Addis Ababa: The National Bank of Ethiopia (NBE) has announced that it has begun accepting applications from independent foreign exchange (FX) bureaus for operation in Ethiopia. The announcement came in line with the bank's newly approved foreign exchange directive that became effective on July 29, 2024, the NBE said Thursday in a statement. "Independent FX bureaus will be authorized to engage in the buying and selling of foreign currency cash notes, and they will be allowed to conduct such transactions based on freely negotiated exchange rates," the central bank said, Xinhua news agency reported. The bank said business entities owned by Ethiopian nationals, non-resident Ethiopians, or foreign citizens of Ethiopian origin, are eligible to operate independent FX bureaus. The capital requirement for obtaining an independent FX bureau license, as well as other specific operating requirements, is stated in the bank's foreign exchange directive, it said.

Source: Ethiopian News August 09, 2024 15:41 UTC