Revised CATS Procedure Dec.20161

COMMERCIAL BANK OF ETHIOPIA December 1, 2016
e) The foreign-currency accounts are to be maintained in the following types of
currencies:
1. US Dollar,
2. Pound Sterling and
3. Euro
f) The types of foreign-currency accounts shall include the following;
I. Non-resident transferable foreign-currency accounts (NRT FCY);
II. Non-resident transferable Birr accounts (NRT);
III. Non-resident non-transferable Birr accounts (NRNT);
IV. Foreign-exchange-retention accounts for exporters and for the
recipients of inward remittances shall include ;
1) Foreign exchange retention account A
i. The account shall be used to deposit 10% of the earned foreign currency.
ii. The foreign currency deposited to the account shall be used to settle
account holder obligation through in foreign currency or converted to
local currency, when requested by the account holder;
2) Foreign exchange retention account B:
i. The account shall be used to deposit 90% of the earned foreign currency up
to 28 days after which period any balance shall automatically be converted in
the next working day into local currency.
a) Foreign-currency accounts in the names of Ethiopians and foreign nationals
of Ethiopian origin (Diaspora A/C) that comprise the following:
3.2.2.1 Features of foreign currency Fixed-time deposit;
i. It is an interest bearing account with agreed maturity date;
ii. Foreign currency is the only source of fund for the account;
iii. It cannot be opened by power of attorney. However, individuals with
power of attorney can operate the account;
iv. The minimum maturity period is three months;
CATS Procedure | 35