Submitted by peoplesbanK on Tue, 07/26/2016 - 16:55
Foreign Currency Accounts
- 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.
- 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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