Regulatory Alerts2023-04-25
Added · Updated
Foreign Exchange Surrender Requirements of Banks (as Amended) Directives No. FXD/72/2021
Banks licensed by the National Bank of Ethiopia must surrender 50% of receipts from exports of goods and services, private transfers, and NGO transfers to the central bank within the first five working days of the following month. The central bank credits the bank's payment and settlement account with the equivalent amount in Birr at the prevailing mid-exchange rate. Banks are required to submit weekly foreign exchange cash flow reports signed by their President and monthly surrender reports within the same five-day deadline. Failure to surrender foreign currency on time incurs a fine of USD 10,000 per day of delay, capped at five working days, while other violations are subject to penalties under Proclamation No. 591/2008.
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