National Bank of Ethiopia
Open Market Operations and Standing Facilities Directive No.
Whereas, the National Bank has the powers and duties to regulate and determine the supply and availability of money and credit as well as the applicable interest rates for the purpose of maintaining price and financial stability that is also conducive to the balanced growth of the Ethiopian economy;
Whereas, the National Bank has the powers and duties to make short term and long term refinancing facilities available to banks and other financial institutions; and issue its own debt and payment instruments for this purpose;
Whereas, it has become necessary to establish open market operations and standing
facilities as instruments for effective management of liquidity in the financial system for purposes of conducting monetary policy;
Now, therefore, in accordance with Article 5(4), Article 5(11), Article 15(1), and Article 27(2) of the National Bank of Ethiopia Establishment Proclamation No. 591/2008 (as amended), the National Bank has issued this Directive.