Regulatory Alerts2023-04-25
Added · Updated
Setting of Indicative Minimum Price for Selected Import Items Directives No. FXD/53/2018
The National Bank of Ethiopia repeals Directive No. FXD/52/2017 and establishes indicative minimum prices for selected import items across 23 Harmonized System chapters to prevent under-invoicing. Banks are prohibited from accepting proforma invoices with prices below the set indicative minimum, though a maximum 10% reduction is permitted, and must verify specific data points such as eight-digit HS codes and FOB values. Banks must submit monthly summaries of approved applications for these items and weekly reports for transactions processed under undertaking letters. Violations by banks incur a penalty of USD 10,000 per instance, while persons involved in under-invoicing face penalties under the National Bank of Ethiopia Establishment Proclamation.