Central Bank Amends Forex Rules

October 9 , 2021


Central Bank Amends Forex Rules

In a directive issued last week, the National Bank of Ethiopia has allowed its governors and vice governors to approve advance payments on a case-by-case basis. The amended directive gives governors and vice governors the power to approve requests from businesses seeking for an advance payment exceeding 5,000 dollars to import goods from abroad. Additionally, the central bank amended a directive that governs external loans and suppliers credit. With the amendment, the debt-to-equity ratio, which used to be calculated based on manufacturers' paid capital, is now changed to registered capital. Companies wishing to secure external loans are required to keep their debt-to-equity ratio to 60:40.


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