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December 12, 2018

These types of accounts are opened for Ethiopians living abroad (who live more than one year abroad) and Ethiopians by origin but with different nationalities that are referred as eligible Ethiopians.

Types

I. Fixed (Time) Deposit Account

  • It is an interest bearing account with agreed maturity date
  • The minimum maturity period is three months.
  • It is opened with an initial deposit of US Dollar 5,000 or its equivalent in any of the above stated currencies.
  • Interest on such accounts shall be payable only if they are maintained at least for the minimum period.
  • Interest income on such accounts is tax-free.

II. Current Account

  • It is operated by cheque book.
  • Withdrawals can be made at any time by writing a cheque.
  • It can be opened with an initial deposit of US Dollar 100 or
  • Its equivalent in any of the above stated currencies.
  • The maximum amount to be deposited shall not exceed U
  • Dollar 50,000 or its equivalent in any of the above stated currencies.
  • Interest shall not be paid to a non-resident foreign currency    current account.

   III.  Non-repatriable Birr account which may take  the form of saving deposit, that can be used for local payments only.

  • Interest rate on such accounts shall be double of the   minimum saving deposit rate set by the National Bank of Ethiopia, currently it is 10%.
  • Money can neither be transferred from this account abroad   nor from the local currency to any foreign currency.

  Opening of the Account

  • Persons residing abroad can open the account in person or by post in his/her name.
  • Applicants who could not be physically present to open the   account in the domestic banks can use the Ethiopian Embassies, Correspondent Banks or nearby remittance service providers to prove their identities.
  • Opening of a foreign currency account by Power of Attorney holders is not allowed.  However, Power of Attorney holders are allowed to withdraw from these accounts provided that the Power of Attorney explicitly empowers them to operate these accounts.
  • An individual may open current account in only one of the domestic banks whereas he/she may open fixed deposit accounts in more than one bank.
 Feature
  • It is a deposit account targeted for Ethiopians in Diaspora to open and use foreign currency account at home country.
  • Individuals and companies can open this account.
  • This account can serve as collateral to get credit in local currency from domestic banks in line with the opening bank’s credit policy.
  • Deposit is made in one or more of the following currencies:  
  • US Dolla
  • Pound Sterling
  • Euro
  • Deposits that are made in other convertible currencies such as Canadian Dollar, Saudi Riyal, Japanese Yen, Australian Dollar and UAE Dirham shall be converted to any of the above stated three currencies at spot exchange rate based on the preference of the account opener.
 Eligibility Critrea
  • Non-resident Ethiopian Nationals living and working outside Ethiopia.
  • Non-resident foreign nationals of Ethiopian origin.
  • Companies owned by the above-mentioned non residents and located outside the Ethiopian territory for more than one year.
  • Ethiopian nationals living and working abroad or in due process of living abroad for work for more than one year and who can produce authenticated documents.
 Required Document
  • Application forms properly filled and signed by the applicant.
  • For Ethiopians or foreign nationals of Ethiopian origin individuals, valid passport and/or identification card.
  • For businesses, Certificates of ownership entitlement for  the organization and/or Articles and Memorandum of Association.
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