National bank of ethiopia forex

The move effectively freezes the import of dozens of items such as alcohol and cars, as businesses must register with banks to obtain the foreign currency needed to bring goods into the country. In a letter to Ethiopia's central bank, the Ministry of Finance said it had become necessary to restrict the use of foreign currency to importing food, medicine and medical equipment, and raw materials for manufacturing.

The list of some 40 products includes vehicles and motorcycles to wall clocks, umbrellas, carpets and soaps, alcohol, perfumes and cigarettes. No recent public figures are available regarding Ethiopia's reserves of foreign currency. A largely importing country, Ethiopia is in structural shortage of foreign currency", the French Treasury said in a periodic bulletin this month. The same applies to anyone leaving Ethiopia for any other country except Djibouti. Travellers from Ethiopia can carry as much as 10 Ethiopian Birr to Djibouti.

Foreign residents in Ethiopia who are entering the country from foreign countries must convert all foreign currencies in their possession to an equivalent sum in the Birr, through an authorised forex bureau. Preferably, such individuals must deposit the foreign currencies into their foreign currency accounts within 30 days of entering the country.

The same directive applies to foreign nationals of Ethiopian origin.

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