Today, on October 2, 2024, the National Bank of Ethiopia NBE has granted work permits to five new foreign exchange companies that are not affiliated with banks. These companies met the criteria outlined in Foreign Exchange Directive No. FXD/01/2024.
The approved companies are:
- Dugda Fidelity Investment PLC
- Ethio Independent Foreign Exchange Bureau
- Global Independent Foreign Exchange Bureau
- Robust Independent Foreign Exchange Bureau
- Yoga Forex Bureau
NBE recognizes these new companies for their role in enhancing the foreign exchange market. They will facilitate cash transactions and collaborate with various banks. They are limited to cash dealings and cannot participate in other forex activities, such as issuing Letters of Credit for imports or exports. These companies will primarily conduct immediate foreign exchange transactions, known as spot transactions.
They can buy cash from customers up to $10,000 without customs declarations. For individual travelers, they can sell up to $5,000 with the required travel documentation. And they can sell up to $10,000 to business travelers.
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