Establishment and Operation of Foreign Currency Account for Non-Resident Ethiopians and Non-Resident Ethiopian Origin (as Amended ) DIRECTIVE NO. FXD/ 69/2021

Establishment and Operation of Foreign Currency
Account for Non-Resident Ethiopians and Non-Resident Ethiopian Origin (as Amended ) DIRECTIVE NO. FXD/ 69/2021

Whereas, it is necessary to create incentives for Ethiopians in Diaspora to maintain foreign
currency account at home country so as to encourage domestic investment;

 Whereas, operation of foreign currency account by non-resident Ethiopians can support the international foreign exchange reserve and ease the balance of payments problem of the country;

Whereas, allowing Ethiopians abroad to open foreign currency account could encourage foreign directive investment;

NOW, THEREFORE, pursuant to the 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”) has issued this Directive.

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