Buna International Bank (BIB) concluded payment service agreement with Ethiopia Commodity Exchange (ECX). This took the total number of banks working with ECX to 12.

It was on August 24, 2017 that the agreement was inked. For the agreement ECX was represented by its CEO, Ermias Eshetu and BIB’s CEO Tadesse Chinkil.

It the last fiscal year, ECX is said to have managed to transact the highest amount since its establishment back in 2008. The exchange managed to transact 621,538 tons of commodities worth 26.5 billion Birr.

The other 11 banks have established an ECX settlement team in their respective head offices.

Source: Fortune