FOREIGN CUREENCY DEPOSITS

Objective: The objective of this account is to enable Ethiopians residing abroad, foreigners of Ethiopian origin, and other foreign nationals to benefit from depositing their money in foreign currency.

Benefit:

  • To undertake domestic payment
  • To transfer money in foreign exchange abroad
  • To undertake payment abroad to services given in a foreign country
  • To undertake foreign transfer
  • To convert foreign currency in to Birr at the prevailing exchange rate
  • To pay service charge in the branch where the account is opened.

Who benefits from foreign currency accounts

  • Ethiopians residing abroad, foreign nationals of Ethiopian origin and organization of people who live as foreigners may open foreign currency accounts.
  • The individual may open foreign currency account through postal mail, email, fax, telex or other mode of communication.

What should customers do to open foreign currency account.

  • An application letter properly written and undersigned
  • Passport if the applicant is an individual
  • Trade license, memorandum and articles of association if the applicant is a business entity.
  • If the applicant is not able to appear personally, he/she can identify him/herself through Ethiopian embassy in the vicinity.

Types of foreign currency accounts.

  • United States Dollar
  • Pound sterling
  • EURO

Initial foreign currency deposit

  • The minimum initial foreign currency deposit in current account in USD 100 (one hundred dollars) or its equivalent in any of the eligible currencies.
  • For fixed time foreign currency account, the minimum deposit is USD 5,000 or its equivalent in any of the eligible currencies.
  • The maximum amount of foreign currency demand deposit is USD 50,000.
  • Two or more eligible joint depositors can together open a single account.

According to the directive of NBE, no interest is paid on demand foreign currency account.

In line with the directive of NBE, fixed time foreign currency accounts bear interest only if deposited for more than 6 months.

According to the directive of the NBE, for fixed time foreign currency accounts, if the tenure of the contract ends on Saturday, Sunday or a holiday, the interest is calculated taking in to consideration the following working day.

See Also