Ethiopia: minimum bank capital raised ten times

(1 dollar = 42.78 Birr). The National Bank of Ethiopia (NBE) now requires new banks to have capital of Birr 5 billion ($ 116 million) to be released after a transition period of five to seven years. One way to curb the rush to this relay country for the Asian textile industry? Currently, 20 banks are under training, four more await NBE approval. Previously, half a billion Birr was enough to set up a banking establishment in Ethiopia. Of the 19 banks operating in the country, Awash is the most capitalized with 5.8 billion Birr, followed by Dashen, Nib, United and Abyssinia with paid-up capital of 3.5 billion Birr, 3.4 billion Birr, 3.2 billion Birr and 3.1 billion Birr.