Regulatory Alerts2023-08-11
Added · Updated
Foreign Exchange Surrender Requirements of Banks (as Amended) Directives No. FXD/83/2023
Banks licensed by the National Bank of Ethiopia must surrender 50% of export receipts and 70% of private transfer and NGO receipts to the central bank monthly within the first five working days of the following month. The central bank credits these payments in Birr at the prevailing mid-exchange rate, while banks must submit weekly cash flow reports signed by their President and monthly surrender reports within the same five-day window. Failure to surrender foreign currency on time incurs a fine of USD 10,000 per day of delay, capped at five working days, with further violations subject to penalties under Proclamation No. 591/2008. These directives replace Directive No. FXD/78/2022 and entered into force on August 11, 2023.
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