Revised CATS Procedure Dec.20161

COMMERCIAL BANK OF ETHIOPIA December 1, 2016
v. It is opened with an initial deposit of US Dollar 5,000 or its equivalent in
any of the eligible currencies;
vi. Interest on such accounts shall be payable only if they are maintained at
least for the minimum period; and
vii. Interest income on such accounts is tax-free
3.2.2.2 Features of foreign currency Current accounts
i. It cannot be opened by power of attorney. However, individuals with
power of attorney can operate the account;
ii. Foreign currency is the only source of fund for the account ;
iii. Withdrawals can be made at any time by writing a cheque;
iv. It can be opened with an initial deposit of US Dollar 100 or its equivalent
in any of the eligible currencies;
v. The maximum amount to be deposited shall not exceed US Dollar 50,000
or its equivalent in any of the eligible currencies; and
vi. Interest shall not be paid to this account.
3.2.2.3 Non-Repatriable Birr account (saving account)
i. This account may take the form of saving deposit, that can be used for
local payments only;
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. Interest rate on such accounts shall be double of the minimum saving
deposit rate set by the National Bank of Ethiopia, currently it is 10%;
and
v. Money can neither be transferred from this account abroad nor from
the local currency to any foreign currency
CATS Procedure | 36