The #IMF is close to approving a #251-million-dollar loan to Ethiopia, applauding "progress in the economic reforms," which saw the exchange rate shift toward a market-determined regime.
@AddisFortune
@AddisFortune
Ethio Telecom has announced that its mobile money platform, #TeleBirr, has facilitated transactions totaling 3.25 trillion birr since its launch on May 17, 2021, serving 51.3 million users.
@Patternfin
@Patternfin
https://www.imf.org/en/News/Articles/2024/11/27/pr24444-ethiopia-imf-reaches-staff-level-agreement-second-review-ecf
The IMF has just concluded a two-week staff visit to Ethiopia as part of the second review of the ECF program. The IMF’s assessment of the Government’s overall macro reform program—including NBE’s monetary, financial, and exchange rate reforms—remains positive. The first quarter of the fiscal year has shown strong revenue performance, declining inflation, a near-convergence in the official and parallel market exchange rates, rising fx reserves at the central bank, and much improved access to foreign exchange at commercial banks. The start of an inter-bank money market as well as an inter-bank fx market over the past few months was also recognized as a major step forward for Ethiopia’s financial sector.
The Governor of the NBE noted: “We are very pleased that a staff-level agreement has been reached on the second review of the IMF program. This agreement is a strong technical and independent endorsement of the strength of our monetary and financial policies; once approved by the IMF Board, it will also boost our fx reserves by an additional $250mn, on top of the $1.3bn in recently provided IMF financing.” The Governor added: “NBE will continue to focus its near-term work on: (1) reducing inflation over the course of 2025, while still allowing for somewhat improved credit and liquidity conditions over the coming months; (2) ensuring a properly functioning fx market that adequately addresses the needs of Ethiopia’s private sector; and (3) strengthening the financial sector to ensure it is safe, sound, and accessible to all.”
@NBE
The IMF has just concluded a two-week staff visit to Ethiopia as part of the second review of the ECF program. The IMF’s assessment of the Government’s overall macro reform program—including NBE’s monetary, financial, and exchange rate reforms—remains positive. The first quarter of the fiscal year has shown strong revenue performance, declining inflation, a near-convergence in the official and parallel market exchange rates, rising fx reserves at the central bank, and much improved access to foreign exchange at commercial banks. The start of an inter-bank money market as well as an inter-bank fx market over the past few months was also recognized as a major step forward for Ethiopia’s financial sector.
The Governor of the NBE noted: “We are very pleased that a staff-level agreement has been reached on the second review of the IMF program. This agreement is a strong technical and independent endorsement of the strength of our monetary and financial policies; once approved by the IMF Board, it will also boost our fx reserves by an additional $250mn, on top of the $1.3bn in recently provided IMF financing.” The Governor added: “NBE will continue to focus its near-term work on: (1) reducing inflation over the course of 2025, while still allowing for somewhat improved credit and liquidity conditions over the coming months; (2) ensuring a properly functioning fx market that adequately addresses the needs of Ethiopia’s private sector; and (3) strengthening the financial sector to ensure it is safe, sound, and accessible to all.”
@NBE
IMF
IMF Reaches Staff Level Agreement on the Second Review of the Extended Credit Facility for Ethiopia
IMF staff and the Ethiopian authorities have reached staff-level agreement on economic policies to conclude the second review of the four-year USD$ 3.4 billion ECF arrangement. Formal completion of the review by the IMF Executive Board would give Ethiopia…
Key Takeaways for Emerging Markets:
Reimagining Banking: Traditional banks must adapt to the pressure of digital transformation. Partnering with fintechs can unlock innovation, enhance customer experiences, and serve underserved markets effectively.
Spotting Opportunities: Identify gaps in financial access, particularly among the unbanked and niche markets. Proven technologies like AI, open banking, and embedded finance are catalysts for change.
Fostering Partnerships: Collaboration between governments, banks, and tech firms is critical to building a thriving fintech ecosystem.
Strategies for Growth:
Partner with fintechs to enhance efficiency and expand outreach. Leverage embedded finance to seamlessly integrate financial services into daily life.
Design tailored products for users, prioritising hyper-personalization and mobile-first experiences.
Why This Matters:
Emerging markets hold a unique advantage: a growing demand for financial inclusion coupled with rapid adoption of mobile and digital technologies. Fintech can bridge the gap for the unbanked, empower SMEs, and create long-term economic impact. With strategic action, Ethiopia and other emerging economies can turn fintech innovation into a force for sustainable development. #Fintech
Credit @Evopica
Reimagining Banking: Traditional banks must adapt to the pressure of digital transformation. Partnering with fintechs can unlock innovation, enhance customer experiences, and serve underserved markets effectively.
Spotting Opportunities: Identify gaps in financial access, particularly among the unbanked and niche markets. Proven technologies like AI, open banking, and embedded finance are catalysts for change.
Fostering Partnerships: Collaboration between governments, banks, and tech firms is critical to building a thriving fintech ecosystem.
Strategies for Growth:
Partner with fintechs to enhance efficiency and expand outreach. Leverage embedded finance to seamlessly integrate financial services into daily life.
Design tailored products for users, prioritising hyper-personalization and mobile-first experiences.
Why This Matters:
Emerging markets hold a unique advantage: a growing demand for financial inclusion coupled with rapid adoption of mobile and digital technologies. Fintech can bridge the gap for the unbanked, empower SMEs, and create long-term economic impact. With strategic action, Ethiopia and other emerging economies can turn fintech innovation into a force for sustainable development. #Fintech
Credit @Evopica
Coffee futures climbed to a near 50-year high in New York amid fears of a global supply shortage and the threat of tariffs on imports into the US. #Coffee
Via #FinancialTimes
Via #FinancialTimes
80% of CBE’s Transactions Are Now Digital
CBE has 30 million mobile money customers, nearly 10 million mobile banking users, and around 21 million debit cardholders.
#Shega
CBE has 30 million mobile money customers, nearly 10 million mobile banking users, and around 21 million debit cardholders.
#Shega
Ethiopia’s state-owned Commercial Bank of Ethiopia CBE) has made strides in digital banking services, with digital channels handling 80% of its transactions during the first quarter. CBE facilitated around 402 million transactions across multiple access channels, contributing more than 50% of the total digital banking services within the financial industry.
The Bank’s quarterly publication indicates a formidable customer base with its mobile money service CBE Birr reaching 30 million customers, nearly 10 million users on its mobile banking service, and around 21 million debit card users. However, the report did not disclose the total transaction value for the period.
Ethiopia’s biggest bank has also continued to ensure the integrity of its digital banking infrastructure by subscribing to international certifications.
The Bank’s quarterly publication indicates a formidable customer base with its mobile money service CBE Birr reaching 30 million customers, nearly 10 million users on its mobile banking service, and around 21 million debit card users. However, the report did not disclose the total transaction value for the period.
Ethiopia’s biggest bank has also continued to ensure the integrity of its digital banking infrastructure by subscribing to international certifications.
Hibret Bank made a profit of 3.08 billion birr!!
During the Bank's 27th general meeting of shareholders, it stated that the total amount of deposits reached 74.65 billion birr. Compared to the amount of last year, it showed an increase of 10.11 billion birr.
The bank reported a profit of 3.08 billion birr before tax, an increase of 22.5 million birr from last year.
The bank's total loan amount, including interest-free financing, reached 68.89 billion birr.
During the Bank's 27th general meeting of shareholders, it stated that the total amount of deposits reached 74.65 billion birr. Compared to the amount of last year, it showed an increase of 10.11 billion birr.
The bank reported a profit of 3.08 billion birr before tax, an increase of 22.5 million birr from last year.
The bank's total loan amount, including interest-free financing, reached 68.89 billion birr.
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@PatternFin
ዩጋንዳ በሀከሮች 17 ሚሊዮን ዶላር ተዘረፈች።
ዩጋንዳ በማዕከላዊ ባንኳ ላይ በተፈጸመ የሳይበር ጥቃት 62 ቢሊዮን ሽልንግ ወይም 17 ሚሊዮን ዶላር ተዘርፋለች፡፡
ቢው ቪዥን ጋዜጣ እንደዘገበው ምዝበራው የተፈጸመው ሀከሮች (ጠላፊዎች) የባንኩን አይቲ ክፍል ከተቆጣጠሩ በኋላ ነው፡፡
ምዝበራው ባሳለፍነው ማክሰኞ ነው እንደተፈጸመ የተነገረው።
ምዝበራው በደቡብ እስያ የሚገኙ ጠላፊዎች የተፈጸመ እንደሆነ ገንዘቡ በመጨረሻ ወደ ጃፓን እንደተላከ ባንኩ አስታውቋል፡፡
ባንኩ ከተመዘበረው ገንዘብ ውስጥ ግማሹን አስመልሻለሁ ብሏል፡፡
የሀገሪቱ ፕሬዝዳንት ዮሪ ሙሴቪኒ መንግስታቸው በሚስተዳድረው ባንክ ላይ የተፈጸመው ምዝበራ እንዲመረመር አዘዋል።
ዴይሊ ሞኒተር ባወጣው ዘገባ ይህ ምዝበራ የተፈጸመው በባንኩ የውስጥ ሰራተኞች እርዳታ አማካኝነት ሳይሆን አይቀርም።
የፕሬዝዳንቱን ጥዕዛዝ ተከትሎ ፖሊስ ሁኔታውን እየመረመረ ነው ተብሏል። በቅርቡ ውጤቱን ለህዝብ ይፋ እንደሚያደርግ ተገልጿል።
ዩጋንዳ በተደጋጋሚ መሰል የበይነ መረብ / ሳይበር ጥቆቶችን ስታስተናግድ የአሁኑ የመጀሪያዋ አይደለም።
በተለይም በቴሌኮም ኩባንያዎች እና የገንዘብ አተላላፊ ተቋማቶቿ ላይ በተደጋጋሚ ዝርፊያ ተፈጽሟል፡፡
በባንኮች ላይም መሰል ምዝበራዎች የሚፈጸሙ ቢሆንም ባንኮች ከደንበኞቻቸው ሊደርስ የሚችልን ጉዳት በመፍራት ምን ያህል ገንዘብ እንደተሰረቁ ከመናገር ይቆጠባሉ፡፡
ይህን መረጃ አል አይን ኒውስ ቢው ቪዥን ጋዜጣና ዴይሊ ሞኒተርን ዋቢ በማድረግ ነው ያጋራው።
@tikvahethiopia
ዩጋንዳ በማዕከላዊ ባንኳ ላይ በተፈጸመ የሳይበር ጥቃት 62 ቢሊዮን ሽልንግ ወይም 17 ሚሊዮን ዶላር ተዘርፋለች፡፡
ቢው ቪዥን ጋዜጣ እንደዘገበው ምዝበራው የተፈጸመው ሀከሮች (ጠላፊዎች) የባንኩን አይቲ ክፍል ከተቆጣጠሩ በኋላ ነው፡፡
ምዝበራው ባሳለፍነው ማክሰኞ ነው እንደተፈጸመ የተነገረው።
ምዝበራው በደቡብ እስያ የሚገኙ ጠላፊዎች የተፈጸመ እንደሆነ ገንዘቡ በመጨረሻ ወደ ጃፓን እንደተላከ ባንኩ አስታውቋል፡፡
ባንኩ ከተመዘበረው ገንዘብ ውስጥ ግማሹን አስመልሻለሁ ብሏል፡፡
የሀገሪቱ ፕሬዝዳንት ዮሪ ሙሴቪኒ መንግስታቸው በሚስተዳድረው ባንክ ላይ የተፈጸመው ምዝበራ እንዲመረመር አዘዋል።
ዴይሊ ሞኒተር ባወጣው ዘገባ ይህ ምዝበራ የተፈጸመው በባንኩ የውስጥ ሰራተኞች እርዳታ አማካኝነት ሳይሆን አይቀርም።
የፕሬዝዳንቱን ጥዕዛዝ ተከትሎ ፖሊስ ሁኔታውን እየመረመረ ነው ተብሏል። በቅርቡ ውጤቱን ለህዝብ ይፋ እንደሚያደርግ ተገልጿል።
ዩጋንዳ በተደጋጋሚ መሰል የበይነ መረብ / ሳይበር ጥቆቶችን ስታስተናግድ የአሁኑ የመጀሪያዋ አይደለም።
በተለይም በቴሌኮም ኩባንያዎች እና የገንዘብ አተላላፊ ተቋማቶቿ ላይ በተደጋጋሚ ዝርፊያ ተፈጽሟል፡፡
በባንኮች ላይም መሰል ምዝበራዎች የሚፈጸሙ ቢሆንም ባንኮች ከደንበኞቻቸው ሊደርስ የሚችልን ጉዳት በመፍራት ምን ያህል ገንዘብ እንደተሰረቁ ከመናገር ይቆጠባሉ፡፡
ይህን መረጃ አል አይን ኒውስ ቢው ቪዥን ጋዜጣና ዴይሊ ሞኒተርን ዋቢ በማድረግ ነው ያጋራው።
@tikvahethiopia
😱1
Ethiopia’s Exchange Rate Reform: New Study Reveals Risks and Opportunities
The Ethiopian Economics Association (EEA) has released a new working paper, WP 26, authored by Yetsedaw Emagne and Tadele Ferede, offering insights into Ethiopia’s transition to a market-determined foreign exchange rate policy aimed at reunifying official and parallel market rates. The paper highlights that the adoption of a floating exchange rate regime has significantly reduced the gap between the two rates, with the margin dropping to less than 10% by the third week of August 2024, compared to 98% before the policy’s announcement. Using a dynamic stochastic general equilibrium (DSGE) model, the authors evaluate two exchange rate adjustment scenarios: gradual adjustment and full reunification. Both scenarios are associated with economic contraction and inflation spikes, but the reunification scenario is deemed riskier, leading to more severe disruptions and slower recovery. The findings emphasize the need for careful and pragmatic management of the reform to mitigate potential economic challenges, providing valuable guidance for policymakers navigating Ethiopia's exchange rate reforms.
@EEA Ethiopian Economics Association
The Ethiopian Economics Association (EEA) has released a new working paper, WP 26, authored by Yetsedaw Emagne and Tadele Ferede, offering insights into Ethiopia’s transition to a market-determined foreign exchange rate policy aimed at reunifying official and parallel market rates. The paper highlights that the adoption of a floating exchange rate regime has significantly reduced the gap between the two rates, with the margin dropping to less than 10% by the third week of August 2024, compared to 98% before the policy’s announcement. Using a dynamic stochastic general equilibrium (DSGE) model, the authors evaluate two exchange rate adjustment scenarios: gradual adjustment and full reunification. Both scenarios are associated with economic contraction and inflation spikes, but the reunification scenario is deemed riskier, leading to more severe disruptions and slower recovery. The findings emphasize the need for careful and pragmatic management of the reform to mitigate potential economic challenges, providing valuable guidance for policymakers navigating Ethiopia's exchange rate reforms.
@EEA Ethiopian Economics Association
👍1
Over the past week, the Brewed Buck has been under intensifying pressure, revealing cracks in the foreign exchange market. Banks were seen adopting varied tactics to respond to the scarcity of dollars, with Dashen Bank emerging as a notable outlier in its aggressive pricing strategies.
In the six days beginning November 18, the Birr continued its downward trajectory against the U.S. Dollar. The average buying rate was 121.61 Br a dollar, while the selling rate averaged 124.16 Br, maintaining a spread of approximately 2.05pc. The consistent spread across most banks demonstrated the National Bank of Ethiopia's (NBE) firm grip on forex transaction margins, limiting volatility in an already constrained market.
However, beneath this surface stability, noteworthy variations emerged among individual banks. The state-owned Commercial Bank of Ethiopia (CBE) consistently posted the lowest buying rate of 119.2 Br a dollar throughout the week. Its conservative stance likely comes from CBE's executives' desire to prioritize stable foreign exchange flows over short-term profitability, aligning with the Central Bank's objectives to maintain market equilibrium.
Dashen Bank adopted an aggressive approach. It offered the highest buying rates, surpassing 123 Br a dollar on multiple occasions. On November 23, Dashen's selling rate peaked at 127.2114 Br a dollar, much higher than its competitors. The bold strategy could show Dashen's keenness to optimise foreign currency inflows where the forex supply has been constrained, possibly responding to heightened demand pressures within its client base.
Other banks, such as Wegagen, Abyssinia, and Awash, also posted higher rates near the market's upper end but maintained steadier trajectories. Their more cautious strategies exhibited a balanced approach to market shifts, avoiding the extremes of Dashen's pricing. Adding to the market's complexity, the National Bank of Ethiopia (NBE) displayed unusual fluctuations in its own rates.
On November 18, the Central Bank's posted spread aligned with the industry average at 2.05pc. However, it dropped sharply to 0.77pc on November 19 before climbing back to 1.62pc by November 23. The irregularity may signal the Central Bank's efforts to influence market behaviour or to test the elasticity of forex demand. It could also be about policy adjustments under pressure to manage the widening gap between official and parallel market rates.
The divergence in banks' strategies and the Central Bank's rate fluctuations expose underlying tensions in the forex regime. The enduring pressure on the Brewed Buck stems from structural challenges within the macroeconomic framework. A liquidity crunch, compounded by a widening trade deficit and limited external inflows, has intensified competition among banks for scarce forex holdings. The consistent depreciation of the Birr also signals deepening structural macroeconomic imbalances, calling for broader reforms to stabilise the foreign exchange market.
Last week's trends could be a manifestation of these constraints, with banks like Dashen willing to test the boundaries of regulatory constraints to secure liquidity.
As the Birr's erosion became more pronounced in the latter half of the week, concerns over forex supply intensified. Banks will likely continue competing aggressively for available liquidity unless underlying macroeconomic issues are addressed.
@AddisFortune
In the six days beginning November 18, the Birr continued its downward trajectory against the U.S. Dollar. The average buying rate was 121.61 Br a dollar, while the selling rate averaged 124.16 Br, maintaining a spread of approximately 2.05pc. The consistent spread across most banks demonstrated the National Bank of Ethiopia's (NBE) firm grip on forex transaction margins, limiting volatility in an already constrained market.
However, beneath this surface stability, noteworthy variations emerged among individual banks. The state-owned Commercial Bank of Ethiopia (CBE) consistently posted the lowest buying rate of 119.2 Br a dollar throughout the week. Its conservative stance likely comes from CBE's executives' desire to prioritize stable foreign exchange flows over short-term profitability, aligning with the Central Bank's objectives to maintain market equilibrium.
Dashen Bank adopted an aggressive approach. It offered the highest buying rates, surpassing 123 Br a dollar on multiple occasions. On November 23, Dashen's selling rate peaked at 127.2114 Br a dollar, much higher than its competitors. The bold strategy could show Dashen's keenness to optimise foreign currency inflows where the forex supply has been constrained, possibly responding to heightened demand pressures within its client base.
Other banks, such as Wegagen, Abyssinia, and Awash, also posted higher rates near the market's upper end but maintained steadier trajectories. Their more cautious strategies exhibited a balanced approach to market shifts, avoiding the extremes of Dashen's pricing. Adding to the market's complexity, the National Bank of Ethiopia (NBE) displayed unusual fluctuations in its own rates.
On November 18, the Central Bank's posted spread aligned with the industry average at 2.05pc. However, it dropped sharply to 0.77pc on November 19 before climbing back to 1.62pc by November 23. The irregularity may signal the Central Bank's efforts to influence market behaviour or to test the elasticity of forex demand. It could also be about policy adjustments under pressure to manage the widening gap between official and parallel market rates.
The divergence in banks' strategies and the Central Bank's rate fluctuations expose underlying tensions in the forex regime. The enduring pressure on the Brewed Buck stems from structural challenges within the macroeconomic framework. A liquidity crunch, compounded by a widening trade deficit and limited external inflows, has intensified competition among banks for scarce forex holdings. The consistent depreciation of the Birr also signals deepening structural macroeconomic imbalances, calling for broader reforms to stabilise the foreign exchange market.
Last week's trends could be a manifestation of these constraints, with banks like Dashen willing to test the boundaries of regulatory constraints to secure liquidity.
As the Birr's erosion became more pronounced in the latter half of the week, concerns over forex supply intensified. Banks will likely continue competing aggressively for available liquidity unless underlying macroeconomic issues are addressed.
@AddisFortune
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የኢትዮጵያ ብሔራዊ ባንክ ህዳር 26 ቀን 2024 ለፋይናንስ ተቋማት በላከው ደብዳቤ መሰረት ባንኮች ደንበኞቻቸው የባንክ ሂሳባቸውን ለመክፈት እና ለማስተካከል ብሄራዊ መታወቂያ (ፋይዳ) እንዲሰጡ ትእዛዝ ሰጥቷል። ይህ ተልዕኮ የፋይናንስ ስርዓቱን ደህንነት እና ታማኝነት ለማሳደግ ያለመ ሲሆን በተጨማሪም የፋይናንስ ማካተትን በማስተዋወቅ እና ማጭበርበርን ለመዋጋት። በቅርቡ በሥራ ላይ የሚውል ብሄራዊ መታወቂያ በመላው ኢትዮጵያ የባንክ ሒሳቦችን ለመክፈት እና ለማቆየት እንዲሁም ነባር ደንበኞቻቸው እስከ 2026 ድረስ ብሔራዊ መታወቂያቸውን እንዲያቀርቡ እና ወደ አካውንታቸው እንዲቀላቀሉ ማድረግ ግዴታ ይሆናል።
ይህ እርምጃ ደንበኛዎን ይወቁ (KYC) ሂደቶችን ለማመቻቸት፣ የውሂብ ባለቤትነትን ለማረጋገጥ እና ደህንነቱ የተጠበቀ የባንክ ስራዎችን ለማመቻቸት ያለመ ነው።
ይህንን ሂደት ተግባራዊ ለማድረግ በብሔራዊ ባንክ የቀረበው ዋና የጊዜ ሰሌዳ፡-
● የአዲስ አበባ ቅርንጫፎች፡ ከጥር 1 ቀን 2025 ጀምሮ በአዲስ አበባ ውስጥ ያሉ ሁሉም የባንክ ቅርንጫፎች ፋይዳ አካውንት ለመክፈት ይጠይቃሉ።
● በአገር አቀፍ ደረጃ በትልልቅ ከተሞች ያሉ ቅርንጫፎች፡ ከጁላይ 1 ቀን 2025 ጀምሮ በመላ አገሪቱ የሚገኙ ዋና ዋና የከተማ ማዕከሎችም ይህንን መስፈርት ይቀበላሉ።
● በአገር አቀፍ ደረጃ ሁሉም ቅርንጫፎች፡ በጃንዋሪ 1፣ 2026 ፋይዳ በኢትዮጵያ ውስጥ ባሉ ሁሉም ቅርንጫፎች የግዴታ ይሆናል።
● ነባር የባንክ ሒሳቦች፡- ነባር መለያዎች ላላቸው ደንበኞች እስከ ዲሴምበር 31፣ 2026 ድረስ ተግባራዊ ይሆናል።
ይህ እርምጃ ደንበኛዎን ይወቁ (KYC) ሂደቶችን ለማመቻቸት፣ የውሂብ ባለቤትነትን ለማረጋገጥ እና ደህንነቱ የተጠበቀ የባንክ ስራዎችን ለማመቻቸት ያለመ ነው።
ይህንን ሂደት ተግባራዊ ለማድረግ በብሔራዊ ባንክ የቀረበው ዋና የጊዜ ሰሌዳ፡-
● የአዲስ አበባ ቅርንጫፎች፡ ከጥር 1 ቀን 2025 ጀምሮ በአዲስ አበባ ውስጥ ያሉ ሁሉም የባንክ ቅርንጫፎች ፋይዳ አካውንት ለመክፈት ይጠይቃሉ።
● በአገር አቀፍ ደረጃ በትልልቅ ከተሞች ያሉ ቅርንጫፎች፡ ከጁላይ 1 ቀን 2025 ጀምሮ በመላ አገሪቱ የሚገኙ ዋና ዋና የከተማ ማዕከሎችም ይህንን መስፈርት ይቀበላሉ።
● በአገር አቀፍ ደረጃ ሁሉም ቅርንጫፎች፡ በጃንዋሪ 1፣ 2026 ፋይዳ በኢትዮጵያ ውስጥ ባሉ ሁሉም ቅርንጫፎች የግዴታ ይሆናል።
● ነባር የባንክ ሒሳቦች፡- ነባር መለያዎች ላላቸው ደንበኞች እስከ ዲሴምበር 31፣ 2026 ድረስ ተግባራዊ ይሆናል።
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NBE ከጀመራቸው ምርጥ ስራዎች የሆነውን Financial Stability Report ሁለተኛው ሪፖርት ዛሬ ይፋ ተደርጓል።
መልካም ንባብ!
መልካም ንባብ!