Ethiopian Central Bank Restricts Amount of Cash Travelers Can Hold, Sets Foreign Currency Conditions

According to the National Bank of Ethiopia’s directive, which grew to become efficient on September 5, individuals coming into and departing the nation in possession of native foreign money at the moment are topic to new restrictions. Individuals could not maintain native foreign money whose worth exceeds $57.00 or 3,000 birr. The directive additionally units situations and circumstances underneath which Ethiopian residents and non-residents could possess and use international foreign money.

Converting All Foreign Currency at Authorized Forex Bureaus

The Ethiopian central financial institution just lately issued a directive which units a restrict on the quantity of the birr that “an individual coming into into and departing from Ethiopia” could have of their possession. In addition, the directive, which grew to become efficient on September 5, units situations and circumstances underneath which Ethiopian residents and non-residents could possess and use international foreign money.

In a press release, the National Bank of Ethiopia (NBE) outlines the precise worth of each the birr and international foreign money that residents could maintain.

“According to the directive, an individual coming into into and departing from Ethiopia could maintain as much as [a] most of [$57.00] or birr 3,000.00 (birr three thousand) per journey to and from Ethiopia. However, an individual travelling to Djibouti could maintain as much as a most quantity of [$190.00] birr 10,000 (birr ten thousand) per journey,” the NBE mentioned.

For Ethiopians re-entering the territory of the landlocked African nation, the central financial institution mentioned they’re required to “convert all international foreign money he/she is carrying at a certified foreign exchange bureau for the equal sum in birr.” Alternatively, they will deposit the foreign exchange right into a international foreign money account inside 30 days of returning to the nation, the central financial institution added. For residents holding $4,000 or extra, the NBE directed that such people ought to make a customs declaration.

Declaring Foreign Currency Holdings

Concerning the usage of international foreign money when touring overseas, the central financial institution defined:

The directive states that an individual residing in Ethiopia is allowed to journey overseas by carrying a international foreign money if he/she presents a financial institution recommendation issued for the acquisition of the international foreign money inside thirty (30) days from the financial institution recommendation.

On the opposite hand, when a non-resident international nationwide of Ethiopian origin or a non-resident Ethiopian who owns international foreign money will get into the nation, the central financial institution’s directive requires them to “current customized declaration” if the worth of international foreign money held exceeds $10,000.

However, for international currency-holding people that enter Ethiopia utilizing land transport, the NBE requires them to make a declaration of such holdings if the worth is greater than or equal to $500.

Register your e mail right here to get a weekly replace on African information despatched to your inbox:

What are your ideas in regards to the National Bank of Ethiopia’s foreign money holding restrictions? Let us know what you assume within the feedback part beneath.