Savings In Financial Institutions Exceeds 2 Trillion Birr

Addis Ababa, The National Bank of Ethiopia has announced that the amount of savings in Ethiopian financial institutions has currently exceeded 2 trillion Birr.

The Deputy Governor of the National Bank of Ethiopia, Solomon Desta said the saving culture of the society has been showing remarkable growth stating that the amount of saving, registered in financial institutions including banks, reached 2.19 trillion Birr.

He also pointed out that rate of savings has increased by 25 percent in one year.

According to the Deputy Governor, savings and other financial activities have been facilitated by making the digital finance system accessible to the society with various options.

He explained that the expansion of the digital system, new entrants in the industry, the idea of capital market and the opportunity being facilitated for foreign banks to enter the Ethiopian financial sector will be an additional potential for the future growth of savings.

It is to be recalled that digital technology is being implemented in all fields, including the financial sector, to make digital Ethiopia a reality by 2025.

Source: Ethiopian News Agency