The Central Bank issued a revised ‘Limits on Birr and Foreign Currency Holding in the Territory of Ethiopia’ or FXD/87/2024, repealing the 2022 directive.
The directive sets conditions, limitations, and circumstances under which any persons who possess and utilize foreign currency in the country.
Per the new directive, a person residing in Ethiopia entering from abroad carrying foreign currency exceeding $4,000 or its equivalent in another convertible forex is required to declare upon arrival at the airport or any other entry point into the country.
It further specifies that a foreign national of Ethiopian origin, Ethiopian national or foreigner not resident in Ethiopia who enters the country carrying exceeding $10,000 or equivalent in another convertible foreign currency to declare upon arrival.
The newly revised directive has exempted passengers transiting through Ethiopia from a foreign currency declaration requirement.
Under the directive, a transit passenger is defined as a passenger who stays in Ethiopia for 24 hours or less and continues his or her journey to the next destination on the same or a different aircraft or airline.
The revised directive, FXD/87/2024, came into effect on Feb 22, 2024.
MG/abj/APA