The Shire Endaslassie branch of the Commercial Bank of Ethiopia reported the purchase of 13.4 quintals of gold from legal gold dealers over the past three months. The bank’s branch manager, Mr. Tekie Gidey, revealed that the purchases were made from traditional gold producers during July, August, and September.

The National Bank of Ethiopia recently raised the price of gold by 15%, which contributed to the substantial gold purchases in the last quarter. Mr. Gidey highlighted that while the bank had previously purchased 303.2 kilograms of gold during the 2023/24 fiscal year, this fiscal year’s first quarter alone saw purchases jump to 1.3 metric tons.

The branch spent more than Birr 17 billion on these gold acquisitions. As a regional gold-buying center on behalf of the National Bank of Ethiopia, the Shire Endaslassie branch continues to facilitate gold purchases.

Source: Ethiopian News Agency