The National Bank of Ethiopia announced that the total assets of financial institutions in the country have reached 2.91 trillion Birr. The new governor, Mamo Mehretu, is held talks with finance sector offcials to discuss the future vision of the financial sector and determine the best strategies for inclusive development. During the discussions, the bank’s deputy governor, Solomon Desta, detailed the current situation of the financial sector and highlighted the total assets, volume, deposit accounts, and other important issues that require attention.

According to Desta, the total wealth of financial institutions in Ethiopia stands at 2.91 trillion Birr, with banks accounting for 2.8 trillion Birr. Currently, there are 31 banks and 18 insurance companies operating in the country, with 71 more financial institutions yet to be licensed. The number of branches for financial institutions has reached over 12 thousand, with over 10,200 of them being bank branches. The state of the financial sector is considered healthy, according to the Ethiopian Statistical Agency (ESA).

The ongoing discussions are expected to help identify areas in which the central bank can provide support and cooperation in the future.

Source: Addis Maleda

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