Central Bank Tunes Forex, Cash Rules


Central Bank Tunes Forex, Cash Rules

Regulators at the central bank have introduced new rules on foreign exchange transactions as forex reserves dwindle and the federal government struggles with a widening budget deficit and falling external loan disbursements. The directive bans the use of foreign currency in local transactions. Central bank Governor Yinager Dessie (PhD) has also lowered the period of time that returning residents can hold on to foreign currency by two thirds to 30 days. Travellers entering or departing the country are allowed to carry a maximum of 3,000 Br in cash, while the ceiling is 10,000 Br for those travelling to neighbouring Djibouti. The directive quadruples the amount of foreign currency that nationals can bring into the country without a customs declaration to 4,000 dollars, while foreigners are not required to disclose less than 10,000 dollars to customs officials. The threshold was previously 3,000 dollars.

[ssba-buttons]

Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...