Retention Accounts (A & B) |
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These types of accounts are
opened only for Ethiopian exporters. Opening of such
accounts require the following: -
a) Filling account opening application of Dashen
Bank. b) Copy of export trade
license. c) Article & Memorandum of
Association (in the case of institutions). d) If institutions, delegation
letter to open and operate account (person who sign
delegation letter should be the one specifically
empowered to delegate account operators in the
Article & Memorandum of Association). Important points to be noted
a) Credits/deposits to these accounts are allowed
only from export proceeds. Transfers can be done by
SWIFT/Wire Transfers through foreign banks, foreign
currency cash notes deposited by foreign counter
part 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 encashed by
foreign counter part. b) Transfers from these
accounts to foreign countries should be for
transactions approved by Exchange Regulation related
to such accounts. However, payments for imports
require import permit approvals. c) Transfers or payments from
these accounts can be done to any account within
Dashen Bank for transactions approved by Exchange
Regulation related to such accounts. Transfers to
other bank accounts and all cash payments locally
will be done only in Ethiopian Birr (ETB). d) Accounts are noninterest
bearing.
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