ADDIS ABABA (NBE) – The National Bank of Ethiopia (NBE) has issued a Directive to limit on Birr and foreign currency holding in the territory of Ethiopia.
Signed by Dr. Yinager Dessie, the Governor of NBE, the Directive FXD/81/2022, shall enter into force as of September 05, 2022.
The Directive states that it has become necessary to limit the Birr holding amount for a person entering into and departing from Ethiopia. Besides, it’s necessary to set conditions, limitations, and circumstances under which an Ethiopian, resident of Ethiopia, and a non-resident or any other person who may process and utilize foreign currency.
According to the Directive a person entering into and departing from Ethiopia may hold up to maximum of Birr 3,000.00 (Birr three thousand) per travel to and from Ethiopia. However, a person travelling to Djibouti may hold up to a maximum amount of Birr 10,000 (Birr ten thousand) per travel.
A person residing in Ethiopia enters to the territory of Ethiopia shall convert all foreign currency he/she is carrying at an authorized forex bureau for the equivalent sum in Birr, or deposit to his/her foreign currency account within 30 days of entry to the territory.
However, he/she must present custom declaration if the foreign currency amount exceeds USD 4,000 (USD Four Thousand) or equivalent in any other convertible foreign currency while depositing into foreign currency account.
The Directive also puts the time limit for holding and conversion of foreign currency for the foreign national of Ethiopian Origin or Ethiopian National not residing in Ethiopia who enters the territory carrying foreign currency. If he/she carries foreign currency and intends to stay more than ninety days, shall deposit the money into his/her Non-resident (NR) foreign currency account.
However, if the amount of the foreign currency exceeds USD 10,000 (USD ten thousand) or equivalent in any other convertible foreign currency, he/she must present custom declaration to deposit or convert it to Birr at an authorized forex bureau.
In addition, the Directive states that a person residing in Ethiopia is allowed to travel abroad by carrying a foreign currency if he/she present a bank advice issued for the purchase of the foreign currency within thirty (30) days from the bank advice.
When non-resident foreign national of Ethiopian origin and Ethiopian National not residing in Ethiopia enters into the territory of Ethiopia carrying a foreign currency from abroad and travel back within 90 days from the date of entry stamped on the travel document by the Immigration and Citizenship Service, he/she has to present custom declaration, if the foreign currency amount exceeds USD 10.000 (USD ten thousand) or equivalent in any other convertible foreign currency.
A person entering into the territory of Ethiopia from a neighboring country using land transport carrying other foreign currency having a value of more than or equivalent of USD 500 (USD five hundred), shall declare at the boarder custom branches, and may travel by carrying such declared amount.
For detail information, you can see from the Directive FXD/81/2022 uploaded in NBE website.
Source: NBE