Whereas, it is necessary to create incentives for Resident of Ethiopia, Non-Resident Ethiopian Nationals and Non-Resident Ethiopian Origin who are eligible and need to maintain foreign currency account with banks so as to encourage inflow of foreign exchange in the formal channel;

Whereas, operation of foreign currency saving account by Resident of Ethiopia, Non-Resident Ethiopian Nationals and Non-Resident Ethiopian Origin can support the international foreign exchange reserve and ease the balance of payments problem of the country;

Whereas, allowing Resident of Ethiopia, Non-Resident Ethiopian Nationals and Non-Resident Ethiopian Origin receipt to open foreign currency saving account could encourage saving and investment;

Now, therefore, pursuant to the authority vested in it by Article 20(2), 20(3) and 27(2) of the National Bank of Ethiopia Establishment Proclamation No. 591/2008, the National Bank of Ethiopia has issued this Directive.