Ethiopia Moves to Raises National Savings Rate, Finance Growth

The Ethiopian central bank’s decision to raise the minimum deposit rate at commercial banks to 5 percent from 4 percent and create government bonds for individual savers aims to boost the country’s low savings rate, a bank official said.

The nation saved 2.3 percent of its gross domestic product in 2009, according to World Bank statistics. Its neighbors Kenya and Sudan saved 9.7 percent and 25.7 percent respectively.