The National Bank of Ethiopia (NBE) has announced a new set of foreign exchange reform measures, effective today, aimed at updating existing policies and addressing long-standing issues faced by importers, travelers, and financial institutions.Among the key changes is a revision to the advance payment limit for importers. The cap, which had been set at USD 5,000 per transaction for many years, has now been raised to USD 50,000. This adjustment is intended to ease restrictions on importers making upfront payments to foreign suppliers.The NBE has also raised the foreign exchange limits for travelers. Ethiopians traveling abroad will now be allowed to access up to USD 10,000 in foreign currency for personal travel and up to USD 15,000 for business travel. These amounts may be taken in cash or through debit cards. Individuals holding foreign exchange accounts will be permitted to use up to 20 percent of their balance via debit card, an increase from the previous 10 percent.The directive also introduces changes to the way banks charge fees for foreign exchange transactions. Effective May 26, 2025, all bank fees related to foreign exchange purchases, including for goods, services, and cash, must not exceed four percent. Banks have also been instructed to eliminate additional minor charges and simplify their fee structures. From June 2025 onward, all banks will be required to publicly disclose their FX-related fees on the NBE website.These measures build on the foreign exchange system introduced in July 2024, under which Ethiopia has seen increased exports, higher remittance inflows, and improved foreign currency reserves across the banking sector. The NBE stated that today’s changes are intended to continue recent improvements in the market’s functioning. (ICE ADDIS ABEBA)

Fonte notizia: National Bank of Ethiopia and 2Merkato