215.4 224.1 212.3 183.6 178.8 186.4 215.6 192.7 136.1 466.1 149.9 QIV 233.7 241.3 236.6 182.0 207.8 185.3 205.8 196.9 135.0 605.4 153.7 2021/22 QI 279.8 299.2 262.0 202.6 245.4 245.7 198.0 205.5 135.0 829.8 168.8 QII 295.8 312.9 230.9 214.4 237.5 321.6 227.2 260.4 141.2 690.3 182.9 QIII 294.5 318.8 241.9 226.4 241.3 341.8 253.4 237.3 175.0 616.2 204.6 QIV 323.8 351.3 285.2 264.8 289.6 350.9 260.8 262.1 177.8 634.3 256.0 2022/23 QI 374.9 391.4 319.6 308.9 322.9 532.3 326.2 309.0 225.0 638.6 288.5 QII 402.8 439.3 357.0 355.1 334.2 570.8 326.3 311.5 225.0 631.2 311.1 QIII 426.0 488.3 357.0 369.3 347.3 579.2 383.6 319.0 258.3 605.5 309.7 QIV 478.8 538.1 396.5 356.5 376.2 584.1 374.9 421.6 337.4 624.5 307.3 2023/24 QI 508.8 551.9 425.8 354.2 399.0 576.7 352.4 505.9 343.2 640.9 326.9 QII 532.6 600.4 420.0 361.7 448.6 494.2 392.3 554.7 346.6 586.1 335.7 QIII 556.2 616.3 448.8 396.6 459.3 623.5 443.1 563.4 346.6 619.4 319.1 Source: Ethiopian Statistical Service (ESS) DIRE DAWA

National Bank of Ethiopia Quarterly Bulletin 133 | Third Quarter 2023/24
Table 22 (F5): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Nonalcoholic Beverages
Bread and Cereals
Meat
Fish and Sea food
Milk, Cheese &
Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 2020/21 QI 192.1 223.9 210.0 140.4 216.0 155.9 122.2 177.5 119.2 229.5 127.7 QII 190.6 216.1 208.0 140.4 210.4 172.2 127.6 169.6 134.4 237.1 145.1 QIII 203.3 224.1 228.8 150.0 205.6 192.5 200.5 197.3 145.0 242.9 145.9 QIV 217.9 247.5 246.0 154.7 221.2 248.9 184.2 196.9 159.9 231.2 154.7 2021/22 QI 260.9 331.5 272.9 172.2 249.6 349.1 175.2 192.0 189.7 242.1 195.3 QII 262.4 305.8 288.7 169.2 259.5 346.9 178.3 210.0 212.5 273.6 216.1 QIII 294.7 351.6 349.1 178.5 277.5 394.8 257.4 234.9 198.1 284.5 230.5 QIV 319.7 381.5 368.1 248.9 290.6 410.3 295.5 258.6 144.0 315.4 261.0 2022/23 QI 357.2 418.6 389.6 438.2 320.0 553.1 200.4 254.7 214.7 317.3 288.5 QII 367.1 392.9 423.7 479.6 334.9 559.1 250.7 284.5 233.8 350.0 318.3 QIII 391.2 429.0 442.6 503.6 367.1 537.1 308.7 332.5 260.7 337.1 285.1 QIV 424.9 494.3 493.3 469.3 371.4 539.5 413.6 359.6 318.0 350.8 290.1 2023/24 QI 462.1 583.9 527.7 386.1 403.3 516.1 419.3 391.1 343.2 354.2 292.3 QII 476.6 586.6 524.2 386.1 469.8 494.8 450.8 419.2 377.7 370.6 299.5 QIII 508.3 621.9 550.6 386.1 477.4 523.4 505.6 494.4 372.2 371.9 292.9 Source: Ethiopian Statistical Service(ESS) GAMBELLA

National Bank of Ethiopia Quarterly Bulletin 134 | Third Quarter 2023/24
Table 22 (F6): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Nonalcoholic
Beverages
Bread and
Cereals
Meat
Fish & sea food
Milk, Cheese &
Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 QII 192.4 219.6 180.5 0.0 180.0 118.6 185.7 192.7 159.1 201.6 126.2 QIII 193.2 223.3 183.8 0.0 187.2 118.5 217.7 174.3 159.9 208.2 134.0 QIV 214.3 242.9 216.5 0.0 223.7 121.6 248.8 196.2 154.5 241.3 139.1 2021/22 QI 249.1 286.8 238.9 0.0 243.9 187.5 221.7 190.6 178.0 408.8 154.1 QII 276.6 301.1 241.3 0.0 242.4 318.6 238.6 227.2 183.6 546.0 166.7 QIII 283.4 306.0 243.1 0.0 265.8 363.5 308.3 225.8 214.5 464.2 190.8 QIV 307.9 334.1 290.2 0.0 301.8 407.9 307.4 240.7 215.1 367.0 234.0 2022/23 QI 348.6 369.4 339.4 0.0 332.2 523.0 380.0 284.8 255.9 333.3 268.4 QII 362.1 400.5 357.0 0.0 324.6 555.9 371.8 262.5 255.9 328.8 281.5 QIII 381.4 434.6 385.9 0.0 329.2 510.9 461.9 266.3 287.5 343.1 298.1 QIV 426.3 457.9 451.6 0.0 330.4 514.8 423.1 411.8 454.4 341.4 282.0 2023/24 QI 458.3 518.4 424.7 0.0 331.2 574.6 412.3 439.6 434.9 348.0 305.6 QII 484.4 561.7 424.2 0.0 351.8 571.6 418.5 473.4 445.4 361.1 298.6 QIII 510.0 616.9 440.3 0.0 362.3 593.3 435.1 457.2 441.2 391.0 282.7 Source: Ethiopian Statistical Service(ESS) HARARI

National Bank of Ethiopia Quarterly Bulletin 135 | Third Quarter 2023/24
Table 22 (F7): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Non-alcoholic
Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 QII 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 2020/21 QI 187.6 217.7 174.3 0.0 166.3 102.3 187.4 225.3 84.9 194.7 145.3 QII 189.3 224.8 176.8 0.0 170.6 114.1 185.3 207.0 93.7 199.7 154.4 QIII 198.5 233.2 183.1 0.0 188.2 127.1 188.6 217.9 99.6 213.6 153.9 QIV 221.1 264.7 206.0 0.0 218.2 160.6 198.7 226.4 104.7 240.1 164.6 2021/22 QI 264.2 327.0 236.6 0.0 223.2 231.7 225.0 245.0 111.8 285.9 208.3 QII 271.6 338.1 238.3 0.0 218.7 222.5 245.3 246.5 126.7 299.4 233.7 QIII 287.3 339.5 247.5 0.0 256.5 246.6 250.6 268.1 141.8 297.6 274.4 QIV 319.9 361.2 293.6 0.0 305.4 299.9 263.3 302.3 150.7 318.3 314.6 2022/23 QI 355.4 407.4 331.9 0.0 320.9 383.2 328.9 311.6 168.4 328.9 358.5 QII 364.0 420.9 352.0 0.0 323.6 368.9 384.2 317.6 186.7 334.9 375.7 QIII 377.4 444.3 365.3 0.0 345.3 376.9 388.0 350.5 208.1 338.1 333.8 QIV 415.9 503.3 410.4 0.0 367.1 352.6 399.7 414.7 258.5 354.0 347.3 2023/24 QI 450.1 567.4 453.9 0.0 383.6 401.3 413.5 428.0 263.4 359.9 360.2 QII 470.8 614.1 470.9 0.0 398.0 356.0 423.1 460.2 272.5 377.7 357.5 QIII 502.1 651.4 487.3 0.0 431.8 355.5 417.7 539.4 293.3 395.8 331.2 Source: Ethiopian Statistical Service (ESS) OROMIA

National Bank of Ethiopia Quarterly Bulletin 136 | Third Quarter 2023/24
Table 22 (F8): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Nonalcoholic Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 QIII 211.6 226.9 206.7 0.0 197.5 177.1 211.0 206.2 150.1 219.0 178.2 QIV 246.9 279.0 236.0 0.0 221.5 214.3 227.7 225.0 153.6 258.7 200.5 2021/22 QI 291.3 337.9 267.9 0.0 250.9 268.8 239.9 251.2 160.0 345.0 259.6 QII 296.5 339.8 258.2 0.0 258.7 277.8 320.8 262.3 180.7 348.0 277.1 QIII 308.8 354.6 277.2 0.0 282.9 315.1 298.9 282.2 203.5 357.3 324.9 QIV 344.9 396.9 332.1 0.0 304.9 375.8 304.8 322.4 210.2 357.6 382.4 2022/23 QI 380.3 431.0 366.6 0.0 325.5 443.5 359.1 329.6 251.6 363.8 432.7 QII 394.8 437.6 380.2 0.0 345.3 467.7 403.5 345.6 274.9 367.1 429.5 QIII 411.5 470.8 395.4 0.0 379.9 441.4 440.9 403.1 361.9 377.8 450.8 QIV 448.3 516.3 437.4 0.0 408.2 453.0 462.6 421.9 383.4 375.9 414.9 2023/24 QI 460.8 564.5 474.2 0.0 415.9 465.8 466.7 453.6 393.9 372.3 440.4 QII 470.8 587.5 500.3 0.0 415.7 461.2 485.5 483.3 409.0 376.7 421.7 QIII 482.2 609.5 526.7 0.0 451.4 485.3 478.8 526.8 409.5 374.4 379.4 Source: Ethiopian Statistical Service (ESS) SNNPR

National Bank of Ethiopia Quarterly Bulletin 137 | Third Quarter 2023/24
Table 22 (F9): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Non-alcoholic
Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 2020/21 QI 166.3 183.0 185.8 0.0 142.5 133.1 145.3 263.0 116.6 208.6 133.3 QII 167.5 187.4 183.2 0.0 161.3 139.2 148.4 208.9 116.6 192.7 127.8 QIII 181.0 207.3 185.1 0.0 201.8 108.9 151.6 212.6 116.6 189.7 133.0 QIV 206.8 249.0 190.8 0.0 214.6 137.8 144.6 250.1 116.6 200.4 142.0 2021/22 QI 235.9 310.0 214.0 0.0 198.6 157.8 173.5 262.4 116.6 227.3 159.1 QII 257.4 333.4 228.0 0.0 221.4 197.9 170.6 303.0 116.6 266.2 171.8 QIII 260.8 332.3 256.8 0.0 237.4 197.9 182.7 312.1 116.6 255.9 179.4 QIV 287.2 353.8 276.4 0.0 318.2 197.9 189.2 345.5 116.6 286.9 195.4 2022/23 QI 333.1 418.7 327.8 0.0 387.1 197.9 236.5 391.7 116.6 308.0 223.1 QII 352.5 459.6 323.9 0.0 394.4 197.9 281.8 369.2 116.6 319.1 261.3 QIII 363.0 466.6 347.8 0.0 423.9 197.9 304.1 379.2 116.6 326.3 300.2 QIV 380.9 496.9 385.1 0.0 411.9 162.2 331.4 485.5 116.6 347.3 309.8 2023/24 QI 408.4 528.2 406.0 0.0 470.4 154.2 341.4 544.5 116.6 355.8 316.4 QII 455.1 601.1 436.8 0.0 507.2 159.6 354.9 632.5 116.6 375.6 346.3 QIII 467.4 624.6 441.8 0.0 509.5 166.9 373.8 620.5 116.6 397.1 374.2 Source: Ethiopian Statistical Service(ESS) SOMALI

National Bank of Ethiopia Quarterly Bulletin 138 | Third Quarter 2023/24
Table 22 (F10): Regional States' Consumer Price Index (Food)
December 2016= 100
Period
Food & Non-alcoholic
Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese & Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2021/22 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2022/23 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2023/24 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Ethiopian Statistical Service(ESS) TIGRAY

National Bank of Ethiopia Quarterly Bulletin 139 | Third Quarter 2023/24
Table 23 A1: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr)
Djibouti 3,735,439.1 3,502,027.2 3,422,940.0 5,013,370.7 8,971,437.9 6,412,804.1 Egypt 379,596.1 602,884.5 222,763.9 286,318.4 157,793.4 466,688.6 Ghana 57,554.1 18,798.4 19,029.4 50,862.8 60,573.1 18,499.9 Kenya 693,204.5 662,786.4 273,969.7 470,979.5 1,471,037.7 4,216,937.5 Libia - - - - - - Morocco 14,271.4 7,627.7 60,459.5 85,737.6 92,582.3 171,464.5 Nigeria 267,894.4 302,908.0 338,173.7 157,435.3 65,751.8 79,492.1 Ruwanda 134,233.8 4,579.0 43,122.8 6,902.4 8,309.0 5,342.8 Somali Land - - - - - - Somalia 6,745,127.6 7,180,188.1 5,963,824.1 13,782,154.5 14,344,822.0 6,301,990.3 South Africa 283,532.1 213,168.8 216,105.1 408,451.5 946,156.6 574,314.5 Sudan 2,560,191.8 1,732,344.2 2,893,902.1 3,420,125.6 4,427,003.8 3,945,185.2 Tanzania 10,846.1 28,426.6 99,256.8 8,006.8 11,526.3 3,152.4 Uganda 11,353.5 10,099.0 23,442.4 41,194.8 96,529.2 79,682.1 Zambia 83,656.4 11,008.3 149,686.8 2,915.9 3,946.9 47.8 Zembabwe 7,178.9 2,997.1 18,027.9 115,037.6 38,786.1 13,204.1 Others 1,221,482.3 1,330,556.9 6,723,137.4 4,474,290.7 1,511,672.7 3,992,412.9 Total 16,205,562.1 15,610,400.08 20,467,841.6 28,323,784.2 32,207,928.9 26,281,218.7 %Share Of Continent 21.9 19.7 18.0 16.5 15.7 14.1 Austria 6,572.3 2,199.9 678.3 3,248.0 9,338.1 34,965.1 Belgium 1,815,142.9 1,885,848.0 2,803,691.9 5,050,196.9 7,226,357.5 4,330,435.4 Bulgaria 91,753.3 80,097.1 96,294.6 147,290.7 150,621.7 191,128.3 Cyprus 17,019.5 14,580.4 16,821.9 - 16,485.7 10,989.9 Czech Republic 4,910.2 4,466.6 2,337.2 12,402.4 33,950.0 22,874.7 Slovakia 2,144.5 1,552.8 805.1 1,270.5 249.0 9,189.5 Denmark 25,631.4 32,806.9 32,645.8 41,439.0 53,458.0 118,625.2 Finland 110,724.0 91,036.7 118,222.5 140,201.3 196,585.8 135,187.8 France 717,334.7 751,487.7 789,673.0 1,577,024.4 1,997,864.2 1,880,683.7 Germany 4,217,307.3 4,135,208.4 4,523,931.9 9,829,924.3 13,142,188.6 7,582,026.6 Greece 186,258.5 230,314.9 146,873.3 384,503.7 349,639.4 513,592.4 Hungary 19,660.7 10,112.7 17,500.4 28,986.4 24,304.0 10,464.8 Ireland 13,537.1 17,485.0 4,780.1 5,271.1 20,997.4 9,892.6 Italy 1,442,089.8 1,359,779.2 1,494,410.9 2,608,263.8 4,196,415.2 3,329,995.5 Netherlands 5,256,676.3 7,828,660.8 11,179,122.0 13,729,201.1 21,554,570.4 19,184,980.8 Norway 162,162.0 312,830.2 374,409.1 454,761.5 841,926.4 608,891.6 Poland 18,237.2 23,765.7 24,019.7 43,840.5 61,614.9 224,652.3 Portugal 210,638.0 173,970.4 241,431.3 151,469.1 173,565.7 241,156.6 Rumania 20,038.6 11,055.3 19,221.3 28,389.0 49,520.0 78,177.9 Spain 406,304.2 513,868.4 521,805.4 781,071.6 857,371.7 642,085.9 Sweden 188,083.3 156,700.1 208,700.3 411,103.1 632,853.2 384,081.7 Switzerland 2,005,549.0 701,171.4 18,502,394.7 26,495,829.2 18,945,000.9 12,661,439.7 Turkey 1,163,249.4 1,066,064.8 1,163,636.0 1,608,316.9 1,267,476.2 2,787,049.5 Ukraine 27,800.3 42,717.8 56,395.9 244,549.4 11,761.6 33.3 United Kingdom 1,088,894.0 1,179,983.5 1,112,511.1 1,716,725.3 3,669,235.3 3,260,480.9 Russia 313,363.4 399,161.5 430,203.7 790,214.8 708,462.0 659,175.1 Yugoslavia - - - - - -
Others 466,267.8 1,105,005.9 1,255,152.2 4,310,849.5 1,435,834.9 744,594.4 Total 19,997,349.8 22,131,932.3 45,137,669.7 70,596,343.6 77,627,647.8 59,656,850.9 %Share Of Continent 27.0 28.0 39.8 41.1 37.8 31.9 Brazil 163.0 77.1 - 2,659.9 953.4 207.7 Canada 477,155.3 382,747.5 556,491.0 887,863.9 1,499,453.4 1,448,800.7 Cuba - - - - - - Mexico 103,708.1 120,383.8 74,524.9 100,733.9 26,602.7 18,177.8 United States 6,565,250.9 6,071,240.4 7,994,968.3 13,866,697.5 18,888,809.2 14,315,211.8 Others 682,316.7 2,744,376.7 1,374,096.1 1,904,718.3 137,247.9 719,026.6 Total 7,828,594.0 9,318,825.6 10,000,080.3 16,762,673.5 20,553,066.5 16,501,424.6 %Share Of Continent 10.6 11.8 8.8 9.8 10.0 8.8 China, Mainland 4,754,322.7 3,152,537.0 2,538,974.1 3,165,786.7 6,379,187.8 5,736,538.3 China, Taiwan 376,886.5 449,378.2 787,312.2 1,128,549.5 1,713,411.6 1,610,162.5 Hong Kong 394,923.7 254,788.1 552,168.0 929,506.3 1,138,000.7 1,117,954.7 India 1,743,919.5 2,978,534.4 1,511,613.3 3,720,285.1 4,003,815.5 7,303,008.4 Indonesia 990,066.8 750,329.4 931,170.3 1,333,044.1 1,074,764.0 1,281,964.7 Israel 2,801,566.2 3,184,293.1 2,919,321.9 3,916,368.0 5,244,807.2 5,650,375.4 Japan 2,711,869.3 3,564,930.5 3,350,803.2 4,505,082.1 7,153,510.5 6,183,714.9 N.Korea, Pdrk 12,521.0 2,846.0 464.9 20,085.1 12,069.5 56.1 S.Korea 1,242,317.8 1,440,765.2 2,190,959.0 3,534,663.2 6,397,024.9 6,336,915.2 Kuwait 94,016.2 123,712.4 141,617.2 341,216.4 323,638.6 284,855.9 Lebanon 61,491.5 65,805.5 37,592.1 64,149.9 157,086.6 148,193.4 Malaysia 29,316.4 64,445.6 230,619.0 586,190.5 889,477.2 649,121.7 Pakistan 304,739.1 61,784.5 688,547.0 365,279.1 863,874.3 2,012,500.5 Saudi Arabia 4,974,581.1 5,667,200.5 7,175,544.1 10,160,101.3 16,324,509.2 18,183,430.1 Singapore 227,603.6 955,530.0 1,608,022.8 2,273,631.4 2,367,537.3 3,963,422.6 Yemen 1,180,754.7 1,697,120.6 1,047,539.2 1,053,818.9 964,890.9 1,271,951.1 Thailand 152,740.6 121,436.1 28,623.0 32,965.4 157,764.3 228,134.3 UAE 3,093,574.6 3,695,524.5 5,430,018.1 7,212,096.8 10,951,018.7 10,085,864.1 Others 4,174,926.4 3,200,481.5 5,990,857.1 10,184,707.2 6,236,276.0 7,804,783.7 Total 29,322,137.8 31,431,443.1 37,161,766.5 54,527,526.9 72,352,664.9 79,852,947.6 %Share Of Continent 39.6 39.7 32.7 31.8 35.3 42.7 Australia 443,828.2 516,438.5 528,841.3 1,122,336.2 1,572,759.9 1,400,004.0 Others 181,580.2 122,034.7 197,213.0 404,333.7 227,434.6 180,362.7 Total 625,408.4 638,473.2 726,054.2 1,526,669.9 1,800,194.5 1,580,366.8 %Share Of Continent 0.8 0.8 0.6 0.0 0.9 0.8 Unspecified 628,040.5 3,068,704.1 Grand Total 73,979,052.1 79,131,074.3 113,493,412.3 171,736,998.2 205,169,543.1 186,941,512.6 Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Customs Commission Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia 2023 Africa Europe America Asia Oceania 2018 2019 2020 2021 2022 Source: Ethiopian Customs Commission Continents Country of Destination

National Bank of Ethiopia Quarterly Bulletin 140 | Third Quarter 2023/24 (In thousands of Birr ) Djibouti 4,050,783.9 13.9 1,374.8 14,392.9 642,854.3 2,266,288.6 11,043,674.1 28,152,472.80 19,682,606.03 Egypt 11,128.5 4,071,335.1 4,346,257.9 8,437,358.5 6,033,339.4 10,410,681.4 17,728,657.1 49,050,712.14 55,039,107.17 Ghana 738,056.4 2,514.6 9,412.4 3,362.3 5,384.8 24,816.0 29,743.2 50,796.57 19,978.14 Kenya 738,056.4 676,008.7 835,401.2 1,028,955.8 2,216,326.1 1,895,402.8 3,136,327.1 7,113,057.42 4,725,954.44 Libya - 2.3 0.7 - - - - - - Nigeria 220,674.6 45,219.0 940,652.6 97,234.5 3,924.2 4,438.6 21,952.0 3,293.43 3,166,759.25 Ruanda 32.9 68,067.4 731.4 354.6 929.2 4,365.6 1,256,479.2 1,730,827.32 181,091.44 Sudan 2,192,155.2 1,549,332.4 2,467,773.4 2,411,817.5 2,512,810.8 2,313,690.9 184,428.2 208,365.12 375,737.67 Tanzania 132,600.2 103,133.2 44,692.5 67,959.8 141,184.8 137,235.5 16,755.9 50,309.99 306,456.17 Uganda 7,381.5 6,962.2 5,846.1 18,620.8 14,951.7 78,110.9 98,520.6 164,270.56 258,019.04 Zambia 482.3 11,160.1 9,857.4 8,308.6 14,692.0 9,814.4 7,075.4 50,424.30 15,338.40 Others 8,224,429.0 8,258,583.7 13,223,694.2 13,817,153.2 15,946,009.4 20,369,845.5 29,387,714.9 71,838,497.29 74,356,823.03 Total 15,584,248.5 14,792,332.6 21,885,694.7 25,905,518.3 27,532,406.5 37,514,690.3 62,911,327.7 158,413,026.93 158,127,870.78 Austria 1,027,145.6 1,604,322.8 1,485,372.3 1,036,295.5 1,073,524.5 630,258.4 650,445.3 259,877.34 816,593.23 Belgium 5,435,019.7 5,044,164.5 4,151,772.7 5,753,624.6 8,634,959.5 5,848,999.6 9,163,579.4 5,179,586.93 3,465,996.64 Bulgaria 1,537,581.6 683,870.1 905,021.2 520,586.6 1,261,450.1 411,435.9 1,346,192.7 1,820,015.42 523,502.29 Cyprus 115,078.1 117,156.1 137,993.8 137,000.0 223,774.3 165,931.3 523,781.7 292,873.92 366,093.80 Czechoslovakia (former name) 276,843.1 531,941.0 561,777.1 725,051.0 595,259.1 481,128.9 485,046.1 461,548.28 770,932.41 Czech republic 236,047.0 441,959.6 531,412.2 591,755.2 521,779.0 448,591.6 372,216.5 307,686.49 532,379.61 Slovakia 40,796.1 89,981.4 30,364.9 133,295.8 73,480.1 32,537.3 112,829.5 1,280,925.43 1,379,450.05 Denmark 694,246.2 715,981.1 537,217.7 1,200,810.1 1,249,496.7 1,479,672.1 1,592,371.6 937,055.73 923,894.98 Finland 155,906.3 350,087.1 808,559.9 302,979.1 194,563.8 109,262.7 537,595.1 6,847,584.32 9,639,287.86 France 3,823,770.8 4,684,217.9 4,431,486.0 5,270,635.7 4,410,731.7 8,664,554.7 8,372,869.0 8,696,403.04 8,152,294.20 Germany 6,806,205.2 7,859,546.7 5,771,781.8 8,546,015.1 9,385,651.8 9,242,912.0 8,002,879.3 189,061.23 412,407.81 Greece 405,742.7 528,971.4 419,409.9 175,760.4 187,627.4 209,094.9 302,386.0 759,651.88 1,164,067.42 Hungary 490,887.6 530,673.3 325,514.2 426,822.1 378,765.9 513,225.0 1,095,652.0 1,517,853.80 2,472,479.81 Ireland 716,987.1 775,362.0 914,646.1 1,052,153.7 1,368,277.1 1,103,439.6 1,621,077.3 10,479,668.03 11,000,123.81 Italy 10,476,893.6 15,784,350.7 15,601,881.7 10,859,889.2 8,322,257.7 10,773,755.9 11,506,882.9 5,174,951.74 5,869,563.05
Netherlands 4,604,402.8 3,982,518.3 5,161,373.9 6,435,861.3 7,062,343.8 3,274,060.8 6,266,430.6 226,370.81 325,777.04 Norway 79,266.8 162,289.4 84,019.0 99,508.3 87,383.6 187,565.8 156,031.9 1,892,760.38 1,615,729.97 Poland 735,144.5 2,284,185.2 874,973.5 808,251.5 1,085,160.2 1,456,189.1 1,198,760.2 285,601.75 362,038.91 Portugal 318,933.8 243,435.8 332,054.0 267,455.3 379,815.9 243,893.1 500,387.6 1,371,788.85 2,046,126.56 Rumania 443,410.0 4,500,592.8 2,236,388.5 3,373,800.2 2,721,518.9 1,126,385.7 3,792,996.8 2,238,456.27 3,266,156.73 Spain 2,783,107.6 2,871,957.4 3,311,894.0 1,680,175.3 2,455,395.0 2,235,461.3 3,242,302.4 1,019,841.98 1,042,807.27 Sweden 13,232,214.3 9,427,026.6 1,154,426.4 938,218.8 1,884,142.5 1,169,306.1 771,149.2 1,744,006.40 2,551,348.25 Switzerland 1,194,286.5 1,223,807.0 1,465,077.7 1,215,947.3 2,087,148.6 2,463,804.1 2,139,347.0 52,066,001.23 34,364,366.93 Turkey 10,918,514.7 12,682,665.1 14,296,491.7 16,710,238.8 17,683,063.8 28,321,826.8 36,627,248.5 15,703,420.56 4,368,414.82 United kingdom 3,863,439.0 4,557,294.9 4,709,876.8 8,281,310.1 9,569,003.6 8,604,611.7 8,544,021.3 10,592,739.48 18,163,794.80 Russia 1,745,182.4 3,579,267.5 1,245,806.0 3,568,472.1 3,009,797.2 1,759,881.9 8,793,976.3 2,263,047.73 1,214,893.64 Yugoslavia - 0.0 0.3 - - - - - - Other 4,458,373.1 5,279,114.8 3,938,166.3 5,411,755.1 10,222,903.5 10,641,686.1 27,658,037.9 2,037,569.30 6,768,266.55 Total 76,338,583.3 90,004,799.4 74,862,982.4 84,798,617.1 95,534,016.3 101,118,343.6 144,891,448.1 135,646,348.35 123,578,788.44 Brazil 1,083,673.4 1,475,502.6 4,488,842.1 2,226,255.8 716,227.8 1,347,349.3 1,259,094.7 1,478,169.50 3,430,004.60 Canada 753,274.2 1,451,315.7 1,353,867.2 2,042,114.6 1,744,497.1 2,325,081.5 1,231,140.4 3,853,837.71 1,659,932.36 Cuba 3,976.4 1,294.5 15,130.0 1,851.3 2,641.6 2,031.7 1,812.8 852.11 1,874.07 Mexico 159,440.1 126,433.0 249,402.2 204,860.2 224,104.3 284,611.6 354,523.8 1,185,513.34 704,101.83 United states 18,383,911.5 28,006,664.4 30,200,872.0 43,410,573.0 25,735,703.1 28,278,445.3 50,946,210.6 50,924,527.65 45,612,153.77 Others 684,766.3 303,572.4 201,799.7 270,818.2 386,632.9 4,160,665.7 4,479,859.0 7,380,503.98 3,692,756.77 Total 21,069,041.8 31,364,782.7 36,509,913.2 48,156,473.2 28,809,806.7 36,398,185.0 58,272,641.5 64,823,404.29 55,100,823.40 China, mainland 127,862,137.6 112,557,147.3 107,569,979.9 108,861,577.7 113,000,343.3 119,518,584.0 134,767,597.7 182,720,391.36 220,935,690.84 China, Taiwan 1,427,654.5 1,106,997.8 1,297,890.5 1,284,754.0 2,229,952.5 2,336,180.0 2,519,446.3 1,513,510.90 1,079,963.69 Hong Kong 276,928.2 1,370,238.4 2,768,923.7 842,521.2 182,565.5 1,165,685.5 199,754.6 278,408.96 3,716,289.75 India 24,344,942.9 28,557,164.8 24,233,274.2 30,907,887.7 36,796,683.5 51,369,798.5 103,243,911.1 120,018,663.66 88,963,695.23 Israel 614,145.1 548,689.5 1,792,675.0 616,386.7 711,291.6 592,680.2 743,319.8 1,074,811.97 895,285.22 Japan 15,185,118.0 14,472,925.3 14,722,312.6 11,330,510.1 9,260,462.8
3,990,031.8 3,886,893.6 3,623,962.71 6,112,844.83 N.korea, pdrk 107,552.8 91,536.9 531,235.1 48,542.2 529,388.8 116,388.0 44,456.0 92,270.00 14,939.93 S.korea 4,962,100.1 3,961,888.7 5,588,986.2 5,048,443.2 4,835,162.6 6,559,501.4 10,517,267.1 6,906,383.37 7,553,543.16 Kuwait 13,326,143.0 13,519,748.9 22,424,256.5 43,310,223.7 46,876,977.5 12,333,071.7 36,139,876.7 46,117,801.75 28,168,501.41 Lebanon 167,754.4 106,810.2 842,739.1 44,331.3 40,490.3 26,980.9 55,135.9 357,813.04 90,611.42 Malaysia 3,588,092.8 6,251,135.7 7,515,151.6 10,079,304.3 5,928,016.9 10,744,285.1 37,955,879.4 40,451,782.47 21,618,188.28 Pakistan 1,011,155.3 746,091.4 1,937,665.6 2,555,083.2 814,628.1 1,261,370.2 2,749,543.4 1,810,973.39 2,972,301.73 Saudi arabia 10,284,257.6 6,497,893.0 12,937,477.5 6,956,990.3 10,277,787.4 12,108,482.4 24,640,270.4 99,277,034.57 74,992,135.29 Singapore 323,455.3 516,905.1 446,466.6 420,391.9 1,526,703.7 9,665,483.2 1,902,125.0 642,505.59 1,743,827.13 Yemen 132,071.4 91,481.4 434,498.0 51,446.3 67,926.9 115,865.8 113,975.5 343,400.08 145,815.16 Thailand 3,079,839.3 2,977,140.6 4,782,068.8 4,745,788.4 3,287,134.1 5,217,010.0 6,020,437.8 6,784,566.55 6,010,545.78 Others 23,628,191.8 26,809,721.3 35,575,126.7 33,814,176.7 34,876,835.4 45,287,736.4 69,549,459.2 95,717,714.90 131,001,958.09 Total 230,321,540.1 220,183,516.4 245,400,727.6 260,918,358.8 271,242,350.8 282,409,134.9 435,049,349.5 607,731,995.27 596,016,136.94 Australia 215,659.7 327,371.5 471,334.6 236,354.3 183,256.3 454,217.0 1,050,857.8 585,136.25 369,179.83 Others 120,412.3 136,368.6 - 125,049.3 134,316.0 156,031.4 147,274.5 137,640.97 327,867.76 336,072.0 463,740.1 471,334.6 361,403.5 317,572.3 610,248.4 1,198,132.3 722,777.21 697,047.60 343,649,485.7 356,809,171.2 379,130,652.5 420,140,371.0 423,436,152.7 458,050,602.2 702,322,899.1 967,337,552.07 933,520,667.16 Source: Ethiopian Customs Commission Grand Total America Asia Oceania Total Europe 2020 2021 2022 2023 Africa 2015 2016 2017 2018 2019
Table 23 A2: Ethiopia: Direction of External Trade: IMPORT
Continents Country

National Bank of Ethiopia Quarterly Bulletin 141 | Third Quarter 2023/24 (In Millions of USD) Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import E F G H I J K L M N O P Q R S=Q/I T=R/J Djibouti 32.6 144.5 61.2 128.5 28.5 112.0 29.0 78.3 29.1 83.3 31.2 87.4 32.2 101.3 12.9 (9.5) Egypt 0.6 290.8 0.8 127.1 1.5 259.5 2.7 245.4 2.5 226.4 1.8 276.3 2.4 214.7 59.5 (17.3) Ghana 0.2 0.2 0.1 0.2 0.1 0.2 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.0 (15.4) (91.7) Kenya 8.8 31.6 8.7 36.5 24.3 17.7 19.7 26.8 13.1 15.3 20.6 26.6 28.6 25.1 17.7 41.4 Libia - - - - - - - - - - - - - - - Morocco 0.9 0.1 0.2 148.0 0.1 300.5 0.9 376.8 1.2 207.0 0.5 223.7 1.9 431.5 1,871.8 43.6 Nigeria 0.3 0.0 0.3 0.0 0.4 0.1 0.5 0.4 0.3 57.4 0.3 0.0 0.2 38.9 (36.1) 54,957.1 Ruwanda 0.0 19.7 0.0 13.2 0.0 3.3 0.0 0.5 0.0 1,139.5 95,305.7 Somali Land - 0.0 - 0.0 - - - 0.1 - 0.1 - 1.0 - 0.0 - Somalia 65.8 - 41.0 - 40.9 - 23.1 - 22.4 - 30.5 - 30.1 - (26.4) South Africa 8.4 46.8 1.5 72.2 2.5 55.7 4.0 88.0 1.9 32.7 2.0 63.1 3.5 24.0 42.5 (56.9) Sudan 14.2 0.6 25.8 0.6 22.3 0.8 13.2 2.0 18.6 2.6 16.8 1.4 28.8 3.4 29.4 309.1 Tanzania 0.0 0.2 0.1 0.0 - 0.5 0.1 0.3 - 0.3 0.0 4.4 - 0.3 - (30.8) Uganda 0.8 1.4 0.4 0.5 0.3 0.6 0.6 0.5 0.3 1.2 0.2 2.5 0.5 1.2 90.2 124.3 Zambia 0.0 0.4 0.0 0.3 0.0 0.0 - 0.2 - 0.0 - 0.1 - - Zembabwe 0.0 0.6 0.0 - 0.1 - 0.0 0.6 0.0 1.1 0.1 0.4 0.0 0.6 (81.8) Others 6.6 88.7 9.4 7.3 22.9 4.2 19.4 4.9 19.5 1.4 8.1 2.6 4.4 1.3 (81.0) (68.9) Total 139.2 625.5 149.6 534.5 143.9 751.8 113.3 827.7 109.0 629.7 112.1 689.5 133.3 842.3 (7.4) 12.0 %Share Of Continent 14.25 13.74 19.23 11.87 16.48 17.96 11.44 21.18 13.08 15.26 14.54 14.18 14.37 19.25 Austria 0.0 2.4 0.0 1.2 0.1 6.9 0.2 2.7 0.2 3.4 0.2 2.1 - 2.1 (100.0) (69.6) Belgium 45.9 22.6 18.1 43.7 17.2 18.2 24.8 10.2 21.5 9.2 20.6 25.6 30.1 9.4 75.2 (48.6) Bulgaria 0.4 0.3 0.5 3.8 1.0 1.5 0.7 5.1 1.2 2.1 0.6 0.9 0.9 1.6 (5.8) 6.4 Cyprus - 1.7 - 0.6 - 0.9 - 1.9 0.2 1.4 - 2.5 - 1.4 56.9 Czech Republic 0.1 2.4 0.1 3.1 0.1 4.4 0.1 2.1 0.1 5.6 0.0 2.0 0.1 2.0 (42.4) (53.6) Slovakia - 1.3 - 0.6 0.0 2.9 0.1 3.2 - 1.9 0.1 1.8 0.1 0.3 121.6 (89.0) Denmark 0.2 5.1 0.1 7.6 0.4 4.2 0.9 7.7 0.8 5.0 0.1 8.3 0.8 7.2 113.2 70.4 Finland 0.0 6.6 0.0 4.3 0.3 13.9 2.2 1.3 0.0 0.4 0.0 1.5 1.2 7.7 346.5 (44.4) France 10.7 38.0 6.1 44.2 6.5 55.4 12.2 30.4 9.3 55.7 7.7 35.2 9.1 49.7 41.1 (10.3) Germany 77.0 37.9 38.7 46.5 39.4 30.6 48.1 46.5 30.5 34.5 22.9 37.5 21.5 57.4 (45.4) 87.7 Greece 1.5 0.5 0.6 0.2 1.2 3.3 2.8 1.7 3.1 1.6 2.2 1.0 3.0 1.5 151.9 (55.2) Hungary 0.0 1.5 0.0 7.8 0.0 5.5 0.1 7.5 0.1 4.4 0.0 3.9 0.1 4.1 1,992.2 (26.9) Ireland 0.3 5.5 0.0 8.7 - 35.3 0.2 4.2 - 2.5 0.0 3.9 0.0 2.6 (92.6) Italy 20.4 62.7 11.2 53.3 15.7 32.2 22.2 57.0 14.4 56.0 8.2 55.8 22.6 33.2 43.8 3.1 Netherlands 120.9 35.1 85.1 13.8 101.7 36.5 90.6 18.7 79.2 31.1 77.6 21.3 86.2 16.3 (15.2) (55.2) Norway 4.6 0.8 3.2 1.6 3.5 2.5 3.4 2.0 2.3 0.5 2.3 1.0 2.3 0.6 (33.8) (73.7) Poland 0.4 10.2 0.1 9.5 1.4 7.8 1.5 6.1 1.2
6.5 0.5 9.1 0.5 2.5 (63.0) (68.0) Portugal 0.9 2.0 0.8 1.3 1.1 0.5 1.6 4.9 0.8 0.6 0.9 0.6 1.5 2.2 28.6 309.1 Rumania 0.2 17.1 0.5 6.4 0.3 4.7 0.5 0.4 0.7 31.3 0.1 1.1 0.1 17.3 (44.4) 265.6 Spain 3.0 12.2 2.5 14.6 3.0 11.0 3.8 19.2 4.0 15.4 1.1 14.2 2.9 13.0 (3.5) 18.4 Sweden 3.6 2.1 2.0 6.8 1.7 1.1 1.4 7.6 2.2 6.6 1.6 3.8 1.5 2.5 (15.1) 126.3 Switzerland 51.1 4.1 52.8 21.6 47.4 33.6 47.7 5.8 79.6 2.7 86.1 5.2 111.0 2.7 134.2 (92.0) Turkey 5.9 308.5 5.8 224.0 16.0 105.3 11.8 115.8 7.0 142.6 14.7 262.3 22.2 162.9 39.4 54.6 Ukraine - 68.1 0.0 88.3 0.0 36.0 - 38.2 - 2.1 0.0 4.6 0.1 1.4 10,997.0 (96.2) United Kingdom 19.5 66.6 17.5 63.4 15.7 50.5 17.9 19.1 14.2 55.1 12.5 204.2 11.4 90.0 (27.5) 78.0 Russia 5.3 1.3 3.7 28.2 4.6 4.5 3.1 0.6 0.9 0.2 3.6 16.7 5.5 57.3 18.1 1,177.6 Yugoslavia - - - - - - - - - - - - - - - Others 18.3 7.6 1.7 20.8 3.9 4.6 3.8 11.6 2.4 4.2 2.5 100.6 2.8 1.5 (29.2) (66.7) Total 390.4 724.1 251.2 725.8 282.2 514.1 301.6 431.3 275.9 483.5 266.1 826.8 337.7 550.5 19.6 7.1 %Share Of Continent 39.95 15.91 32.29 16.11 32.31 12.28 30.47 11.04 33.11 11.72 34.53 17.00 36.42 12.58 Brazil - 12.6 0.0 9.7 - 1.1 - 1.6 0.0 12.8 - 46.4 0.1 74.1 - 6,394.2 Canada 5.8 8.1 9.6 8.3 7.1 22.3 7.7 2.5 6.7 1.8 5.1 4.0 5.5 3.6 (23.1) (83.7) Cuba - - - 0.0 - - - 0.0 - - - 0.0 - 0.0 - Mexico 0.1 11.7 0.1 3.5 0.0 5.5 0.1 1.2 0.0 2.3 0.2 3.9 0.2 1.6 624.5 (70.1) United States 77.4 258.3 72.9 297.2 62.8 258.9 103.6 246.0 67.4 133.0 36.4 199.9 56.7 133.2 (9.7) (48.5) Others 0.5 3.1 0.9 21.5 1.8 15.9 0.9 15.4 4.8 2.0 4.7 33.0 4.6 1.6 158.9 (89.8) Total 83.9 293.8 83.6 340.3 71.7 303.9 112.2 266.6 78.9 152.8 46.4 287.2 67.0 214.3 (6.5) (29.5) %Share Of Continent 8.58 6.45 10.75 7.56 8.21 7.26 11.34 6.82 9.47 3.70 6.02 5.91 7.23 4.90 China, Mainland 34.5 869.6 17.5 941.4 16.6 790.4 37.8 995.0 27.3 1,156.5 25.9 1,098.3 25.9 1,021.9 55.5 29.3 China, Taiwan 7.7 3.2 3.8 7.0 4.4 7.2 14.9 5.7 7.0 4.1 4.2 2.9 6.9 3.7 56.6 (49.2) Hong Kong 6.5 0.6 4.4 0.5 4.0 0.7 3.8 3.6 6.6 1.1 6.1 61.4 7.5 2.3 85.0 205.9 India 10.6 495.7 19.2 632.2 45.7 468.2 31.3 341.4 25.9 414.2 29.0 405.8 25.0 448.4 (45.4) (4.2) Indonesia 3.9 67.7 4.3 70.3 7.2 74.7 4.5 87.4 7.1 102.8 5.2 127.9 4.2 68.9 (41.5) (7.7) Israel 23.0 7.5 25.0 2.6 34.2 2.5 29.5 3.9 17.0 3.2 23.3 6.8 34.8 2.8 1.9 12.8 Japan 28.0 21.9 22.9 18.0 17.9 26.3 42.6 24.3 36.4 39.1 18.9 22.3 26.8 21.6 50.0 (18.1) N.Korea, Pdrk 0.0 0.2 - 0.3 0.0 0.0 - 0.1 - 0.2 - - 0.0 0.1 (91.3) 1,586.6 S.Korea 33.3 28.4 20.9 26.4 17.9 35.5 37.4 35.5 45.5 31.1 20.5 36.3 23.5 21.9 31.4 (38.3) Kuwait 1.5 181.1 1.8 100.5 0.8 374.6 1.6 0.0 1.5 146.8 1.2 1.0 2.0 0.1 147.1 (100.0) Lebanon 0.9 1.6 0.5 1.0 0.9 0.4 0.3 0.6 0.8 0.3 0.7 0.4 1.3 0.3 42.6 (15.9) Malaysia 3.5 175.7 2.5 210.7 2.4 95.5 5.0 71.3 2.3 75.9 2.3 151.8 1.2 112.7 (52.3) 17.9 Pakistan 1.6 7.9 2.6 5.8 3.2 12.2 9.7 8.6 15.3 9.0 8.9 24.6 12.5 13.0 285.9 7.3 Saudi Arabia 72.4 577.5 85.8 401.1 88.4 241.3 78.1 241.7 86.7 267.0 78.7 617.3 74.8 215.0 (15.4) (10.9) Singapore 15.2 1.7 11.1 1.1
27.7 1.4 16.3 4.2 13.8 21.9 15.8 4.3 19.5 4.0 (29.8) 181.0 Yemen 1.8 - 3.4 0.5 5.7 0.5 4.6 1.3 7.0 0.9 6.8 - 4.7 0.2 (16.8) (58.4) Thailand 0.6 27.7 0.2 37.1 2.7 46.1 0.6 23.6 0.6 22.8 0.6 18.0 - 69.2 (100.0) 50.1 UAE 63.2 346.4 37.1 347.2 46.5 372.2 52.0 371.0 33.1 305.0 47.2 278.0 72.5 613.4 56.0 64.8 Others 31.7 91.5 23.2 97.7 44.6 63.2 36.7 159.9 25.7 135.3 35.2 199.2 42.0 148.3 (5.8) 134.9 Total 340.1 2,905.8 286.3 2,901.4 371.0 2,612.7 406.9 2,379.1 359.5 2,857.4 330.6 3,056.1 385.1 2,767.6 3.8 5.9 %Share Of Continent 34.81 63.84 36.80 64.42 42.47 62.42 41.10 60.89 43.14 69.24 42.89 62.84 41.54 63.24 Australia 10.2 2.1 6.8 1.8 4.4 2.0 9.2 0.7 8.8 1.6 4.3 2.4 3.8 1.2 (11.9) (41.1) Others 1.3 0.7 0.4 0.2 0.3 0.9 1.1 1.7 1.3 1.8 0.7 1.5 0.3 0.4 12.9 (58.6) Total 11.5 2.8 7.2 2.0 4.6 2.9 10.3 2.4 10.1 3.5 5.0 3.9 4.1 1.6 (10.6) (46.4) % Share Of Continent 1.18 0.06 0.92 0.05 0.53 0.07 1.04 0.06 1.21 0.09 0.65 0.08 0.45 0.04 Unspecified 12.0 - - - 45.6 - - - 10.5 - - - Grand Total Grand Total 977.0 4,552.0 778.0 4,503.9 873.5 4,185.4 990.0 3,907.2 833.4 4,126.9 770.7 4,863.6 927.2 4,376.3 6.1 4.6 Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise
All import data are updated based on revised data from the Ethiopian Customs Commission Oceania:
QII QIII
Africa:
Europe:
America:
Asia:
QI QII QIII QIV QI
2022/23 2023/24
Percentage Change
Table 23B: Direction of Trade
Country of Origin

National Bank of Ethiopia Quarterly Bulletin 142 | Third Quarter 2023/24 Coffee Oil Seeds Leather and Leather Productsa Pulses Meat & Meat Prodts. Fruits & Veget. Wheat Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton January 8,743.0 18,336.9 175.8 46,729.8 878.2 15,413.7 6.0 0.3 - 662.6 2,621.0 - 18.1 23.6 - February 17,162.0 20,703.6 110.2 56,294.0 886.9 14,788.1 0.8 0.2 - 1,541.5 2,179.9 - - 132.1 - 2022/23 March 19,642.9 15,869.8 142.1 56,272.1 923.0 15,934.2 0.1 0.3 - 168.7 1,988.0 - - 753.9 - QIII 45,548.0 54,910.3 428.1 159,295.8 2,688.1 46,136.0 6.9 0.8 - 2,372.9 6,788.9 - 18.1 909.5 - April 17,608.1 11,217.9 98.9 29,860.7 776.2 16,793.5 - 0.2 - 381.6 1,568.0 - - 255.6 - May 27,503.0 14,825.6 126.8 42,310.7 674.3 20,894.8 0.0 0.3 - 894.0 1,264.9 - - 279.7 - June 32,810.4 13,433.9 123.6 41,298.8 882.2 12,762.3 62,478.9 - 0.3 - 811.2 1,432.6 - 18.0 5.5 - Qtr IV 77,921.5 39,477.4 349.3 113,470.2 2,332.7 50,450.7 62,478.9 0.0 0.8 - 2,086.7 4,265.4 - 18.0 540.8 - July 22,799.2 7,920.2 116.7 35,849.6 843.5 12,604.7 - - 0.3 - 6,281.3 1,368.0 - 18.0 3.4 - August 27,183.0 5,729.4 182.0 37,737.1 729.9 21,343.0 - - 0.4 - 1,911.3 1,542.4 - 18.0 400.0 - September 17,791.8 4,046.3 168.0 36,237.4 642.0 15,590.3 - - 0.3 - 2,606.9 1,354.3 - 18.0 8.2 - Qtr I 67,774.1 17,695.9 466.7 109,824.2 2,215.4 49,538.0 - 0.9 - 10,799.5 4,264.8 - 54.0 411.6 - October 20,138.1 4,910.9 121.2 42,879.3 670.0 16,096.6 - - 0.2 - 1,779.8 1,343.9 - - 8.9 - November 16,325.2 11,862.9 146.7 35,516.5 972.6 19,444.5 - - 0.3 - 2,721.8 1,533.5 - - 11.6 - December 13,982.8 27,211.8 72.1 31,007.6 789.8 17,521.7 - - 0.5 - 4,651.8 1,751.1 - - 29.7 - Qtr II 50,446.1 43,985.6 340.0 109,403.4 2,432.4 53,062.8 - 1.0 - 9,153.4 4,628.5 - - 50.2 - January 13,256.9 38,197.1 143.0 27,281.0 751.8 16,381.9 - - 0.4 - 4,764.2 1,843.3 - 38.0 34.4 - February 19,353.1 27,017.8 158.4 31,258.0 1,019.8 21,389.9 - - 0.4 - 3,392.5 1,499.8 - - 13.7 - March 24,187.2 22,412.8 63.6 31,208.8 1,293.0 15,867.4 - - 0.4 - 3,572.5 1,158.5 - 18.0 - - Qtr III 56,797.2 87,627.7 364.9 89,747.8 3,064.6 53,639.2 - 1.1 - 11,729.1 4,501.6 - 56.0 48.1 - January 2,664.0 2,439.4 0.3 - - - - - 8,954.6 222.5 563.4 10,379.9 128,800.8 23.6 93,608.92 February 3,179.8 5,503.8 66.2 - - - 1.0 - 9,647.9 274.3 715.1 9,460.2 344,864.2 132.1 113,799.40 2022/23 March 3,258.2 7,333.3 75.0 - - - 1.1 - 9,246.0 263.1 313.3 10,928.6 244,903.3 753.9 111,695.12 QIII 9,102.0 15,276.4 141.4 - - - 2.1 - 27,848.6 759.9 1,591.9 30,768.8 718,568.3 909.5 319,103.44 April 2,083.3 3,542.2 31.0 - - - - - 10,285.2 274.9 298.6 6,429.9 124,691.5 255.6 78,560.62 May 2,192.9 6,017.4 84.0 - - - - - 8,004.1 295.2 442.4 12,543.6 91,104.5 279.7 108,774.09 June 2,356.5 3,891.8 0.0 - - - 0.1 - 7,797.1 602.9 687.4 10,342.6 102,010.2 5.5 166,057.70 Qtr IV 6,632.7 13,451.3 115.0 - - - 0.1 - 26,086.4 1,173.0 1,428.4 29,316.2 317,806.2 540.8 - 353,392.41 July 2,401.3 445.9 30.0 - - - 0.0 - 7,255.9 411.6 466.5 8,568.0 111,766.0 3.4
87,804.90 August 3,381.4 3,044.3 237.1 - - - 5.0 - 8,225.8 353.4 1,245.7 9,279.6 129,073.7 400.0 96,776.46 September 2,820.7 1,488.6 30.0 - - - 0.7 - 8,181.7 184.2 769.8 8,465.4 118,209.1 8.2 78,463.57 Qtr I 8,603.4 4,978.9 297.1 - - - 5.7 - 23,663.4 949.3 2,482.0 26,313.1 359,048.9 411.6 263,044.93 October 3,101.1 4,649.5 28.7 - - - 1.0 - 7,275.1 373.9 652.8 7,480.1 105,750.9 8.9 87,948.94 November 2,575.4 1,965.7 14.0 - - - - - 7,980.7 174.8 773.6 6,490.0 119,042.3 11.6 88,535.56 December 1,600.7 244.7 60.0 - - - 0.0 - 8,035.6 212.0 338.9 7,173.6 178,987.6 29.7 97,018.84 Qtr II 7,277.2 6,859.9 102.7 - - - 1.0 - 23,291.5 760.7 1,765.2 21,143.7 403,780.8 50.2 273,503.33 January 2,779.6 274.8 27.0 - - - 2.1 - 8,556.8 237.9 394.5 6,616.7 175,836.0 34.4 102,691.97 February 2,412.9 3,310.3 76.8 - - - 0.2 - 8,441.3 331.1 690.3 7,107.5 165,468.6 13.7 105,103.26 March 2,267.6 2,818.4 44.0 - - - 5.0 - 8,057.8 271.8 931.2 5,982.8 160,300.5 - 99,782.13 Qtr III 7,460.1 6,403.5 147.8 - - - 7.3 - 25,055.9 840.8 2,016.0 19,706.9 501,605.1 48.1 307,577.36 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Electricity(in '1000' kwh) Others* Re-Exports Grand Total*
Table 24 (continued):
Natural
Honey Marble Flower Beverage Spices Others
Text. &
Text. Prdts
Cereals and
Flour Natural Gum Civet Hop
Animal
Fodder
2023/24
2023/24
Period
Table 24: Volume of Exports, by Major Commodity Groups (In metric tone)
Period

National Bank of Ethiopia Quarterly Bulletin 143 | Third Quarter 2023/24 Table 25: Value of Exports, by Major Commodity Groups (In Thousands of Birr) Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Wheat Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton January 2,326,842.6 1,617,450.3 93,710.7 1,888,880.9 333,644.1 277,120.7 346.5 1,025,435.5 80,982.5 1,408,157.0 - 7,772.8 109,310.4 - February 4,616,844.1 1,884,602.9 115,066.3 2,489,095.0 326,277.7 274,104.0 19.0 698,268.7 183,211.7 1,194,707.6 - - 117,803.1 - March 5,805,297.5 1,483,609.5 113,995.8 2,513,191.2 367,399.1 294,832.6 1.0 811,558.2 30,475.2 1,108,485.3 - - 127,067.9 - Qtr III 12,748,984.1 4,985,662.7 322,772.8 6,891,167.1 1,027,320.8 846,057.3 366.4 2,535,262.3 - 294,669.4 3,711,349.9 - 7,772.8 354,181.4 - April 5,451,983.2 1,110,266.4 82,921.8 1,498,358.2 307,542.4 311,113.7 - 734,596.9 56,512.6 867,815.1 - - 10,688.7 - May 8,556,888.7 1,537,543.1 104,158.3 1,832,302.6 228,053.2 361,666.3 0.4 882,541.0 111,372.7 696,875.0 - - 105,392.0 - June 9,928,362.2 1,314,177.8 81,567.5 1,735,021.1 312,377.3 236,597.6 1,701,716.9 - 923,134.1 66,930.4 798,018.1 - 8,007.0 10,825.2 - Qtr IV 23,937,234.0 3,961,987.3 268,647.6 5,065,682.0 847,972.9 909,377.6 1,701,716.9 0.4 2,540,271.9 - 234,815.8 2,362,708.3 - 8,007.0 126,905.9 - July 6,910,044.4 732,275.0 106,818.9 1,505,440.7 237,556.4 241,394.6 - - 1,425,012.6 214,975.6 758,775.6 - 7,958.3 10,244.6 - August 7,724,828.7 595,448.9 124,675.0 1,673,350.5 276,490.0 414,359.1 - - 1,642,067.5 119,401.6 863,692.3 - 8,065.8 3,983.1 - September 4,861,843.2 406,422.8 128,813.7 1,520,081.8 234,165.2 313,717.6 - - 1,262,060.2 102,457.7 755,018.6 - 7,521.5 21,546.9 - Qtr I 19,496,716.4 1,734,146.7 360,307.6 4,698,873.0 748,211.5 969,471.3 - 4,329,140.3 - 436,834.9 2,377,486.5 - 23,545.6 35,774.7 - October 5,192,245.1 444,854.8 104,216.6 1,834,243.2 261,980.7 316,860.3 - - 840,526.7 147,492.1 729,154.4 - - 46,016.3 - November 3,830,364.7 1,186,236.0 105,180.6 1,599,083.6 303,034.8 380,018.4 - - 1,476,041.7 159,324.0 851,232.5 - - 21,165.9 - December 3,113,157.9 2,738,304.8 80,242.3 1,478,895.5 286,669.9 342,264.3 - - 2,434,626.2 277,507.7 997,290.5 - - 27,288.2 - Qtr II 12,135,767.8 4,369,395.7 289,639.5 4,912,222.3 851,685.4 1,039,143.1 - 4,751,194.6 - 584,323.8 2,577,677.4 - - 94,470.4 - January 3,173,151.6 3,816,699.5 86,087.1 1,389,997.8 302,083.4 311,334.8 - - 2,069,901.8 242,761.2 1,116,485.9 - 14,921.2 60,721.8 - February 5,032,097.2 2,705,734.4 80,300.8 1,525,294.1 393,907.7 402,923.0 - - 2,179,649.7 181,678.5 913,427.8 - - 26,438.9 - March 6,733,246.4 2,159,757.5 71,876.9 1,471,243.6 509,235.7 303,923.5 - - 1,993,130.3 180,507.6 696,611.2 - 8,142.7 - - Qtr III 14,938,495.3 8,682,191.4 238,264.8 4,386,535.4 1,205,226.8 1,018,181.3 - 6,242,681.9 - 604,947.3 2,726,524.9 - 23,064.0 87,160.8 -
Table 25 (continued):
Text. & Text.
Prdts
Cereals and
Flour
Natural
Gum Civet Hop
Animal
Fodder
Natural
Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total January 579,371.0 96,148.4 173.8 - - - - - 2,442,856.7 11,394.9 36,468.4 338,284.0 422,452.7 109,310.4 9,169,653.7 February 628,261.0 222,728.7 3,037.7 - - - 108.2 - 2,563,417.5 12,949.6 48,618.5 367,892.4 615,130.0 117,803.1 11,900,000.0 March 608,067.6 284,087.3 9,376.5 - - - 209.6 - 2,607,251.0 15,504.6 22,820.5 381,885.4 806,852.0 127,067.9 12,655,913.3 Qtr III 1,815,699.6 602,964.4 12,588.0 - - - 317.8 - 7,613,525.2 39,849.2 107,907.4 1,088,061.8 1,844,434.7 354,181.4 - 33,725,567.0 April 492,359.1 134,680.5 9,348.8 - - - - - 2,651,162.6 12,912.7 22,158.1 265,662.0 557,096.9 10,688.7 10,431,799.0 May 490,376.4 222,053.7 15,531.1 - - - - - 2,046,671.9 16,772.0 20,557.5 381,142.0 440,357.2 105,392.0 14,416,793.4 June 538,947.0 153,199.5 111.6 - - - 90.2 - 2,018,538.2 26,790.3 41,804.9 1,033,462.4 484,051.0 10,825.2 17,116,735.2 Qtr IV 1,521,682.5 509,933.8 24,991.5 - - - 90.2 - 6,716,372.6 56,475.0 84,520.6 1,680,266.5 1,481,505.1 126,905.9 - 41,965,327.6 July 521,265.9 40,757.1 10,015.0 - - - 27.2 - 1,911,962.8 22,228.3 17,822.3 363,491.1 359,563.8 10,244.6 12,150,496.6 August 661,723.3 119,668.6 32,792.9 - - - 4,725.1 - 2,126,528.3 20,443.6 53,411.0 331,786.5 424,731.3 3,983.1 13,446,362.7 September 549,515.5 71,741.6 13,832.8 - - - 443.4 - 2,120,787.9 7,389.5 40,656.1 333,408.9 395,130.7 21,546.9 9,613,649.2 Qtr I 1,732,504.7 232,167.3 56,640.7 - - - 5,195.7 - 6,159,278.9 50,061.4 111,889.4 1,028,686.4 1,179,425.7 35,774.7 - 35,210,508.5 October 613,917.8 167,354.5 2,203.7 - - - 421.4 - 1,894,430.7 20,614.5 35,356.9 340,820.1 353,622.0 46,016.3 9,917,590.3 November 543,579.9 105,733.7 1,051.3 - - - - - 2,138,296.5 10,772.7 35,415.6 870,962.6 411,064.2 21,165.9 9,911,682.5 December 432,577.4 24,917.3 4,661.4 - - - 3.2 - 2,282,387.0 12,897.8 29,716.4 301,831.4 630,024.0 27,288.2 11,776,247.3 Qtr II 1,590,075.1 298,005.4 7,916.4 - - - 424.6 - 6,315,114.2 44,285.0 100,488.9 1,513,614.1 1,394,710.2 94,470.4 - 31,605,520.0 January 627,332.8 33,019.9 2,044.7 - - - 1,905.9 - 2,480,041.2 14,259.2 16,710.8 278,408.6 624,797.7 60,721.8 12,584,146.2 February 587,621.1 126,363.4 26,997.3 - - - 54.1 - 2,345,635.8 20,580.0 30,872.2 318,763.6 595,146.0 26,438.9 13,441,452.2 March 570,464.9 105,535.2 11,303.7 - - - 2,544.6 - 2,274,582.4 15,568.0 32,089.1 345,300.3 583,282.7 - 14,127,675.4 Qtr III 1,785,418.8 264,918.5 40,345.7 - - - 4,504.6 - 7,100,259.3 50,407.2 79,672.1 942,472.5 1,803,226.4 87,160.8 - 40,153,273.7 2022/23 2023/24 2022/23 2023/24 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Period Period

National Bank of Ethiopia Quarterly Bulletin 144 | Third Quarter 2023/24 Table 26: Value of Imports, by Major Commodity Groups Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod. Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. January 3,802,929 43,678 20,509 - 15,365,622 1,127,792 2,238,202 2,718 769,824 1,096,546 808,116 February 5,010,526 94,456 21,865 3,201 14,587,235 1,453,159 2,610,463 6,116 921,844 1,000,044 883,643 March 5,090,787 124,461 37,562 - 22,886,531 1,621,606 3,005,076 29,274 529,142 1,311,450 1,193,131 Qtr III 13,904,242 262,594 79,936 3,201 52,839,388 4,202,557 7,853,742 38,108 2,220,810 3,408,040 2,884,890 April 9,096,417 23,996 42,313 - 22,976,201 903,745 2,028,985 14,782 628,841 1,106,648 864,035 May 6,965,233 166,688 16,797 - 16,138,358 1,312,571 2,545,414 1,081 575,420 1,428,982 658,056 June 2,465,215 73,293 50,711 - 12,239,788 1,039,227 3,598,530 39,382 812,290 951,496 613,837 Qtr IV 18,526,865 263,976 109,821 - 51,354,346 3,255,544 8,172,928 55,245 2,016,550 3,487,126 2,135,928 July 3,902,792 116,045 24,410 - 12,124,977 1,395,095 3,345,965 69,358 650,761 1,473,041 909,171 August 2,738,992 176,861 18,305 1,933 20,764,826 1,140,982 2,712,220 28,199 937,162 1,656,015 972,149 September 2,790,263 180,334 59,969 - 16,147,133 1,609,954 1,947,163 64,753 854,962 1,168,780 862,222 Qtr I 21,236,545 370,659 125,770 4,279 56,937,647 3,231,387 5,092,089 61,854 1,193,076 3,478,815 1,493,721 October 4,336,980 141,484 27,227 - 20,491,172 1,257,193 2,556,637 170,456 570,526 1,074,295 646,558 November 3,705,942 224,985 20,519 - 18,079,983 1,175,329 3,179,593 90,026 787,122 1,646,070 550,955 December 4,198,234 268,347 21,511 - 17,430,677 921,368 2,780,464 170,717 527,452 1,097,398 485,186 Qtr II 12,241,155 634,817 69,257 - 56,001,833 3,353,889 8,516,694 431,199 1,885,100 3,817,763 1,682,699 January 5,422,820 175,897 8,014 - 12,870,954 1,291,671 2,272,064 15,077 511,721 1,589,353 525,302 February 5,209,569 26,287 9,814 - 16,887,526 763,114 2,047,847 45,442 491,118 1,172,521 273,184 March 5,301,848 38,538 836 - 15,872,672 1,088,340 3,289,842 201,860 624,887 1,755,526 456,894 Qtr III 15,934,237.43 240,722.40 18,663.63 - 45,631,152.15 3,143,125.30 7,609,752.88 262,379.08 1,627,725.12 4,517,400.37 1,255,378.87
Table 26 (continued):
Textiles Clothings
Glass & Glass
Ware
Metal & Metal
Manfc.
Machinery &
Aircraft
Road Motor
Vehicles
Electrical
Materials Grain*
Telecomm.
Appara. Others GRAND TOTAL
July 1,532,642 576,433 422,998 5,232,989 6,079,407 1,240,205 3,506,233 906,338 181,506 30,186,850 72,970,877 August 1,910,284 1,013,366 554,431 7,740,774 8,150,532 1,285,473 3,744,463 1,827,879 256,219 31,634,710 87,437,896 September 1,889,203 634,789 597,469 6,790,419 9,407,928 1,153,726 2,715,335 1,270,466 175,232 17,185,838 66,235,472 Qtr I 4,863,378 1,958,876 1,249,918 17,112,154 25,152,882 1,387,145 12,886,015 7,703,007 870,117 79,398,189 226,644,245 October 2,401,818 487,707 411,629 5,859,190 10,913,463 1,079,921 2,771,583 2,158,042 26,609 37,926,117 93,150,565 November 3,423,696 703,357 557,286 7,286,176 12,662,128 770,972 3,164,114 1,826,568 161,856 28,774,823 86,964,930 December 2,447,702 584,700 355,327 5,711,856 21,918,406 1,049,193 3,295,997 1,354,703 381,357 26,708,811 90,354,707 Qtr II 8,273,217 1,775,764 1,324,242 18,857,222 45,493,997 2,900,086 9,231,695 5,339,313 569,822 93,409,750 270,470,202 January 1,940,331 611,888 276,061 5,758,798 14,765,520 1,101,782 5,518,335 1,853,857 237,111 30,117,194 85,009,893 February 1,606,352 926,049 211,793 7,687,765 8,893,277 967,958 2,070,529 2,652,644 289,437 22,201,818 71,781,399 March 1,551,769 824,855 709,663 10,521,038 16,904,218 1,849,757 2,533,032 2,085,010 103,261 26,075,157 89,703,991 Qtr III 5,098,450.99 2,362,792.34 1,197,516.55 23,967,600.67 40,563,014.31 3,919,497.25 10,121,895.75 6,591,511.49 629,809.03 78,394,169.12 246,495,283.24 Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise
All the data are updated based on revised data from the Ethiopian Customs Commission 2022/23 2023/24 2023/24 Period (In 000 birr) Period

National Bank of Ethiopia Quarterly Bulletin 145 | Third Quarter 2023/24 Table 27: Volume of Imports, by Major Commodity Groups (In Metric Tons) Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod. Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. January 100,416.3 459.0 1,419.8 - 297,441.7 16,077.6 2,250.5 7.5 5,057.7 7,046.2 11,477.5 February 122,874.4 896.2 49.7 34.3 282,360.0 21,039.6 2,660.0 5.6 5,839.0 5,566.0 13,454.5 March 116,745.1 1,068.3 111.8 - 463,556.4 22,121.5 4,038.4 24.1 5,798.4 7,503.7 13,382.9 Qtr III 340,035.7 2,423.5 1,581.3 34.3 1,043,358.0 59,238.7 8,948.9 37.1 16,695.1 20,115.8 38,315.0 April 238,042.9 288.8 105.5 - 359,972.0 13,748.6 2,370.0 5.5 5,318.4 8,211.5 10,674.5 May 166,644.4 1,249.1 45.4 - 369,098.1 16,633.7 1,709.7 0.7 6,098.2 12,589.2 7,348.3 June 68,060.6 507.3 112.0 - 274,772.6 15,193.6 4,716.6 12.8 5,360.0 6,694.4 9,281.7 Qtr IV 472,747.9 2,045.2 262.9 - 1,003,842.7 45,575.9 8,796.3 19.0 16,776.6 27,495.2 27,304.5 July 112,485.2 1,026.4 47.4 - 257,232.7 18,301.1 3,140.9 23.7 6,898.2 9,245.9 12,895.3 August 73,802.2 1,467.8 187.5 18.9 374,791.7 15,141.1 3,124.3 8.9 10,203.0 8,799.2 13,602.6 September 80,419.9 1,366.4 129.3 - 280,419.9 23,207.2 2,283.0 63.1 10,772.0 6,389.6 10,781.6 Qtr I 266,707.29 3,860.58 364.24 18.88 912,444.28 56,649.38 8,548.13 95.76 27,873.20 24,434.68 37,279.39 October 145,740.9 1,493.7 73.4 - 370,413.0 17,351.0 2,804.4 65.0 7,323.8 13,338.1 10,302.9 November 107,520.3 1,608.0 46.5 - 350,100.6 16,778.4 1,830.4 36.2 7,954.3 10,838.9 6,803.1 December 176,536.8 1,961.4 104.0 - 352,921.9 16,039.0 1,950.8 97.8 5,592.8 8,005.5 7,614.6 Qtr II 717,054.9 3,060.7 260.6 18.8 924,386.8 51,967.5 6,689.2 36.5 16,833.4 21,485.5 27,288.0 January 166,779.4 1,142.8 33.7 - 256,184.4 13,313.6 2,414.9 2.8 6,111.5 9,423.6 5,751.6 February 157,637.0 165.2 49.5 - 329,265.8 10,329.5 1,547.6 18.4 6,220.0 7,322.4 3,165.4 March 141,589.1 801.6 26.1 - 311,045.3 13,930.6 2,731.8 69.2 6,434.4 8,365.3 5,606.6 Qtr III 466,005.5 2,109.7 109.3 - 896,495.5 37,573.7 6,694.3 90.3 18,766.0 25,111.3 14,523.6
Table 27: (continued)
Textiles Clothings
Glass &
Glass Ware
Metal & Metal
Manfc.
Machinery &
Aircraft
Road Motor
Vehicles
Electrical
Materials Grain*
Telecomm.
Appara. Others GRAND TOTAL
January 13,582.9 1,338.0 8,677.8 207,281.2 12,764.0 1,289.8 8,049.2 40,269.2 42.4 543,518.4 1,238,197.6 February 10,600.3 1,253.5 9,009.3 72,111.8 13,194.7 1,229.6 8,085.5 17,578.6 62.8 319,577.8 889,904.5 March 12,911.4 1,860.1 10,210.7 74,509.7 17,184.2 1,582.7 6,236.2 37,703.2 36.6 332,952.5 1,091,834.6 Qtr III 37,094.54 4,451.59 27,897.85 353,902.72 43,142.96 4,102.09 22,370.84 95,551.04 141.78 1,196,048.74 3,219,936.64 April 12,606.7 1,606.6 9,584.6 70,639.5 16,084.5 1,265.9 4,040.2 37,547.2 24.3 170,400.7 924,990.7 May 14,974.1 2,924.6 7,745.6 298,405.2 24,635.6 2,531.9 6,830.2 43,617.0 5.9 398,234.5 1,337,704.3 June 13,934.5 2,346.6 11,029.6 264,040.6 18,288.5 3,644.2 5,220.2 47,613.0 57.3 599,470.5 1,302,743.6 Qtr IV 41,515.30 6,877.73 28,359.79 633,085.32 59,008.57 7,441.97 16,090.64 128,777.27 87.56 1,168,105.58 3,565,438.58 July 11,643.3 1,765.4 9,678.4 82,828.7 15,953.6 4,191.2 6,457.0 24,866.8 31.5 563,403.6 1,117,249.4 August 13,163.6 2,098.5 12,132.4 437,636.1 18,563.7 4,620.6 6,828.2 47,367.3 30.3 461,904.2 1,458,124.8 September 13,803.5 1,670.1 12,004.6 1,370,026.0 19,432.7 4,289.5 5,997.7 34,613.3 27.2 197,694.1 2,040,777.4 Qtr I 38,610.47 5,534.04 33,815.32 1,890,490.82 53,950.05 13,101.34 19,282.89 106,847.32 89.07 1,223,001.87 4,616,151.68 October 16,536.0 1,845.1 9,276.3 2,559,009.6 19,995.4 3,855.5 6,290.5 74,977.1 12.0 651,597.3 3,837,323.8 November 16,416.0 1,970.3 13,091.4 743,135.9 19,808.5 2,498.8 6,035.4 50,642.7 21.7 516,981.7 1,823,476.2 December 16,063.3 2,012.2 7,904.6 98,875.0 22,599.4 3,555.6 6,794.0 56,358.4 44.9 578,057.3 1,306,731.0 Qtr II 32,357.81 4,204.58 35,540.65 362,037.45 54,427.20 7,045.88 16,606.22 155,743.91 130.27 1,358,567.51 6,967,531.04 January 13,229.2 1,879.0 5,119.2 85,025.2 21,776.5 4,189.8 7,633.3 51,218.0 30.8 569,818.3 1,169,863.6 February 11,103.9 1,771.6 6,401.5 303,037.3 25,720.9 3,934.6 4,137.2 77,965.3 37.4 489,778.0 1,361,643.3 March 10,359.8 2,020.5 10,736.6 146,577.7 21,234.8 5,476.2 6,509.7 55,595.0 24.2 381,682.5 1,093,442.4 Qtr III 34,692.94 5,671.15 22,257.28 534,640.15 68,732.21 13,600.64 18,280.28 184,778.26 92.32 1,441,278.83 3,624,949.16 Note : Food and Live animal also includes Grain Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise
All the data are updated based on revised data from the Ethiopian Customs Commission 2022/23 2023/24 2022/23 2023/24 Period Period

National Bank of Ethiopia Quarterly Bulletin 146 | Third Quarter 2023/24
Table 28: Value of Imports, bY End-Use
(In Millions of Birr)
QI QII Qtr III Qtr IV Annual QI QII QIII
Raw Materials 1,143.14 1,579.44 1,756.38 1,273.94 5,752.90 1,534.74 1,982.70 1,570.56 Semi-finished Goods 40,612.47 36,351.09 48,358.41 48,507.44 173,829.41 52,143.33 46,636.87 52,936.02 Chemicals 6,794.20 6,359.63 7,364.22 6,998.98 27,517.04 8,121.14 7,029.29 8,593.57 Fertilizers 10,197.31 5,388.90 16,520.96 17,182.19 49,289.35 18,695.30 13,814.23 19,457.14 Textile Materials 2,662.59 2,501.00 2,531.48 2,669.22 10,364.29 2,395.25 2,278.47 2,120.55 Others 20,958.37 22,101.56 21,941.75 21,657.05 86,658.73 22,931.65 23,514.89 22,764.77 Fuel 58,792.87 50,104.09 54,307.65 47,921.79 211,126.40 50,248.69 57,804.42 46,274.91 Crude petroleum 3.37 1.65 2.62 - 7.64 1.43 - - Petroleum Products* 57,581.73 47,855.65 52,839.39 45,519.53 203,796.30 49,036.94 56,001.83 45,631.15 Others 1,207.77 2,246.78 1,465.64 2,402.26 7,322.46 1,210.33 1,802.58 643.76 Capital Goods 55,181.93 53,879.47 45,353.93 47,728.19 202,143.52 58,596.03 84,211.36 78,020.73 Transport 11,008.31 10,697.42 8,554.25 8,468.69 38,728.67 12,567.11 21,024.63 17,688.20 Tyres for Heavy Vehicles 992.00 1,376.97 937.24 1,048.38 4,354.59 1,105.34 1,057.23 1,223.83 Heavy Road Motor Veh. 6,286.64 6,897.51 5,865.87 6,057.07 25,107.09 6,260.06 7,103.18 6,453.29 Aircraft 3,674.01 2,324.56 1,658.33 1,028.15 8,685.05 5,081.39 12,760.43 9,727.51 Others 55.66 98.38 92.81 335.09 581.94 120.32 103.79 283.57 Agricultural 861.95 1,471.06 1,320.32 1,334.51 4,987.84 1,093.99 927.75 753.71 Industrial 43,311.67 41,711.00 35,479.36 37,924.99 158,427.01 44,934.94 62,258.97 59,578.82 Consumer Goods 80,967.21 94,934.42 73,035.45 65,158.65 314,095.72 62,298.21 77,815.35 66,063.26 Durables 19,111.01 21,544.43 18,590.29 17,827.36 77,073.09 18,549.87 19,509.97 18,857.15 Radio & T.V. 1,333.01 1,673.41 1,404.23 1,684.18 6,094.82 1,427.11 1,477.67 1,389.48 Tyres for cars & Other Veh. 579.55 565.18 589.29 587.70 2,321.72 651.16 536.37 594.14 Cars & Other Veh. 8,907.97 9,104.83 8,161.36 7,939.07 34,113.23 7,540.18 8,388.08 6,916.69 Others 8,290.47 10,201.02 8,435.41 7,616.41 34,543.31 8,931.43 9,107.84 9,956.85 Non-durables 61,856.20 73,389.99 54,445.16 47,331.29 237,022.64 43,748.34 58,305.38 47,206.11 Cereals 14,316.83 18,165.97 9,900.14 12,862.42 55,245.36 5,888.33 9,769.12 10,918.56 Other Food 11,831.00 21,266.11 14,239.12 9,350.23 56,686.47 9,011.11 12,154.00 11,151.15 Medical & Pharmaceuticals 9,271.70 7,503.94 11,112.87 8,182.71 36,071.23 8,427.72 10,267.94 7,044.84 Textile Fabrics 4,981.47 5,053.82 5,653.93 6,727.56 22,416.79 6,598.08 6,280.21 6,264.30 Others 21,455.18 21,400.16 13,539.09 10,208.36 66,602.79 13,823.10 19,834.10 11,827.24 Miscellaneous 1,366.37 1,664.96 1,621.68 1,382.73 6,035.74 1,823.24 2,019.51 1,629.81 Total Imports 238,064.00 238,513.47 224,433.49 211,972.73 912,983.69 226,644.25 270,470.20 246,495.28 Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise
All the data are updated based on revised data from the Ethiopian Customs Commission 2023/24 Categories 2022/23

National Bank of Ethiopia Quarterly Bulletin 147 | Third Quarter 2023/24 Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Manufacturing 5 193 7 60.5 4 33.2 5 77.0 19 1,677 4 531.4 7 796.9 Agriculture, hunting and forestry 1 20 Real estate, renting and business activities 5 34 4 636.2 1 7.0 3 2513.6 4 42.6 10 635.2 Hotels and restaurants 1 15 1 147.22 Education 1 1500.0 1 70 Health and social work 1 3 1 5.0 1 40.7 1 118 Construction 7 25 1 10.6 3 51.7 3 30.8 1 2 5 60010.5 Wholesale, retail trade and repair service Transport, storage and communication 4 111 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 1 33 2 667.2 1 16.5 1 5.5 Grand Total 24 434 16 2879.6 9 132.6 12 2638.0 19 1,677 12 846.716 23 61512.6 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. Sector/Sub-sector QIII QIV QI QII QI QII No of projects 2023/24 Investment Capital No of projects Investment Capital No of projects Investment Capital No of projects QIII 2022/23 Investment Capital No of projects Investment Capital No of projects Investment Capital No of projects Investment Capital

National Bank of Ethiopia Quarterly Bulletin 148 | Third Quarter 2023/24 Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Manufacturing 702 115 162 49 253 77 352 72 1,567 639 644 28 181 197 Agriculture, hunting and forestry Real estate, renting and business activities 85 55 72 2300 448 2020 192 146 127 206 Hotels and restaurants 87 Education 120 40 Health and social work 2 5 12 20 52 102 2 3 Construction 2 5 30 30 28 10 705 310 11 14 Wholesale, retail trade and repair service Transport, storage and communication Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 6 30 42 22 22 14 5 Grand Total 884 210 438 2461 333 189 1527 2402 1,567 639 852 182 319 417 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. Sector/Sub-sector 2022/23 2023/24 QII QIII QI QII QIII QIV QI

National Bank of Ethiopia Quarterly Bulletin Currency and Time Currency Currency Unit: Birr (Br) Exchange Rate: Look at Page 63 Time Fiscal Year: July 8th to July 7th Coffee Year: October to September Calendar Year: September 11 to September 10 There is a difference of about 73/4 Years between Gregorian and Ethiopian Calendar

THIRD QUARTER 2023/24
QUARTERLY BULLETIN
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