Regulatory Alerts2023-04-27
Added · Updated
Repealing Circular No. BSD12-2/2016
Circular No. BSD/12/2016 is repealed, reinstating the legal requirement set in article 8.1 of NBE Directives No. CRB/01/2012. This action restores the obligation for banks to obtain credit information for loan or new facility application processing, ending the temporary suspension that allowed banks to act at their own discretion. The Credit Reference System was restored and running smoothly since May 24, 2016, prompting this reinstatement.
የ ኢ ት ዮ ጵ ያ ብ ሔ ራ ዊ ባ ን ክ NATIONAL BANK OF ETHIOPIA ADDIS ABABA
FIS/BSD/669/16 May 30, 2016
All Banks Addis Ababa
Dear Sir;
Subject: Repealing Circular No. BSD/12/2016
We recall that following the Credit Reference System (CRS) outage since May 04, 2016 we have issued Circular No. BSD/12/2016 dated May 19, 2016 by which we have temporarily suspended the legal requirement set in article 8.1 of NBE Directives No. CRB/01/201; allowing your bank to act at its own discretion regarding obtaining of credit information for loan/new facility application processing.
With the coordinated efforts of NBE, the system vendor and other suppliers, the CRS is now restored and it has been up and running smoothly since May 24, 2016.
As a result, Circular No. BSD/12/2016 is hereby repealed by this letter reinstating the legal requirement set in article 8.1 of NBE Directives No CRB/01/2012 into force.
Sincerely Yours,
Solomon Desta Director, Banking Supervision Directorate
CC:
H.E. The Governor The V/Governor, Financial Institutions Supervision Credit Reference Bureau National Bank of Ethiopia
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