Regulatory Alerts2024-07-29
Foreign Exchange Market Guideline
Issued by the National Bank of Ethiopia, this guideline establishes comprehensive operational rules for both wholesale and retail foreign exchange markets. It mandates spot transactions at freely negotiated rates with four-decimal precision, sets a USD 50,000 minimum for inter-bank trades, and standardizes market hours from 8 AM to 5 PM. Market participants must maintain dedicated dealing desks, adhere to strict Know Your Customer and anti-money laundering standards, and submit daily FX transaction reports by 6 PM.
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