The National Bank of Ethiopia (NBE) announced that it has officially began accepting applications for Independent Foreign Exchange Bureaus, in line with the newly approved Foreign Exchange Directive that became effective on July 29, 2024. Independent FX Bureaus are authorized to engage in the buying and selling of foreign currency cash notes and are permitted to conduct such transactions based on freely negotiated exchange rates with their customers. Business entities owned by Ethiopian nationals, non-resident Ethiopians, or a foreign citizen of Ethiopian origin are eligible to operate Independent FX Bureaus. The central bank expects that Independent FX Bureaus will play an important role in further deepening the foreign exchange market by addressing the needs of customers who wish to buy or sell foreign currency cash notes. NBE Governor Mamo Mihretu stated, “With the licensing of Independent FX Bureaus, we are marking yet another important milestone in the opening up of Ethiopia’s financial sector and aligning it with global norms and best practices.” The Governor added that the launch of FX Bureaus reflects NBE’s ongoing implementation of its strategic plan commitments to “fundamentally transform the size, shape, and scope of Ethiopia’s financial sector over the coming years.”

Source: Ethiopian News August 08, 2024 16:31 UTC