Ethiopian Review

Addis Ababa, (WIC) – The National Bank of Ethiopia announced that the global financial slow down has no impact on Ethiopia’s economic growth.

Speaking at a relevant workshop organized by the Ethiopian Academy of Financial Studies (EAFS), advisor to the NBE governor, Dr. Sentayehu Woldemichael said that the financial crunch that is seriously affecting the international financial market has brought no significant impact against Ethiopia’s economic growth.

The country’s economy is primarily dependent on the agriculture sector, Dr. Sentayehu said, adding that the country’s economy has not so far been affected despite the slight decline in the price of its agriculture commodities in the international market.

Dr. Sentayehu further said that the country is benefiting from the situation as it is importing various commodities, including petroleum, with a lower price.

The shortage of foreign currency witnessed in the country is not linked with the international financial crunch but a result of the rising demand by the government and the private sector, he added.

Three research papers focused on the financial sector were presented on the course of the workshop that brought experts from Banks, insurance companies and economists together.