Regulatory Alerts2023-04-25
Added · Updated
Cash Withdrawal Limit Directive No. FIS/03/2020
The National Bank of Ethiopia imposes daily and monthly cash withdrawal limits on customers of banks and microfinance institutions, setting the caps at 200,000 Birr per day and 1,000,000 Birr per month for natural persons, and 300,000 Birr per day and 2,500,000 Birr per month for juridical persons. Financial institutions must aggregate transactions across all branches and deposit accounts to enforce these limits, though they may exceptionally approve excess withdrawals based on National Bank-approved criteria and Chief Executive Officer authorization. Institutions violating the directive face a penalty equal to 25% of the excess withdrawal value and are required to submit weekly reports of any exceptionally approved transactions to the relevant National Bank directorates by Tuesday of the following week.