Revised CATS Procedure Dec.20161

COMMERCIAL BANK OF ETHIOPIA December 1, 2016
ANNEX 7: Directive No. FXD/31/2006 Amendment to Directive
No. FXD/25/2004 the Opening and Operation of Foreign-
Currency Accounts for Non-Resident Ethiopians and Non-
Resident Foreign Nationals of Ethiopian Origin
Whereas, it is necessary to create incentives for Ethiopians in the diaspora to
maintain foreign-currency accounts in their home country so as to encourage
domestic investment;
Whereas, the operation of foreign-currency accounts by non-resident Ethiopians
can support the international foreign-exchange reserve and ease the balance-ofpayments
problem of the country;
Whereas, allowing Ethiopians who reside abroad to open foreign-currency
accounts could encourage foreign direct investment;
Now, therefore, in accordance with Articles 6 and 61 of the Monetary and Banking
Proclamation No. 83/1994, the National Bank of Ethiopia hereby amends Directive
No. FXD/25/2004 issued for the opening and operation of foreign-currency
accounts for non-resident Ethiopians in domestic commercial banks.
Article 1
Definitions
For the purpose of this directive, unless the context provides otherwise, 1.1 “Non-
Resident Ethiopians” shall mean:
a) All Ethiopian nationals who have lived abroad for more than one year;
b) Business entities owned by non-resident Ethiopians and located outside the
Ethiopian territory for more than one year;
c) Ethiopian nationals living and working abroad, or are in the process of leaving
Ethiopia to live and work abroad for more than one year, and can produce
authenticated documents to that effect.
CATS Procedure |
z