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.
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