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.
Argentina's tourism balance negative in September per INDEC
The National Institute of Statistics and Censuses (INDEC) reported that Argentina's tourism balance was negative in September by 562,200 visitors, marking the twentieth consecutive month of this deficit. More Argentines traveled abroad than foreigners arrived in the country, exacerbating the outflow of foreign currency. Foreign tourists spent $208.5 million, while Argentines spent $598.2 million abroad.