Regulatory Alerts2023-04-25
Added · Updated
Transfer NBE’s Foreign Exchange Functions to Commercial Banks (Amendment) Directive No. FXD/63/2019
Article 4 of Directive No. FXD/07/1998 is amended to mandate authorized commercial banks to allow import and export of goods for any value, excluding coffee, against submission of required documents. For imports valued at USD 1,000,000 or above, commercial banks must verify that the application is backed by relevant international competitive bid documents, with exemptions for government imports under specific procurement laws and imports using own foreign currency accounts. The National Bank of Ethiopia’s Governor or Vice-Governor may grant case-by-case special approvals, and Directive No. FXD/13/2000 is repealed. These provisions enter into force on September 2, 2019.
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