Foreign Exchange
Nib International Bank reports 2.9 billion Br loss from forex revaluation
Nib International Bank S.C. announced a 2.9 billion Br loss at its annual shareholders meeting, mainly due to foreign exchange revaluation losses amid Ethiopia's economic reforms. The bank also paid 348.4 million Br in penalties for liquidity issues and payment violations. Despite settling major debts, mismanagement from previous leadership exacerbated the financial strain.