Saturday, 07 July 2018 07:04

FCY Retention Account

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

                                 1. US dollar $

                                 2. Pound sterling £

                                 3. Euro €

Forex retention account shall mean FCY account maintained by eligible exporters of goods and services and recipients of inward remittances from abroad. It can be opened to exporters and frequent SWIFT remittance receivers.

TYPES OF RETENTION ACCOUNTS

Account “A”

  • Thirty percent (30%) of his/her account balance for an indefinite period of time.

Account “B”

  •  Seventy percent (70%) of his/her account balance for up to 28 days after which period any balance shall automatically be converted in the next working day into local currency by the bank using the prevailing buying rate.
Saturday, 07 July 2018 06:56

Diaspora Accounts

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.
Saturday, 07 July 2018 06:44

Non Resident Accounts

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

                                 1. US dollar $

                                 2. Pound sterling £

                                 3. Euro €

TYPES OF NON RESIDENT ACCOUNTS

  1. Non Resident Foreign Currency accounts
  2. Non Resident Transferable Birr account
  3. Non Resident Non Transferable Birr accounts

ELLIGIBILITY

  • Diplomatic mission offices
  • Diplomatic mission staffs (with the exception of Ethiopian nationals)
  • Members of International Community
  • International organizations and their organs
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