Regulatory Alerts2023-04-25
Added · Updated
Foreign Exchange Surrender Requirements of Banks (As Amended) Directives No. FXD/78/2022
Banks licensed by the National Bank of Ethiopia must surrender 70% of receipts from export of goods and services, private transfers, and NGO transfers to the central bank within the first five working days of the following month. The National Bank of Ethiopia credits the equivalent amount in Birr to the bank's payment and settlement account 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 specified 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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