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The National Bank began accepting applications for work permits to open private foreign exchange offices

 

#Ethiopia | The National Bank of Ethiopia has announced that they have started accepting work permit applications to open private foreign exchange offices.

 

The full statement issued by the bank regarding the matter is as follows:

 

The National Bank of Ethiopia calls upon those who wish to open a private foreign exchange office to submit an application for a work permit in accordance with the Foreign Exchange Directive No. 01/2016 effective from July 22, 2016.

 

According to the permission to establish private foreign exchange offices based on the market and who want to buy and sell foreign currency in cash, Ethiopians with Ethiopian citizenship living inside or outside the country as well as Ethiopians born in other countries can open a foreign exchange office if they meet the requirements and obtain a license from the National Bank. 

 

We would like to state that the amount of capital required to open a foreign exchange office, as well as other requirements for the operation, are clearly set out in the above-mentioned foreign exchange guidelines, Appendix 5, and can be downloaded from the bank's website.

 

It is certain that the establishment of private foreign exchange offices will help to expand and strengthen the base of the foreign exchange market and satisfy the needs of customers who want to sell or buy foreign currency in cash.

 

In a message sent by the Governor of the National Bank of Ethiopia, Mamo Mehretu, "Giving permission to open private foreign exchange offices is a sign of our determination to open up the Ethiopian financial sector to foreign investment and to make the sector competitive and consistent with the world's best practices in the coming years and to achieve the strategic change initiated by the National Bank of Ethiopia." He said.

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