Saturday, 07 July 2018 06:56

Diaspora Accounts

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CBO forex accounts shall be maintained in either of the below three currencies:-

                                 1. US dollar $

                                 2. Pound sterling £

                                 3. Euro €

It is a deposit account targeted for Ethiopians in Diaspora to open and use foreign currency account at home country.

TYPES OF DIASPORA ACCOUNTS

  1. Fixed (Time) Deposit Account: It is an interest bearing account with agreed maturity date. The minimum maturity period is three months. It is opened with an initial deposit of US Dollar 5,000. Interest on such accounts shall be payable only if they are maintained at least for the minimum period.
  2. Current Account: It is operated by cheque book. Withdrawals can be made at any time by writing a cheque. It can be opened with an initial deposit of US Dollar 100 or its equivalent in any of the above stated currencies. The maximum amount to be deposited shall not exceed US Dollar 50,000 or its equivalent in any of the above stated currencies. Interest shall not be paid to a non-resident foreign currency current account.
  3. Non-repatriable Birr Account: which may take the form of saving deposit that can be used for local payments only. Interest rate on such accounts shall be double of the minimum saving deposit rate set by the National Bank of Ethiopia. Money can neither be transferred from this account abroad nor from the local currency to any foreign currency.

ELIGIBILITY

  •  Non-resident Ethiopian Nationals living and working outside Ethiopia.
  • Non-resident foreign nationals of Ethiopian origin.
  • Companies owned by the above-mentioned nonresidents and located outside the Ethiopian territory for more than one year.
  • Ethiopian nationals living and working abroad or in due process of living abroad for work for more than one year and who can produce authenticated documents.
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