Transfer NBE’s Foreign Exchange Functions to Commercial Banks (Amendment) Directive No. FXD/63/2019

Directive No. FXD/63/2019
Amendment to Directive No. FXD/07/1998
WHEREAS it has become necessary to amend the Directive to transfer NBE’s Foreign Exchange Functions to Commercial Banks Directive No. FXD/07/1998. NOW, THEREFORE, in accordance with authority vested on it by Article 20(2) and Article 27(2) of the National Bank of Ethiopia Establishment Proclamation No. 591/2008, the National Bank of Ethiopia *(herein after the “NBE”) issued this Directive.

1. Short Tile
   This directive may be cited as the “Transfer NBE’s Foreign Exchange Functions to Commercial Banks (Amendment) Directive No. FXD/63/2019”
2. Amendments
   Article 4 of the Directive to transfer NBE’s Foreign Exchange Functions to Commercial Banks
   Directive No. FXD/07/1998, is hereby amended as follows:
3. Import and Export Authorization
   4.1 Authorized Commercial Bank is mandated to allow import and export of goods for
   any value, excluding coffee, against submission of the required documents by the importer and exporter. 4..2 Notwithstanding sub-article 4.1 of this Article, for imports of goods for values of USD 1,000,000 (One Million) and above the Commercial Bank is required to check that the import application is backed by relevant international Competitive Bid (ICB) documents.

4.3 International Competitive bidding (ICB) document requirement under Sub-Article
4.2 of this Article may not be applicable for:
i. Import of goods by Government and public enterprises governed by government
procurement proclamation or by their respect procurement laws, and
ii. Import using from own Foreign Currency Account.
4.4 Notwithstanding sub-articles 4.2 and 4.3, the NBE’s Governor or The Vice-Governor
of Monetary Stability Cluster may give special approval in a case by case basis if the case found to be acceptable.
3. Repealed
Article 4 of the Directive to transfer NBE’s Foreign Exchange Functions to Commercial
Banks Directive No. FXD/07/1998 and Directive No. FXD/13/2000 are hereby repealed. These Directives shall enter into force as of September 2, 2019.