July 19, 2024

My Views on News

Impartial and Unflinching

Commercial bank of Ethiopia recovery update

Commercial Bank of Ethiopia Recovers 99.13% of Fund Lost in a Glitch

Spread the love

Today, the Commercial Bank of Ethiopia (CBE) said that it had recovered 99.13% of the money it lost in a glitch. In March 2024, the CBE lost 801,417,747 birr as a result of a technical glitch. Thousands of customers made illegal money transactions/transfers during the technical glitch.

Commercial bank of Ethiopia recovery update

Today, the CBE announced that they have recovered 794,433,104 birr, which is 99.13% of the total amount. At the start of June 2024, CBE stated that they had recovered 792,714,347 birr, which is 98.9% of the total amount. So, in the last 15 days, the CBE successfully recovered the 1,718,757 birr.

Earlier, the Commercial Bank of Ethiopia released 6 sets of pictures of those customers who failed to return the money withdrawn illegally. The bank adopted different measures to force customers to return money. In another move, the bank displayed pictures of those who did not return the money at bank branches.

The Commercial Bank of Ethiopia authorities say they will soon recover the remaining amount as well, and they are working on it.

More Stories

Armed Forces Rob Over 2M Birr from CBE (Commercial Bank of Ethiopia)