Regulatory Alerts2023-04-25
Added · Updated
Directive for Amendment of Retention and Utilization of Export Earnings And Inward Remittances Directives No. FXD/79/2022
The National Bank of Ethiopia repeals Directive No. FXD/73/2021 and establishes a new retention framework requiring banks to surrender 70% of foreign currency earnings from exports, private transfers, and NGO transfers. Eligible exporters and inward remittance recipients may retain 20% in foreign currency retention accounts indefinitely, while the remaining 10% must be surrendered to their bank at the prevailing buying rate on the day of receipt. Banks are authorized to open these accounts only with written beneficiary authority and must report aggregate monthly balances to the regulator. Any bank violating these provisions is subject to a penalty of USD 5,000 per violation.
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