Private commercial banks’ total subscribed capital has topped 74 billion Br, up 33% from the previous year. The capital of commercial and state-owned banks combined has reached 153.7 billion Br, according to a report released by the National Bank of Ethiopia (NBE). The Commercial Bank of Ethiopia (CBE) accounts for 32 percent of this, followed by the Development Bank of Ethiopia (DBE), whose capital increased to 29.2 billion Br from 7.7 billion Br in the previous fiscal year’s third quarter. With 11 billion Br in the subscribed capital, Awash Bank leads its peers among private banks. Dashen and the Bank of Abyssinia come in second and third, with about seven billion Birr each. Following an order issued by the central bank earlier this year requiring them to raise their paid-up capital to five billion Birr, banks have been scrambling to float shares both internally and publicly. Only six of the 17 functioning private commercial banks have reached the halfway milestone, with several more still to go. With 1.3 billion Br in the capital, Addis International Bank is the least well-capitalized of the group. The banks Debub Global and Enat are not far behind.
Rosa Okeke wins the James Currey Prize for African Literature
Rose Okeke, a Nigerian writer, wins the James Currey Prize for African Literature 2022. Rose wins the £1000 award for her novel, ""Child of the Corn."" beating other shortlisted novels from 3 African countries. She also became an Oxford University fellow. The James...
