Revised CATS Procedure Dec.20161

[COMMERCIAL BANK OF ETHIOPIA] December 1, 2016
Article 5
Types of Currency
5.1 Banks are required to maintain foreign-currency accounts only in the following
types of currency:
a) The US dollar;
b) Pound Sterling; and
c) Euro.
5.2 Banks may accept deposits in other convertible currencies that include the
Canadian dollar, the Saudi riyal, the Japanese Yen, the Australian dollar and
UAE’s dirham. These currencies shall then be converted to any of the three
currencies enumerated herein above under Article 5.1 at the spot exchange rate,
based on the preference of the account opener.
Article 6
Crediting the Account
6.1 A foreign-currency account opened by non-resident Ethiopians shall be
credited only with resources transferred or originated from abroad in one or a
combination of the following ways:
a) Direct crediting of the account from foreign sources through the banking
system;
b) Travelers’ cheques brought by the account holder from abroad;
c) Money notes, provided that the account holder presents a signed and sealed
foreign-currency declaration form if it is above 3,000.00 US dollar from the
Ethiopian Customs Authority;
d) Cheque deposits that originate abroad;
e) A transfer from another type of non-resident foreign-currency account
owned by individuals and/or enterprises; and
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