Ethiopian Central Bank Restricts Amount of Cash Travelers Can Hold, Sets Foreign Currency Conditions 

According to the National Bank of Ethiopia’s directive, which became effective on September 5, persons entering and departing the country in possession of local currency are now subject to new restrictions, Individuals may not hold local currency whose value exceeds $57.00 or 3,000 birr, The directive also sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency…

Converting All Foreign Currency at Authorized Forex Bureaus

The Ethiopian central bank recently issued a directive which sets a limit on the amount of the birr that “a person entering into and departing from Ethiopia” may have in their possession. In addition, the directive, which became effective on September 5, sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency.

In a statement, the National Bank of Ethiopia (NBE) outlines the exact value of both the birr and foreign currency that residents may hold.

“According to the directive, a person entering into and departing from Ethiopia may hold up to [a] maximum of [$57.00] or birr 3,000.00 (birr three thousand) per travel to and from Ethiopia. However, a person travelling to Djibouti may hold up to a maximum amount of [$190.00] birr 10,000 (birr ten thousand) per travel,” the NBE said.

For Ethiopians re-entering the territory of the landlocked African country, the central bank said they are required to “convert all foreign currency he/she is carrying at an authorized forex bureau for the equivalent sum in birr.” Alternatively, they can deposit the forex into a foreign currency account within 30 days of returning to the country, the central bank added. For residents holding $4,000 or more, the NBE directed that such individuals should make a customs declaration.