Non-Resident Foreign
Currency Accounts |
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These types of accounts are
opened for international institutions, embassies,
foreign individuals, etc who reside in Ethiopia.
Opening of such accounts require the following: -
a) Written authorization from
National Bank of Ethiopia. Authorization letter will
indicate name of opener and applicable type of
currency.
b) Filling account opening
application of Dashen Bank.
c) Valid passport /work
permit/residence permit (in the case of
individuals).
d) Article & Memorandum of
Association (in the case of institutions).
e) If institutions, delegation letter to open and
operate account (person who sign delegation letter
should be the one specifically empowered in the
Article & Memorandum of Association to delegate
account operators).
Important points to be noted
a) Credits/deposits to these
accounts are allowed only from sources abroad and
from some of NR accounts in Dashen Bank (foreign
currency or NR Transferable ETB accounts.).
Transfers can be done by SWIFT/Wire Transfers
through foreign banks, foreign currency cash notes
supported by customs declaration at the time of
entering the country (airports or borders), foreign
remittance service providers like Western Union and
withdrawals by foreign payment cards.
b) Credits/deposits are not
allowed from domestic accounts or by ETB cash notes.
c) Transfers from these
accounts to foreign countries do not require permit
approval. However, payments for imports require
import permit approvals.
d) Transfers or payments from
these accounts can be done to any account within
Dashen Bank. Transfers to other bank accounts and
all cash payments locally will be done only in
Ethiopian Birr (ETB).
e) These accounts are
noninterest bearing.
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