Commercial Bank of Ethiopia Collects $3B In Forex

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The largest bank in Ethiopia and East Africa, the Commercial Bank of Ethiopia (CBE) announced it has collected $3 billion forex in the first half of the fiscal year 2018/19.

The three billion dollars was collected from export trade and remittances. Bacha Gina, CBE’s CEO, has noted that two of the three billion dollars has been earned from remittances alone.

During this fiscal year, the bank said it has mobilized 29.4 billion birr in deposit, amassing a profit of 9.4 billion birr. 40.7 billion birr has been distributed in loans.

In 2018/19, the bank has also opened 59 new branches, bringing up the total number of branches to 1,346.


Sources: APA, Fana BC

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