NBE board approves primary market directive

On its meeting on Thursday June 10, the Board of Directors of National Bank of Ethiopia (NBE) issued a monetary policy operation directive to formalize and modernize the primary market under Open Market Operations (OMO) and Standing Facilities (SF). The Ethiopian Capital Market Authority (ECMA) is also expected to become operational before the end of 2021 to pave the way for the highly anticipated securities exchange that will be realized in 2022. Following the endorsement of the ‘capital market proclamation no. 1248/2021’ at the parliament 14th session on Thursday June 10, the formal establishing process of the ECMA is on the way. “We had b…