WHEREAS, it is found necessary to stipulate in the Banking Business Proclamation No. 592/2008 that Foreign Nationals of Ethiopian Origin be allowed to invest in the Banking Sector by lifting legal restrictions in place;

WHEREAS, it is essential to include new provisions in the Banking Business Proclamation No. 592/2008 that contribute to the safety, soundness, and effectiveness of banks as well as consumer protection, and to clarify those unclear provisions therein;

NOW, THEREFORE, in accordance with Article 55(1) of the Constitution of the Federal Democratic Republic of Ethiopia, it is hereby proclaimed as follows.