Regulatory Alerts2024-02-27
Limits on Birr and Foreign Currency Holding in Ethiopia (As Amended)
The National Bank of Ethiopia issued Directive No. FXD/87/2024 to establish strict holding limits and conversion requirements for Birr and foreign currency within Ethiopian territory. Residents, non-residents, and visitors must convert or deposit foreign currency within designated timeframes based on their entry stamps, with customs declarations mandated for amounts exceeding USD 4,000 and USD 10,000 respectively. The directive prohibits cash foreign currency transfers and domestic transactions in other currencies, requires monthly reporting from the Ethiopian Customs Commission, and officially repeals prior holding directives effective February 22, 2024.
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