Dear Colleagues

The National Bank of Ethiopia has issued a directive to the establishment and operation of a foreign currency saving account.

The directive that has come into effect starting from November 19, 2020, allowed Ethiopian residents, Non-resident Ethiopians, and Non-Resident Ethiopian Origin to open interest-bearing or interest-free foreign currency accounts in US Dollars, Pound Sterling, and Euro. fxd-68-2020

• Deposit to the foreign currency account should only be from a legal source and as indicated in Article 7 of the directive. Please note that a foreign currency cash note bought from the forex bureau but not utilized due to cancelation of travel shall not be used to credit and/or open a foreign currency account. If a deposit is made in other currencies, it will be translated to USD, Pound Sterling, or EUR based on your preference at the spot exchange rate.

• Withdrawal from the account can only be made in Birr except for the purposes that are listed in Article 8 of the directive.

• The interest is calculated in foreign currency but paid in local currency with a minimum interest rate of LIBOR plus 4 percent, which is subject to revision by the bank.

If you want further clarification or assistance in opening the account, please contact Abel Girma, the Nib Bank ILRI Branch Manager -, Mobile +251-911-084478.

Regards,