Regulatory Alerts2023-04-25
Added · Updated
Amendment to Directive No. FXD/07/1998 on Transfer of NBE Foreign Exchange Functions
The National Bank of Ethiopia amends Article 5.4 of Directive No. FXD/07/1998 to regulate advance payment imports. Importers must submit a letter of undertaking for advance payments not exceeding USD 5,000, while transfers exceeding this amount require a foreign bank guarantee confirmed by local banks, with exemptions for NRFCY and NRNT account holders. The Governor or Vice-Governor may grant special approval on a case-by-case basis, and the directive enters into force on October 1st, 2021.
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