Regulatory Alerts2024-07-29
Foreign Exchange Directive No. FXD/01/2024
The National Bank of Ethiopia issued Foreign Exchange Directive No. FXD/01/2024 to consolidate and modernize the country’s foreign exchange regulatory framework. The directive authorizes all current account transactions while restricting capital account flows, establishes foreign currency retention accounts for exporters, and clarifies the operational roles of banks, authorized dealers, and forex bureaus. It further mandates transparent exchange rate determination, sets cash limits and reporting obligations for residents and non-residents, and outlines penalties for compliance to promote trade, financial stability, and economic growth.
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