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Foreign Currency accounts

          Who can open FCY account?

          Embassies ,Diplomat

          Diplomatic mission staffs (with the exception of Ethiopian nationals)

          members of International Community

          international organizations and their organs

          Foreign Investors, NGO ,Non–resident Ethiopian & Foreign Nationals of Ethiopian Origin

  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 or its equivalent in any of the above stated currencies.

          Interest on such accounts shall be payable only if they are maintained at least for the minimum period.

          Interest income on such accounts is tax-free

  1. Current account

          It is operated by cheque book.

          It can be opened with an initial deposit of US Dollar 100 or its equivalent.

          The maximum amount to be deposited shall not exceed US Dollar 50,000 or its equivalent.

          Interest shall not be paid to a non-resident foreign currency   current account.

  1. Non-repatriable Birr account

          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.

          Currently 2x saving rate

  1. Overdraft facility

          An overdraft account is a form of credit facility by which a customer is able to draw an amount up to the approved limit of the credit facility.

          The mode of operation is like a current account.

 

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Exchange Rate for Transactions

APRILL 15, 2021
CURRENCY BUYING SELLING
USD 41.6412 42.4740
EURO 49.7904 50.7862
GBP 57.3191 58.4655
CAD 33.1829 33.8466
AED 11.3356 11.5623

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