FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo

Central Bank Eases Forex Rules for Importers, Travellers

May 21 , 2025

The National Bank of Ethiopia (NBE) announced major changes impacting foreign exchange market, including substantially higher limits for importer advance payments and foreign currency cash for travelers.

According to a statement the Central Bank issued yesterday, these changes target improving market functionality, providing greater flexibility.

The limit on upfront forex payments to overseas suppliers has been increased tenfold, from 5,000 dollars to 50,000 dollars for every transaction, addressing what the Central Bank called a “long-standing constraint” on importers.

Ethiopians travelling abroad will now be allowed to buy up to 10,000 dollars in forex for personal and up to 15,000 dollars  for business trips, with withdrawals permitted either in cash or through debit cards. Individuals with foreign exchange accounts can also access up to 20pc of their balance, doubling the previous threshold.

The new measures are part of ongoing efforts, such as the bi-weekly FX auctions.

The Central Bank also announced, effective May 26, 2025, all bank fees and charges related to the purchase of foreign exchange for imports, services, or cash notes shall not exceed four percent. It instructed commercial banks to ensure transparency and avoid supplementary charges for minor services.

Put your comments here

N.B: A submit button will appear once you fill out all the required fields.



Related Posts

Share This Post
Linkedin
Google+


Most read

Latest News

Editor's pick

Commentaries

Demographic Dividend Drains Away When Youth Policy Drifts

In contemporary sub-Saharan Africa, young people drive the economy. Nearly two-thirds...

Protectionism Will Not Protect Against Pandemics

As many Global North countries turn inward, foreign assistance has become an easy tar...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

Researchers Churn Out Studies by the Ton. Quality Checks are Causality

May 17 , 2025

Ethiopia pours more than three billion Birr a year into academic research, yet too mu...

Ethiopia's Aid Reckoning Demands a Homegrown Rescue Plan

May 10 , 2025

Federal legislators recently summoned Shiferaw Teklemariam (PhD), head of the Disaste...

When Pension Funds Nap Inflation Steals the Blanket

May 3 , 2025

Pensioners have learned, rather painfully, the gulf between a figure on a passbook an...

Policymakers Trudge Down a Path of Punitive Taxation

Apr 26 , 2025

Benjamin Franklin famously quipped that “nothing is certain but death and taxes....

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

Drowning in Someone's Storm

Friendship is supposed to be a two-way street; a bond built on mutual respect, trust, and support. But when that dynamic shift, and the frie...

Raising Builders, Not Spenders

Raising Builders, Not Spenders Over lunch recently, my husband and I sat with a young friend from one of Ethiopia's wealthiest families....

Life Matters

Gambling on Survival

Sometimes it feels like the world has turned into a high-stakes lottery. The kind where everyone is expected to become a millionaire overnig...

When a Comment Cuts Deep, Thank the Shadow

There are moments when a comment from a friend, partner, or colleague strikes a nerve, not with casual ir...