- Shega Weekly
- Posts
- Issue 146: First Impacts
Issue 146: First Impacts
In partnership with
Hello
Ethiopia's currency, the Birr, has undergone a dramatic decline since the government announced a floating exchange rate last Sunday. The Birr lost a staggering 30% of its value in just one day, with the depreciation reaching around 82% by August 2nd . This week's newsletter includes an in-depth analysis that covers this development and other events shaping Ethiopia's innovative landscape.
If you are here because someone forwarded you this email, you can subscribe here to get future newsletters.
Ethiopian Currency Regime Overhaul Opens New Frontiers for Fintechs Amid Market Uncertainty
Ethiopia underwent a seismic financial transformation over the past week, floating the Birr after nearly five decades of captivity.
The Birr has since plunged by almost 80%, but Finance Minister Ahmed Shide assures the nation that short-term pain will lead to long-term stability.
This historic shift is not only a challenge but also an opportunity for fintechs to innovate and thrive under a liberalized regime. Read more.
Breakthrough Innovation in Nanosilica to Slash Domestic Tire Production Costs by 50%
A landmark production technique developed by the Bio and Emerging Institute looks to cut tire manufacturing costs by half through replacing essential imported inputs with local alternatives. Read more.
E-Mobility Association Forms to Accelerate Capital’s EV Shift
Aiming to accelerate the capital’s transition to electric vehicles (EVs), a new e-mobility association has been formed in Addis Ababa by a collective of industry professionals. Read more.
We scour 100+ sources daily
Read by CEOs, scientists, business owners and more
3.5 million subscribers
Ethiopia Maintains Ban on Imports of Fuel-Powered Car
Ethiopia's Ministry of Finance said on Tuesday it will maintain a ban on imports of fuel-powered cars, even as the central bank lifted restrictions on imports of 38 other previously banned items. Read more.
Food Delivery Riders in Addis Ababa Earn Over 30,000 Birr Monthly
First, it was the ride-hailing sector. Now, the food delivery market has joined in, providing a good source of income for its workers. Food delivery is thriving in Addis Ababa, and some riders, armed with just a bicycle, are earning over 30,000 birr a month. Read more.
We+ Joins Addis Ababa’s Ride-Hailing Market with Retirement Funds for Drivers
The platform aims to help 25,000 drivers save up by allocating a percentage of its commission for their retirement and other needs, such as medical expenses. Read more.
Reply