WHEREAS, a well-functioning foreign exchange market with clearly specified rules, roles, and responsibilities is critical to promote trade, financial stability, and economic growth;
WHEREAS, a more open and competitive foreign exchange market can attract substantial foreign exchange inflows, ensure efficient resource allocation, and foster greater transparency in foreign exchange transaction activity; and
WHEREAS, it has become necessary to revise and consolidate various Directives related to the regulation and operation of Ethiopia’s foreign exchange markets;
NOW, THEREFORE; in accordance with Article 18(6), Article 20, Article 21(5) and Article 27(2) of the National Bank of Ethiopia Establishment (as Amended) Proclamation No. 591/2008, the National Bank of Ethiopia has issued this Directive as follow:
