DBE sells 24 million birr in bonds

Mar 29, 2011

A total of 24 million birr (€1 million) in bonds has been sold by the Development Bank of Ethiopia (DBE).

The purchases happened within two weeks of the products being made available to buy, the Addis Fortune reports.

For the first round of sales, which will last for three months, 138,800 bonds worth 200 million birr were printed, with 13 million birr generated at the launch ceremony at Sheraton Addis on March 12th.

The bonds have been distributed to the DBE's 35 branches, as well as the Commercial Bank of Ethiopia (CBE).

Brehanu Getaneh, President of United Bank, told the publication: "We did not calculate our benefits in buying the bonds, but instead meant it to encourage the trend as a potential investment, if a secondary market is available."

His organisation was the second biggest buyer of bonds after the CBE, which purchased products worth 10 million birr.

The CBE is Ethiopia's leading bank and has 352 outlets across the country, with total deposits standing at 56.1 billion birr on June 30th 2010.