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Awash International Bank S.C. announced interest rate reductions on short term, pre-shipment and overdraft loans, in hopes of encouraging more exports. It made the announcement while celebrating its sixth Exporters Day, at the Hilton Hotel Addis Ababa, on Thursday December 4. Yakob Yala, State Minister of Trade awarded the top 39 exporters during the event.
Bank president, Tsehay Shiferaw says they did not reduce the interest rates to get a leg up on the competition. “We did it to help increase national exports, which declined 15 percent last year” he said.
Although he did not specify the amount of the interest rate decrease, he stressed that Awsah is striving to deliver credit on time while increasing its magnitude. Exporters who attended the event said they are delighted with the bank’s decision.
“The global market is inconsistent and foreign exchange fluctuates,” said one customer of the bank.
Awash Bank brought in USD 502 million from foreign exchange and money transfer services. This is an increase of USD 85 million from the previous year performance.
Last week the bank revealed that it recorded a gross profit of 861 million birr in the last fiscal year which is a 35 percent increment compared to the previous year