Sectors - Financial Services

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Financial services is limited to banking and insurance in Ethiopia. The National Bank of Ethiopia serves as the central bank. The other two major banks are the Development Bank of Ethiopia and the Construction & Business Bank.

There are a few private banks that offer savings and checking accounts, extend loans, deal with foreign exchange transactions, provide money transfer services, and provide guarantee services. There is one state owned bank that dominates most of the activity. Once again, with the exception of the very necessary strong central bank, the Ethiopian state should exit this business and leave it in private hands. But overall, the pace of privatization in this sector (including insurance services) is indeed very positive.

Sources Utilized: The Ethiopian Embassy in Washington, DC and The CIA Fact book.