Regulatory Alerts2008-08-11
Added · Updated
Proclamation No. 591/2008 Amending the National Bank of Ethiopia Establishment Proclamation
Proclamation No. 591/2008 amends the establishment law for the National Bank of Ethiopia, defining its legal status as an autonomous institution with juridical personality accountable to the Prime Minister. It establishes a Board of Directors composed of seven members appointed by the Government and sets the paid-up capital at Birr 500,000,000 owned entirely by the Government. The text mandates that 20% of net profits be allocated to a General Reserve Fund until it equals the paid-up capital, with remaining profits credited to the Ministry of Finance and Economic Development. It further outlines the Bank's powers to regulate currency, manage foreign exchange, license financial institutions, and set limits on their assets and external indebtedness.