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Foriegn Currency Accounts

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Foreign Currency Accounts

  1. Foreign Currency Accounts

1. Acounts for Ethiopian Diaspora

a)Fixed Time deposit

Customers can open fixed time deposit accounts in foreign currency with a negotiated rate with the bank for a specific period of time

  • Minimum period for time deposit is 3 months
  • Minimum deposit amount is USD 5000
  • Bears interest

b) Current Account in Foreign Currency

The main features of this account are

  • It is operated by a cheque
  • The account can be opened in USD, EUR, GBP
  • The maximum amount the account hold at a time is USD 50,000.00 or equivalent in EUR or GBP
  • All credit to the account shall be made from sources outside of Ethiopia

c) Non-repatriatable Birr Accounts

  • A foreign currency denominated current account opened for Ethiopian national living outside of Ethiopia for more than one year.
  • It is an interest bearing ETB denominated account.
  • The account has a saving nature and deposits are to be made in foreign currency from abroad.

Eligibility

  • Ethiopian nationals residing outside of Ethiopia for more than one year and business entities owned by non-Resident Ethiopians and located outside the Ethiopia territory for more than one year.
  • Foreign nationals of Ethiopian origin holding a valid identification card, obtained pursuant to proclamation 270/94, attesting that he/she is a foreign national of Ethiopian Origin and companies owned by them.

II. NR – Accounts

Non-Resident foreign currency are two types of accounts by which accounts are maintained in foreign currency by the debit of which funds can be transferred abroad and/or used locally without any permit from the bank.

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