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15 March – The Commercial Bank of Ethiopia (CBE) encounters a systematic glitch on its service involving the withdrawal of more than 40 million dollars. CBE officials suspect that the glitch was caused by economic and political reasons [ 5 ] and the money was easily transferred to students in Dilla and Jimma University .
The Reporter (Amharic: ሪፖርተር), also known as The Ethiopian Reporter, is a private newspaper published in Addis Ababa, Ethiopia. It appears in both English and Amharic, and is owned by the Media and Communications Center. [2] [1] The general manager and founder of the newspaper is Amare Aregawi.
Cooperative Bank of Oromia is a private commercial bank in Ethiopia. As per their last published Annual report (2021–22), the Cooperative Bank now has a total asset value ETB 140 Billion. [1] The bank has 750+ branches, 13.2 million account holders and 8,100 employees. [citation needed] The bank's headquarters is located in Addis Ababa ...
The bank also operates two branches in South Sudan. It is contemplating re-opening a branch in Djibouti, and opening branches in Dubai and Washington, DC, all to serve the Ethiopian diaspora. The bank is pioneer to introduce modern banking to Ethiopia and credited for playing a catalytic role in the economic progress and development of the ...
The economy of Ethiopia is a mixed and transition economy with a large public sector. The government of Ethiopia is in the process of privatizing many of the state-owned businesses and moving toward a market economy. [26] The banking, telecommunication and transportation sectors of the economy are dominated by government-owned companies. [27] [28]
On 15 March 2024, the Commercial Bank of Ethiopia (CBE) encounter systemic glitch that occurred between 12 a.m. and 3 a.m in local time. CBE released five notes within less than 24 hours, describing the bank failure as a systemic problem in its branch level. [4] CBE President Abe Sano said that much of the money was withdrawn by students. [5]
[2] [3] In 1963, a new banking law allows split into the National and Commercial Bank of Ethiopia. The law included other commercial banks to operate, including foreign banks operated 51% owned by Ethiopians. The biggest of these was the Addis Ababa Bank, owned by 40% owned by British owned Grindlays Bank, and had 26 branches by 1975.