The National Bank of Ethiopia (NBE) has revised two directives relating to the use of foreign currency deposited in local banks.
Unlike the old directives, the revised directives refuse Ethiopian Diasporas, who deposit their money in foreign currency, to use 30 percent of their total deposit for purchase of goods from abroad.
The old directives also had required the depositors to sell 30 percent of their total deposit to the banks in case they did not use it for the purchase of goods.
According to the old directive, depositors were supposed to withdraw the remaining 70 percent in foreign currency within 28 days otherwise they could collect their money in Ethiopian Birr.
Based on the new directive, depositors can withdraw or use 45 percent of their money in foreign currency any time but should sell the remaining 55 percent to the bank at time of deposit.
