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The National Bank of Ethiopia has introduced new guidelines for acquiring foreign currency within the country, aimed at both Ethiopian nationals and foreign residents. These regulations, primarily geared towards facilitating travel-related needs, outline specific procedures and limits for individuals and businesses.
Who Can Buy Foreign Currency?
The guidelines specify that only Ethiopians traveling abroad or foreigners residing in Ethiopia are eligible to purchase foreign currency. This measure is designed to streamline the process for those who require foreign currency for legitimate travel purposes, including holidays, education, and medical trips.
Required Documentation
To buy foreign currency, individuals must present several key documents:
- Passport – A valid passport is essential.
- Legal Entry Visa – Proof of legal entry into Ethiopia is required.
- Air Ticket – The air ticket must indicate that the traveler is departing for a holiday, educational, medical, or other personal reasons.
Currency Limits and Withdrawals
Travelers can obtain up to 5,000 US dollars or its equivalent in cash or via debit card from authorized currency exchange offices. For those with foreign currency bank accounts, the withdrawal limit is set at 10,000 US dollars. Notably, Ethiopian residents are restricted from carrying more than 10,000 US dollars in cash per trip unless specifically approved by the National Bank.
Business Travel and Special Cases
Business travelers are also catered for under the new regulations. Individuals traveling on business, representing companies, charitable institutions, or religious organizations can purchase foreign currency. They must provide:
- A valid business license,
- Passport,
- Air ticket.
The limit for business-related foreign currency purchases is capped at 10,000 US dollars or its equivalent, primarily for covering expenses like food, accommodation, and related costs.
Exchange Procedures for Non-Residents and Tourists
Non-resident foreigners and tourists have specific provisions for exchanging Ethiopian Birr into foreign currency. Without needing extensive proof, they can exchange up to 500 US dollars by presenting a passport, a valid visa, and an airline ticket. For amounts exceeding 500 US dollars, a certified bank document verifying the legal conversion of equivalent foreign currency into Birr is required.
These guidelines by the National Bank of Ethiopia ensure a regulated and secure process for acquiring foreign currency, tailored to meet the needs of travelers, business representatives, and tourists, while maintaining the integrity of the country’s financial system.
