Ethiopian and Residents of Ethiopia shall surrender, through an authorized forex bureaux, all foreign currencies in their possession against payment to them of the equivalent sum in Birr within 45 days from the date of acquisition.Ģ. Reconversion of birr into foreign currency is allowed, if the reconversion request is supported by original receipts produced by banks and customs declaration for value exceeding USD3,000.ġ.Foreign currency cash notes shall be exchanged into Birr only with banks and authorized forex bureaus.Some of the NBE’s forex rules as issued in a directive on its website reads: It is also expected to reduce forex shortages and to ease debt burden. The measure is seen by economic players as helping to boost the growth of the country’s export sector which has experienced a sluggish outlook. Along with the devaluation which is the first since 2010, interest rates on deposits were pushed up to 7% from the previous 5%. The NBE in October announced a devaluation of the country’s currency, the birr by 15%. They are required to notify the authorities if they are carrying an amount that exceeds the threshold.

In the case of forex rules, passengers are only allowed to enter or leave the country with a maximum of $3,000 or its equivalent in other foreign currencies without a permit. They said, they had intercepted an audacious attempt to take out 4 million US dollars via the airport in 2016.Īccording to current directives of the central bank, National Bank of Ethiopia ( NBE), passengers are allowed to carry cash of up to 1,000 Ethiopian birr. In November 2017, custom authorities said they continued to record increasing incidence of forex smuggling especially via its main airport, Bole International Airport in the capital Addis Ababa. The IMF chief, Christine Lagarde recently visited Ethiopia and urged the government to work at alternative drivers of growth. Ethiopia’s economy continues to get good reviews from international lenders like the World Bank and the International Monetary Fund ( IMF).

Dollar to birr black market 2017