Regulatory Alerts2023-04-25
Added · Updated
Foreign Exchange Transaction in Industrial Parks Directive No. FXD/59/2019
The National Bank of Ethiopia issued Directive No. FXD/59/2019 to regulate foreign exchange transactions within federal industrial parks in Ethiopia. The directive permits investors to purchase raw materials and sell manufactured products as inputs to other investors within or across industrial parks using foreign currency from retention or foreign currency accounts. It allows investors to pay foreign employee salaries in foreign currency and enables these employees to open foreign currency accounts capped at their net monthly salary, with rights to transfer funds abroad or convert them to birr. Banks are authorized to issue interim export and import permits for such intra-park transactions, which must be reported to the Bank weekly, and the directive entered into force on February 4, 2019.