Whereas, the National Bank of Ethiopia has the powers and duties to regulate and determine the supply and availability of money and credit as well as the applicable interest rates for the purpose of maintaining price and financial stability that is conducive to the balanced growth of the Ethiopian economy;

Whereas, the National Bank has the power and duties to act as banker, fiscal agent and financial Advisor to the Government;

Whereas, it has become necessary to establish and operate Treasury Bond on behalf of Ethiopian Government with objective of enhancing the participation of banks in supporting the balanced growth of the Ethiopian Economy;

Now, therefore, in accordance with Article 5(4), Article 5(14), Article 12(2), Article 15(1), and Article 27(2) of the National Bank of Ethiopia Establishment Proclamation No. 591/2008 (as amended), the National Bank of Ethiopia (hereafter the NBE) has issued this Directive.