FXD/07/1998 – Transfer of Foreign Exchange function to Commercial Banks

The National Bank of Ethiopia issued Directive No. FXD/07/1998, which transfers the bank's foreign exchange functions to commercial banks, allowing them to process imports and exports, and provide associated services. The directive outlines the requirements, procedures, and restrictions for commercial banks to follow when handling foreign exchange transactions, including the documentation needed for imports and exports, payment terms, and restrictions on certain goods.