NBE Completes Process of Issuing Private FX Licenses

The National Bank of Ethiopia NBE has announced that it has completed the process of issuing licenses to the Foreign Exchange (FX) Offices. Last month, the NBE announced that it would issue licenses to private entities for the sale and purchase of foreign currencies. Private bank were already allowed last month to buy and sell foreign currency.

The National Bank of Ethiopia has announced that it is now accepting more people and companies following the fact that it has allowed entities involved in foreign exchange in an informal way to be legally licensed.

Previously, only banks were involved in the foreign exchange market, but now, apart from banks, other parties who want to engage in the sector have been allowed to work.

The bank’s Deputy Director of Foreign Exchange Monitoring and Reserve Management, Ababahehu Dufera, said, “We have accepted those who have shown interest in opening the foreign exchange businesses.”

According to the deputy director, “Foreign citizens living in Ethiopia are allowed to open accounts and use them only when they want to change to Birr.”

Ababayehu Dufera further said that any individual who earns foreign currency in the country can open a foreign currency account with a minimum of 100 dollars, said that this benefit will not only benefit individuals, but also the country.

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