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by Capital staff reporter
16 May, 2007
The National Bank of Ethiopia announced on Friday that the amount of foreign currency in which an Ethiopian traveler abroad is allowed to buy has been raised from the existing 400 USD to 1,000 USD.
In a press statement the bank issued on Friday, Ethiopians who became foreign nationals have also been allowed to open foreign currency bank accounts in local banks.
Diplomats and those individuals who are not residing in Ethiopia but are allowed to open accounts including organizations are permitted to take foreign currency accounts as much as they want.
The improvement of this rule would be a good response to questions that usually have been raised by resident diplomats, international organizations and NGOs, it said.
The Bank also decided in its new rule that any Ethiopian who would be returning back home after a visit abroad should change foreign currency under his/her possession to Birr with in 45 days.
The new rules set by the National Bank would be applied into practice beginning next Monday.