Regulatory Alerts2001-12-01
Added · Updated
Procedure for Handling of Import Documents Received from Banks Abroad
The National Bank of Ethiopia amends Directive No. FXD/07/1998 to establish procedures for commercial banks handling import documents received from abroad. The directive mandates specific timelines for banks to notify importers to collect documents, including initial advice within five days, a second reminder after fifteen days, and a final reminder, with uncollected documents for airfreight consignments requiring bank action within sixty days. Banks must report uncollected documents and subsequent actions to the National Bank of Ethiopia, the Ministry of Revenues, and the Customs Authority, and the directive imposes penalties on commercial banks for non-compliance. These rules take effect on December 1, 2001.
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