Revised CATS Procedure Dec.20161

COMMERCIAL BANK OF ETHIOPIA December 1, 2016
f) Receipts through international payment cards/credit cards.
Article 7
Use of the Account
7.1 The foreign-currency accounts may be used as follows:
a) To make local payments in Birr;
b) To transfer to other foreign-currency accounts, which may include transfer
to other foreign-currency accounts in any of the authorized commercial
banks in Ethiopia;
c) To make such foreign payments as imports and other foreign-service
payments, provided the account holder has the required business license to
do so;
d) To effect the transfer of money to another country;
e) To convert into a Birr account at the ruling exchange rate;
f) Payments for bank charges levied by the opening bank, if any; and
g) To serve as collateral or guarantee for loans or bids.
7.2 Current accounts may be withdrawn against a cheque written and a withdrawal
slip, or according to any other pre-arranged procedure.
7.3 The bank maintaining these accounts shall allow repatriation abroad of the
deposits opened in any of the accounts mentioned under Article 4 a and b of
this directive upon request by the account holder.
7.4 Repatriation of the deposits shall not exceed the initial balance plus any interest
receipt on the deposit amount.
CATS Procedure |
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