Regulatory Alerts2023-04-25
Added · Updated
Directive for Amendment of Retention and Utilization of Export Earnings and Inward Remittances No. FXD/70/2021
The National Bank of Ethiopia amends the retention and utilization rules for export earnings and inward remittances, replacing Directive No. FXD/66/2020. Eligible exporters and recipients may retain 45% of their foreign currency earnings in designated accounts after surrendering 55% at the prevailing buying rate. These retained funds can be used for unrestricted import payments or sold to client banks at freely negotiating rates, subject to monthly reporting and a USD 5,000 penalty for non-compliant banks. The directives entered into force on March 9, 2021.
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