Page 1 - Print Version Vol 20 #1022

Years

A JOURNEY OF TRUST

Volume 20 No. 1022, SUNDAY, December 1, 2019 Content Matters

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Central Bank Opens Treasury Bill Market Bill Proposes
Formation of
The yield rate will be determined by the open market Sugar Board

By FASIKA TADESSE with the main aim of rebalancing Yinager Dessie (PhD), governor of On behalf of the Ministry of By FASIKA TADESSE
macroeconomic fundamentals the NBE. Finance, the central bank issues FORTUNE STAFF WRITER
FORTUNE STAFF WRITER and sustaining economic growth. four types of T-bills with maturities A bill that proposes the formation
The government has been using of 28, 91, 182 and 364 days based of a board, which will be tasked
As of next month, interested T-bills to cover short-term budget on the borrowing demand of the with regulating and overseeing the
individuals and financial deficits, which are also financed Ministry and the liquidity situation production and marketing of sugar,
institutions can buy treasury bills through borrowing money from as forecasted by the NBE. is in the making.
from the National Bank of Ethiopia the central bank. Hired by the Ministry of Finance
(NBE) through an auction. Since T-bills were introduced in (MoF), a team of legal experts
Ahead of launching the market, the 1993, the market was entirely from the Addis Abeba University
The central bank has also decided Governor of the NBE, Yinager Dessie dominated by private and public and an economist from the National
the market will determine the yield (PhD), called heads of the financial services social security agencies, Bank of Ethiopia has been drafting
rate of the bill to attract banks and institutions to a meeting yesterday, the Development Bank of Ethiopia the Sugar Industry Administration
insurance companies. Individuals November 30, 2019, to brief them (DBE) and other public non-bank Proclamation for the past half year.
with cash can also participate in a on the changes in the T-bill market. institutions.
primary market through auctions. In the same week, the central (Continued on PAGE 4)
bank gave technical training to two The average weighted yield of the
The latest move of the central bank staff members from the treasury
is introduced as part of the recently department of each bank. (Continued on PAGE 5)
launched Homegrown Economic
Reform Agenda, which was crafted

Keeping Up with the Jacks

Prime Minister Abiy Ahmed (PhD), Jack Ma, co-founder of Alibaba Group, Yinager Photo by: Sawrawork Tafari
Dessie (PhD), central bank governor, and Eyob Tekalign (PhD), state minister for
Finance, visited the ICT Park in Addis Abeba on Monday, November 25, 2019. In enterprises to reach global markets.
the same week, another of the tech world’s influential entrepreneurs, Twitter's "By collaborating in these platforms," said Jack Ma, “Africa can compete with Europe
CEO and co-founder Jack Dorsey, also visited the capital. and America. In the past, we believed in big; for the future, we believe in small; small is
Jack Ma and Prime Minister Abiy oversaw the signing of a Memorandum of Understanding beautiful.”
(MoU) between the Ethiopian government represented by Getahun Mekuria (PhD), minister The Chinese billionaire also pledged to help the country develop its entrepreneurship
of Innovation & Technology, and Alibaba Group, represented by Eric Jing, group director training capacity. Abiy’s administration is keen to open the country for more private-sector
and financial services chairperson and CEO. economic activity in general and to attract more international players in particular. One of
The MoU is to establish an Electronic World Trade Platform (eWTP) hub in Ethiopia. the strategies to achieve these goals is creating a digital economy. Eyob tweeted, “Ethiopia
The trading platform, which is the latest initiative that Jack Ma is promoting, is meant is serious about building a digital economy.”
to facilitate smart logistics and cross-border trade enabling Ethiopian small and micro Following a different approach and seemingly more focused on understanding the
technological environment for himself, Jack Dorsey of Twitter made the rounds by visiting
with Ethiopia’s tech enthusiasts.

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