Regulatory Alerts2023-04-25
Added · Updated
Fixation of Daily Foreign Exchange Cash Notes and Transaction Rate (as Amended)
The directive amends the fixation of daily foreign exchange buying and selling rates for banks and forex burees. Banks must set their buying rate equal to the National Bank of Ethiopia interbank indicative rate and ensure the margin between buying and selling rates does not exceed 2%. Daily rates must be posted in a publicly visible place and used throughout the day, while banks may buy foreign exchange from retention account holders at a negotiable rate not exceeding their daily selling rate. Non-compliance incurs a fine of 10,000 Birr per violation, and the directive repeals Directive No. FXD/43/2014, entering into force on February 15, 2019.
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fx
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