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NAIROBI, Kenya (AP) — Ethiopia’s biggest bank is reportedly attempting to recover more than $40 million after a technical glitch allowed customers to withdraw more than they had in their accounts. Long lines formed at cash machines across Ethiopia after the problem was discovered at the Commercial Bank of Ethiopia, local media reported. The bank has not said how much was withdrawn, but Abe told reporters that half a million transactions were made during the glitch. Photos You Should See View All 60 ImagesEstablished in 1963, the Commercial Bank of Ethiopia is the country’s largest bank with 40 million customers. The bank will not press charges against students who took out cash that did not belong to them, Abe said.

Persons: —, Abe Sano, Abe Organizations: Commercial Bank of, birr Locations: NAIROBI, Kenya, Ethiopia, Commercial Bank of Ethiopia, Ethiopia’s

ATLANTA (AP) — Kendall Milton wasn't surprised by Georgia's ability to overcome a depleted offense to continue its dominance of rival Georgia Tech. Eric Singleton Jr. had four catches for 96 yards as the Yellow Jackets gained 363 yards, including 205 on the ground. Following King's 28-yard pass to Brett Seither, King's 9-yard scoring run gave Georgia Tech a 7-0 lead. Georgia Tech: Offensive coordinator Buster Faulkner, the former Georgia’s offensive quality control assistant for quarterbacks, had an impressive plan. Georgia Tech: Awaits its first bowl invitation since 2018.

Persons: — Kendall Milton wasn't, Milton, Brock Bowers, Rara Thomas, Tate, ” Milton, “, “ Kendall, Kirby Smart, ” Smart, Smart, Alabama's, ” Quarterback Haynes King, Jamal Haynes, Eric Singleton Jr, ”, Brent Key, Daijun Edwards, Edwards, Kyle Efford, Kenan Johnson, Brett Seither, Carson Beck's, Dominic Lovett, Aidan Birr, Carson Beck, Marcus Rosemy, K.J, Buster Faulkner, Dontae Smith, Eric Singleton, Haynes, Singleton, ___ Organizations: ATLANTA, Georgia Tech, Yellow Jackets, Ladd, Bulldogs, Governor's, Associated Press, Southeastern Conference, Auburn, Georgia, Wallace . Georgia Tech, Jackets, King, SEC, CFP, Atlanta . Georgia Tech, AP Locations: Georgia, ” Georgia, Alabama, Atlanta . Georgia, Wallace, Atlanta

☆ Ethio Lease set to wind down operations in Ethiopia
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

NAIROBI, Nov 15 (Reuters) - Equipment leasing company Ethio Lease, Ethiopia's only foreign-owned firm to obtain a financial services licence from the central bank, said on Wednesday it was winding down operations in the east African country. The National Bank of Ethiopia granted a financial services license to Ethio Lease in 2019 - the first such for a foreign firm - as part of the government's economic reforms aimed at opening up the economy. New York-based African Asset Finance Company, the owner of Ethio Lease, has instructed the company to begin the process of voluntary liquidation, Ethio Lease said in a statement. "Despite their sustained efforts, Ethio Lease and its investors have been unable to achieve resolution with the Ethiopian government." Ethio Lease's license enabled it to lease equipment such as MRI scanners, tractors and drilling rigs to companies that could not import such equipment themselves due to foreign exchange shortages.

Persons: Abiy Ahmed, Bhargav Acharya, Duncan Miriri, Jason Neely, Alexander Winning, Nellie Peyton, Sharon Singleton Organizations: Equipment, Ethio, National Bank of, Lease, African Asset Finance Company, Ethio Lease, birr, Ethiopian, Thomson Locations: NAIROBI, National Bank of Ethiopia, New York, birr, Johannesburg, Nairobi

MARRAKECH, Morocco, Oct 13 (Reuters) - After getting debt relief from China, Ethiopia is requesting similar treatment from other creditors, the International Monetary Fund's deputy director for Africa said on Friday. Ethiopian authorities said in August that China was allowing Ethiopia to suspend debt payments for the fiscal year running until July 7, 2024. "The Chinese authorities have already provided debt relief to Ethiopia and we understand that they're in the process of requesting a similar treatment from other creditors. "There is a debt service suspension with China, which is providing substantial relief," she said, adding that this was the agreement announced in August. Ethiopia regularly suffers from foreign exchange shortages and a wide gap between the official and black market currency exchange rates.

Persons: Africa's, Annalisa Fedelino, Fedelino, Rachel Savage, Dawit Endeshaw, Tannur Anders, Bhargav, Alexander Winning, Susan Fenton Organizations: Monetary, IMF, Boston University, birr, Thomson Locations: MARRAKECH, Morocco, China, Ethiopia, Africa, Marrakech, birr, Addis Ababa

☆ Ethiopia deputy finmin: rumour of FX devaluation "completely unfounded"
▼ + stars: | 2023-01-19 | by ( Rachel Savage | ) www.reuters.com time to read: +2 min

"There is widespread rumour that devaluation is in the making. loading"A sensible macro reform is always our agenda but there should not be any concern about mere devaluation." Ethiopia currently operates a managed exchange rate for the birr, allowing it to depreciate gradually against the dollar. In 2020, the IMF recommended moving to a market-clearing exchange rate regime, to deal with an overvalued currency and FX shortages. "So the exchange rate unification remains one important policy goal, but we are just doing it gradually."

☆ Ethio Telecom posts H1 growth in revenue, financial service subscribers
▼ + stars: | 2023-01-12 | by ( Dawit Endeshaw | ) www.reuters.com time to read: +1 min

[1/2] Ethio Telecom employees serve a customer inside their call centre in the Bole neighborhood branch in Addis Ababa, Ethiopia July 29, 2022. REUTERS/Tiksa NegeriADDIS ABABA, Jan 12 (Reuters) - Ethiopia's state-owned Ethio Telecom on Thursday reported a 20% rise in half-year revenue to 33.8 billion birr ($633 million). Subscribers to its mobile phone-based financial service Telebirr, launched in May 2021, grew to 27.2 million out of its 70 million total subscribers, CEO Frehiwot Tamiru told a news conference. That was up from 21.8 million Telebirr subscribers in June 2022. Efforts to attract investment have been hampered, however, by a two-year war in the northern Tigray region, which has killed tens of thousands and displaced millions.

Ethiopia's State Finance Minister Eyob Tekalign attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, U.S., October 15, 2022. Ethopia's state finance minister Eyob Tekalign Tolina acknowledged the war was a key factor in the delay as well, and said he hoped there would be peace talks in "the coming few weeks" in an interview with Reuters on the sidelines of the International Monetary Fund-World Bank annual meetings in Washington. He said Ethiopia was requesting "exceptional access" to IMF funding of more than 100% of its allowance, but declined to say how much exactly. "As you know, we have been calling for the AU process, the AU-led peace talks, which is advancing now." He declined to specify how much debt relief the country requires, saying that the IMF still needs to finish a Debt Sustainability Analysis, which forms the basis of debt restructurings.

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