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A
Directive to Limit the Birr Holding Amount By Travelers Exiting
Ethiopia and Foreign Exchange Holding time by Ethiopian Resident
Whereas,
it
has become necessary to limit the Birr holding amount for
travelers exiting Ethiopia, in order to ensure the proper use of
the currency within the country and indicate clearly to travelers
the legally allowed Birr holding;
Whereas,
the condition under which residents of Ethiopia may hold foreign
currency for a limited time has not been specified by any
Directive;
Now,
therefore, pursuant
to Art 51 (3) and Art. 54 of the Monetary and Banking Proclamation
No. 83/1994, the National Bank of Ethiopia hereby issues these
Directives.
Article - 1
Travelers Exiting Ethiopia Birr Holding Limit
The Birr holding limit for travelers
exiting Ethiopia shall be a maximum of Birr 200.00 (Birr Two
Hundred).
Article
- 2
Ethiopian
Resident Foreign Exchange Holding Time
No
Ethiopian resident shall hold foreign currency for more than 45
(forty five) days since the date of acquisition, and has the duty
to convert the currency in possession in an authorized bank or
establishment.
Article - 3
Penalty
Any
person violating the Articles above shall be punishable in
accordance with the penal code of Ethiopia without prejudice to
confiscation.
Article
- 4
Effective Date
This Directive shall enter into force
as of 14th May 2007.
Teklewold Atnafu
Governor
National Bank of
Ethiopia
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