National Bank directives on foreign currency

The National Bank of Ethiopia has made key revisions to its foreign currency regulations. The revisions now allow for account holders to use up to 45 percent of the foreign currency in their accounts without having to convert it into local currency. The remaining 55 percent, however, will be converted into local currency based on the exchange rate in place on the day that account holders submit their foreign currency earnings. There is still no similar means of use for regular Ethiopias; the new regulations are for the diaspora and exporters. These new regulations eliminate the previous 28-day holding period.