The National Bank of Ethiopia commemorated the 18th National Flag Day at its headquarters, with Vice Governor and Chief Economist Fikadu Digafie using the event to recap the Bank’s reform agenda, including newly ratified legal frameworks and the opening of Ethiopia’s financial sector to foreign banks. The reforms cited covered monetary policy, foreign exchange management and financial sector regulation, anchored by the National Bank of Ethiopia Proclamation No. 1359/2025 and the Banking Business Proclamation No. 1360/2025. The market opening to foreign banks was presented as part of Ethiopia’s economic liberalisation agenda, aimed at attracting foreign capital, strengthening competition and improving the quality of financial services. National Flag Day is observed on the first Monday of October under Flag Day Proclamation No. 863/2006 (as amended).
National Bank of Ethiopia 2025-10-13
National Bank of Ethiopia highlights ratified central bank and banking proclamations and financial sector opening to foreign banks
The National Bank of Ethiopia marked the 18th National Flag Day by highlighting its reform agenda, including new legal frameworks and opening the financial sector to foreign banks. Key reforms involve monetary policy, foreign exchange management, and financial sector regulation under Proclamation No. 1359/2025 and Banking Business Proclamation No. 1360/2025. The market opening is part of Ethiopia's economic liberalisation to attract foreign capital and enhance competition.