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Banks’ deposit level increases sixfold: Governor

Addis Ababa, October 21, 2020 (FBC) –The National Bank of Ethiopia (NBE) said 55 billion birr has been distributed in loan during the past three months.

About 85% of the total amount was distributed to the private sector, said Dr. Yinager Dessie, Governor of the National Bank of Ethiopia.

He said the deposit level of commercial banks in the first quarter increased by sixfold compared to the same period the previous budget year.

The Governor briefed the press on measures taken to control inflation, boost foreign currency reserves, maintain financial system stability, improve access to financial service and inclusion as well as to encourage savings and investment.

He further gave explanations on the institutional reforms undertaken within the bank.

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