Revised CATS Procedure Dec.20161

COMMERCIAL BANK OF ETHIOPIA December 1, 2016
Research and Monetary Policy Directorate of the Bank based on the pertinent
format; and
c) At the close of each business day, the foreign-currency position of all such
accounts opened in a bank shall not exceed 15% (fifteen percent) of its total
capital as per the provisions of Directive No. SBB/23/97.
Article 14
Provision of Incentives
14.1 The deposit account can serve as collateral to get credit in local currency
from domestic banks, in line with the credit policy of the bank where the
account is opened.
14.2 The interest income from non-resident foreign-currency fixed-time deposit
accounts shall be free from income tax.
14.3 In addition to the above incentives, banks shall create an environment that is
conducive to the holders of such accounts as follows:
14.3.1 Banks shall provide the account holder with a statement of the account
every month;
14.3.2 Banks shall create a test-key so that the account holder can order
withdrawals and/or any local payments;
14.3.3 Banks shall credit interest to such accounts at least on a quarterly basis;
14.3.4 Banks shall create a mechanism whereby the account holder can give a
standing authorization to the opening bank for permanent payments; and
14.3.5 Banks shall clearly list out their correspondent banks or agents in various
overseas centers, which are in operation of foreign-currency accounts, so
as to enable non-resident Ethiopians to easily contact them.
CATS Procedure |
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