Regulatory Alerts1998-08-31
Added · Updated
Directive No. FXD/07/1998 – Transfer of Foreign Exchange Functions to Commercial Banks
The National Bank of Ethiopia authorizes licensed Commercial Banks to handle foreign exchange transactions for imports and exports, excluding coffee. Commercial Banks must approve import values without limit, though transactions of USD 1,000,000 and above require open international competitive bidding, and advance payments are capped at USD 5,000 unless a foreign bank guarantee is provided. Exporters are required to repatriate proceeds within 90 days, while importers must submit evidence of goods entry within 120 days, with Commercial Banks bearing responsibility for ensuring compliance and submitting weekly transaction reports to the National Bank of Ethiopia.
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