FXD/67/2020 Transparency in Foreign Currency Allocation and Foreign Exchange Management

The National Bank of Ethiopia has issued Directives No. FXD/67/2020 to ensure transparency in foreign currency allocation and foreign exchange management, requiring banks to have transparent guidelines and procedures for foreign exchange transactions. The directives outline responsibilities for banks, including prioritizing essential imports, maintaining records, and reporting requirements, as well as penalties for non-compliance, with the aim of promoting efficient and proper allocation of foreign exchange.