Revised CATS Procedure Dec.20161

[COMMERCIAL BANK OF ETHIOPIA] December 1, 2016
Converted to residents’ Birr accounts by the bank that maintains them (the
accounts) at the prevailing inter-bank exchange rate; or
11.2 In the case of a fixed-time deposit, the account may remain as a non-resident
foreign-currency account, if the account holder returns to Ethiopia to settle
permanently before the maturity date of the account. Upon maturity of the
account, however, such accounts should be converted to resident Birr
accounts.
11.3 The provision of Article 7.1 (e) of this directive shall be applicable, if the
account holder requests that it be made applicable.
Article 12
Prohibitions
12.1 Foreign exchange acquired either from foreign-exchange bureaus or any
other local sources or foreign exchange shall not be used to credit and/or
open a foreign-currency account.
12.2 Banks shall not honor a cheque drawn or endorsed by a non-resident foreigncurrency
account holder in favor of a resident who does not hold a similar
non-resident foreign-currency account.
Article 13
Obligations of the Opening Bank
13.1 The bank where a foreign-currency account has been opened has the
following obligations:
a) It shall be responsible for maintaining the confidentiality of the account of the
depositor;
b) It shall, within 20 days after the end of each month, send a report to the Banking
and Foreign Exchange Directorate and to the Economic
CATS Procedure |