Ethiopian Central Bank Restricts Amount of Cash Travelers Can Hold, Sets Foreign Currency ConditionsAccording to the National Bank of Ethiopia’s directive, which became effective on September 5, persons entering and departing the country in possession of local currency are now subject to new restrictions. The directive also sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency. In addition, the directive, which became effective on September 5, sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency. In a statement, the National Bank of Ethiopia (NBE) outlines the exact value of both the birr and foreign currency that residents may hold. Declaring Foreign Currency HoldingsConcerning the use of foreign currency when traveling abroad, the central bank explained:The directive states that a person residing in Ethiopia is allowed to travel abroad by carrying a foreign currency if he/she presents a bank advice issued for the purchase of the foreign currency within thirty (30) days from the bank advice.

Source: Ethiopian News September 13, 2022 09:48 UTC