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Foreign Exchange Retention Accounts
Exporters of goods & services, recipients of inward remittances from abroad, local merchants or entities licensed by the National Bank of Ethiopia to collect foreign currency cash notes for sale of goods and services, and merchants and/or entities licensed by the national bank of Ethiopia to collect credit card/ debit card /prepaid card /payments for goods and service they sale can open this account. It allows account holders to retain a percentage of the earnings in accordance with National Bank directives.
Foreign Currency Saving Account
High interest earning foreign currency saving account maintained in FCY in which Ethiopian diasporas & Resident of Ethiopians can open and credit with approved foreign currency from abroad. The deposit can only debited in local currency and can’t be converted back to a foreign currency.
Bears very high interest rate;
Are free to sell all or part of their account balances to deposit opening banks at any time.
Operated through passbook;
Can use his/her, spouse and children education, medical and travel expenses abroad upon presentation of valid documents to confirm relationship with the account holder. The documentation requirements and maximum amount of utilization should be as per the operation of Foreign Exchange Bureau Directive.
Maximum deposit amount : No Restriction;
Serve as collateral or guarantee for loans or bids;
Can use to purchase share from the Financial Institutions;
Crediting from local source is prohibited;
Can open interest bearing or interest free foreign currency saving account depending on the choices of the account holder;
Make local payments in Birr;
Initial Deposit : USD 50;
Minimum deposit amount : USD 50;
Crediting the A/C can be made through banking system, deposit of foreign currency cash note, through International Remittance Service Provides