Whereas, it is necessary to create incentives for Ethiopians in the Diaspora to maintain foreign currency accounts in their home country so as to encourage domestic investment;

Whereas, operation of foreign currency accounts by non-resident Ethiopians can support the international foreign exchange reserve and ease the balance of payments problem of the country;

Whereas, allowing Ethiopians abroad to open foreign currency accounts could encourage foreign direct investment;

Now, therefore, pursuant to the authority vested in it by Article 20(2) and Article 27(2) of the National Bank of Ethiopia Establishment Proclamation No. 591/2008, the National Bank of Ethiopia (hereinafter the “NBE”) has issued this directive.