WHEREAS, it is necessary to improve the operations of formal remittance transfer system in Ethiopia by reducing remittance costs and increasing access to cost effective, reliable, fast and safe services that benefit migrants;

WHEREAS, it is deemed to be necessary to set conducive and transparent legal framework to facilitate in-flow of the remittance;

NOW, THEREFORE, pursuant to the authority vested on it by Article 23(3) and Article 27(2) of the National Bank of Ethiopia Establishment Proclamation No. 591/2008, the National Bank of Ethiopia (herein after the “NBE”) has issued this Directive.