The National Bank of Ethiopia (NBE) announced that it was now accepting applications for Independent Foreign Exchange Bureaus. This move is in line with the newly implemented Foreign Exchange Directive (FXD/01/2024).
These new bureaus will be authorized to buy and sell foreign currency cash notes at rates determined by market forces. This marks a significant departure from the previously controlled exchange rate system. Eligible applicants include Ethiopian nationals, Non-Resident Ethiopians, and Foreign Citizens of Ethiopian origin.
The NBE expects this liberalization to enhance foreign exchange services for the public, improve market efficiency, and contribute to a more stable exchange rate. The central bank believes that these bureaus will play a pivotal role in meeting the growing demand for foreign currency transactions.
Governor Mamo Mihretu expressed optimism about the positive impact of this reform on Ethiopia’s financial sector, aligning it more closely with international best practices.
Source: Fana BC
