Page 1 - Print Version Volume 22 Number 1115
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The Management & Staff of Addis Fortune Wish You a Happy & Prosperous Ethiopian New Year!

                                             Volume 22 No. 1115, SUNDAY, September 12, 2021 Content Matters

   Central                                                                T e n ( 1 0 ) b i r r o n ly
Bank Grants
                                                                   THE BIG LIVE
  Nods to                                                       MUSIC COMEBACK
Cargo Truck
                                                                There is a slow-moving sensation taking place in           monthly salary, is standard. Splurging dough in the tens
  Imports                                                               Addis Abeba’s nightlife. Live music is gradually   of thousands of Birr is rarely a surprise.
                                                                        but surely unseating DJs – nightclubs quietly      The establishments have taken note of this demand;
   There are 13,000                                                   displacing mixers and recorded music with          they are responding in kind. A night with DJs is only
                                                                bands and solo performers. The evolution is occurring,     half as profitable as when live performers are hired
   trucks with a load                                           especially at upscale establishments that cater to         in some venues. The expenses for the nightclubs are
                                                                an income group with deep pockets and a taste for          likewise steep. A band usually takes in tens of thousands
     capacity of 400                                            musicians performing live.                                 of Birr, so do solo performers – this is not to include
                                                                Nostalgia is popular, with music from the 1950s, 60s,      the rewards they get from patrons. Veteran musicians
quintals in the country                                         and 70s popping up, like the shots and hard liquor         such as Tsegaye Eshetu and Neway Debebe also take
                                                                that fly around. Unfazed by the escalating cost of living  the stage, and as they draw in the crowds for the
        By HAWI DADHI                                           and oblivious to a raging civil war affecting the rest of  establishments, they get paid five or six times what a
                                                                Ethiopia, patrons pay hard cash for such luxury. Singles   newbie could hope to make.
  FORTUNE STAFF WRITER                                          and doubles are rarely heard of; instead, they are         Industry players believe that the newfound interest
                                                                expected to get bottles for the night. Live performances   in live music in nightclubs is pent up energy from
Authorities at the National Bank                                are usually more costly, and the bouncers are strict with  the COVID-19 pandemic being released, especially as
of Ethiopia (NBE) have given                                    the “quality” of the crowd allowed in.                     concerts have largely ceased to exist. They also credit
commercial banks the nod to issue                               If there is no entrance fee, the beer and alcohol cost     music talent shows such as Balageru Idol and Fana
letters of credit (LCs) to close to                             double that of regular days. The waiters, or even a        Lamrot. Welcome to the New Year 2014! please see
170 importers interested to bring                               friendly bouncer, can make well over 100 Br in tips.       the full agenda on page 2.
in 3,200 cargo trucks.                                          Spending thousands of Birr, most people’s average

It is an extension of a decision
from the National Logistics
Council, a 10-member body,
including representatives from
the ministries of Transport and
Trade, the Transport Authority and
the Freight Forwarding & Shipping
Agents Association, to import cargo
trucks in a bid to alleviate logistics
hurdles and avoid congestion at the
ports in Djibouti.

The latest instructions were issued
after the central bank approved
the applications, brought to its
officials' attention through the
Federal Transport Authority. The
importers have secured suppliers
credit for over two years to import
these trucks. They have to deposit
the value of the imports with the
dollar exchange rate at the end of
the maturity period. Banks would
issue letters of credit, and during
the time of the settlement period,
the central bank will transfer
the equivalent amount in foreign
currency.

It is a rare move in a country
with a critical shortage of foreign
currency, with reserves only

                      (Continued on PAGE 6)

Assets (2019/20) 	                           Dashen (68.3b Br)  BoA (57b Br)  NIB (42b Br)  Hibret (43b Br)                Awash (89.3b Br)  LIB (31.8b Br)  BIB (18.9b Br)
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