Non-Resident Transferable and accounts are also non-interest bearing accounts but they are denominated in Birr.
NB The source of funds for NR foreign currency accounts and NR transferable Birr accounts shall be from abroad or shall only be from payments from other NR accounts;
Non-resident foreign currency account, N/R transferable Birr account shall be opened in the name of Diplomatic missions, international institutions and their foreign employees
Without obtaining prior approval of the NBE upon fulfilling the following requirements by NBE directives:
Letter from the embassy confirming the source of income of the applicant
Resident ID card
The maintenance of both NR foreign currency account and NR transferable Birr account at the same time is prohibited;
NR foreign currency and NR transferable Birr accounts shall only be used for the following purposes as prescribed by NBE directives
Payments to residents of Ethiopia in Birr
Drawings in Birr-notes and coins
Sale of any foreign exchange by an authorized bank
Payment to other NR accounts
Bank charges, if any, levied by authorized bank
Cheques drawn in favor of any person resident outside Ethiopia.
According to NBE directives No. FXD/11/1998, eligible exporters of goods and services and recipients of inward remittances may open two types of foreign exchange retention accounts, namely:
Foreign Exchange Retention Account “A”
Foreign Exchange Retention Account “B”
The balance held in retention account “A” may be kept for an indefinite period of time and shall be sold fully or partly at a freely negotiable exchange rate at any time in the inter-bank foreign exchange market.
The balance held in retention account “B” shall only be kept up to 28 days and shall also be sold fully or partly at a freely negotiable rate within the period of 28 days in the inter-bank foreign exchange market
If not sold, the balance shall be automatically converted into local currency the next working day.
All Ethiopian nationals living and working abroad for more than one year or business entities owned by non-resident Ethiopians and located outside Ethiopian territory for more than one year may open the following foreign currency accounts: