The Central Bank of Ethiopia imposes new restrictions on the movement of foreign exchange and local currency trading

The Central Bank of Ethiopia imposed new restrictions on trading foreign currencies in the Ethiopian local markets, as of Monday, and they are applied to citizens and foreign residents and visitors to the country.

The bank stated that the addressees of these new operations will be prohibited from carrying more than 3,000 Ethiopian birr upon entering Ethiopian territory from abroad, and those leaving abroad are prohibited from carrying more than 3,000 Ethiopian birr, pointing out that travelers to or from Djibouti will be excluded, as it will be from They are allowed to possess a maximum of 10,000 Ethiopian birr.

The Central Bank of Ethiopia attributed the imposition of these restrictions to the necessity of controlling foreign exchange circulation and dealing in it in the country, as well as limiting the money supply of the local currency to control the high inflation rates that the country is witnessing.

The new restrictions also stipulate that foreign arrivals to Ethiopia transfer all their foreign currency into Ethiopian currency through approved exchange offices, and oblige them to disclose to the Ethiopian port authorities upon arrival their foreign currency if it exceeds 4,000 US dollars, and this also applies to foreigners from People of “naturalized” Ethiopian descent upon entering the country.

Also, those coming to Ethiopia with more than 10,000 US dollars must transfer them upon their arrival to the Ethiopian currency through any of the approved exchange offices in the Ethiopian arrival ports, which operate around the clock, and every holder of foreign exchange on Ethiopian lands is required to obtain a bank notice. An authorized person stating that he has purchased this cash from approved places and revealing its source.

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