Revised CATS Procedure Dec.20161

Recommendations

Info

Article 8 Closure of the Account COMMERCIAL BANK OF ETHIOPIA December 1, 2016 8.1 A fixed-time deposit foreign-currency account mentioned under Article 4 of this directive can be closed upon request by the depositor with a notification of not less than five working days. Withdrawal of the fund prior to its maturity is subject to a penalty, which could be the forgoing of interest thereon. 8.2 If a fixed-time deposit is not closed upon maturity, the opening bank may renew it, in consultation with the depositor. 8.3 A fixed-time deposit account may be withdrawn against the deposit certificate and the specimen signature previously left with the bank, or according to the prearranged procedure. 8.4 A foreign-currency account will not be opened, if there is sufficient proof that the money was acquired through money laundering or from the financing services of a terrorist organization. Article 9 Interest Rates 9.1 No interest shall be paid on a non-resident foreign-currency current account. 9.2 Commercial banks are allowed to set their own interest rates on non-resident fixed-time foreign-currency accounts, provided that the interest rate does not exceed the prevailing LIBOR rate. 9.3 Interest on a non-resident fixed-time foreign-currency deposit shall be payable only if the foreign currency was kept for a minimum period of three months. CATS Procedure | gg
[COMMERCIAL BANK OF ETHIOPIA] December 1, 2016 9.4 The payment of interest on fixed-time deposits maturing on Saturdays, Sundays, holidays and non-business working days shall be determined based on the succeeding working day. The interest-rate payment on non-Repatriable Birr accounts shall be double the minimum savings-deposit rate set by the NBE. Article 10 Issuance of Certificates 10.1 The opening bank shall issue to the depositor a fixed-time deposit certificate in her or his name, if the account opened is a fixed-time deposit account. 10.2 The interest rate that the opening bank agrees to pay shall be clearly stated on the deposit certificate. 10.3 For a current account, the opening bank shall issue to the depositor a cheque book or advice notifying of the opening of the account. 10.4 In the case of Article 3.2., the certificate of deposit (CD) or cheque book may be kept in the custody of the opening bank, whereas a certificate of custody shall be issued to the depositor or the deposit book may be mailed to the depositor, if she/he wishes so. Article 11 Conversion of Non-Resident Foreign-Currency Accounts To Resident Birr Accounts 11.1 When non-resident Ethiopians change their permanent residence to Ethiopia, their non-resident foreign-exchange accounts shall be CATS Procedure |
Page 1 and 2:
CATS Procedure | Commercial Bank of
Page 3 and 4:
Commercial Bank of Ethiopia Decembe
Page 5 and 6:
COMMERCIAL BANK OF ETHIOPIA Decembe
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
1.2 Definitions COMMERCIAL BANK OF
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
9.20 Key management COMMERCIAL BANK
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
Page 209 and 210:
Page 211 and 212:
Page 213 and 214:
Page 215 and 216:
Page 217 and 218:
Page 219 and 220: COMMERCIAL BANK OF ETHIOPIA Decembe
Page 269: COMMERCIAL BANK OF ETHIOPIA Decembe
show all

Revised CATS Procedure Dec.20161

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?