Regulatory Alerts2023-04-25
Added · Updated
Establishment and Operation of Foreign Currency Account for Non-Resident Ethiopians and Non-Resident Ethiopian Origin (as Amended) Directive No. FXD/69/2021
The National Bank of Ethiopia establishes rules for non-resident Ethiopians and foreign nationals of Ethiopian origin to open and operate foreign currency current and fixed deposit accounts in domestic banks. The directive sets minimum initial deposits of USD 100 for current accounts and USD 5,000 for fixed deposits, mandates that 30% of credits to current accounts be converted to Birr, and prohibits the use of locally acquired foreign exchange for account funding. It repeals Directive No. FXD/64/2019 and enters into force on March 8, 2021.
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