Open a Foreign Currency Account
Quick facts on how Ethiopians and Ethiopian Origin living in the Diaspora can open the Foreign Currency Account in their country of origin.
A. Who can open the Foreign Currency Account?
All Ethiopian nationals and foreign nationals of Ethiopian
origins living and working abroad outside Ethiopia for more than one
year i.e. a non-resident and holder of a valid Ethiopian passport for
Ethiopian Nationals and identification card for Non-Resident Foreign
Nationals of Ethiopian Origin (attesting that s/he is a foreign
national of Ethiopian origin)
Business entities owned by by non- resident Ethiopians and
located outside the Ethiopian territory for more than one year.
B. What are the Types of Foreign Currency Account
Interest Bearing Non- resident Fixed Foreign Currency Account/
የሚያስገኝ የጊዜ ገደብ ተቀማጭ፣
Interest Bearing Birr account/
ወለድ የሚያስገኝ የብር
የተንቀሳቃሽ ሂሣብ ተቀማጭ፣
Non- Interest Bearing Non- Resident Foreign Currency Account/
የማያስገኝ የተንቀሳቃሽ ሂሣብ ተቀማጭ፣
C. How to open the Foreign Currency
Persons living abroad may contact the opening bank in person, by
post, e-mail, fax, telex, and or/ other electronics media authorized
by the bank to open an account in his/her name.
D. What are the types of currencies?
The US Dollar
E. What are the types of Permitted Accounts?
F. Where Ethiopians in the Diaspora get these
Comercial Bank of Ethiopia
Bank of Abyssinia
Lion International Bank
TYPES OF DIASPORA ACCOUNT AT THE COMMERCIAL BANK OF
FIXED (TIME) DEPOSIT ACCOUNT;-
It is an interest bearing account with agreed
maturity date. The minimum maturity period is three
It is opened with an initial deposit of US Dollar
5,000 or its equivalent in any of the above stated
Interest on such accounts shall be payable only if
they are maintained at least for the minimum period.
Interest income on such accounts is tax-free.
It is operated by cheque book.
Withdrawals can be made at any time by writing a
It can be opened with an initial deposit of US
Dollar 100 or its equivalent in any of the above stated
The maximum amount to be deposited shall not exceed
US Dollar 50,000 or its equivalent in any of the above
Interest shall not be paid to a non-resident foreign
currency current account.
It may take the form
of saving deposit account that can be used for local
Such account will pay
double interest of the minimum
saving deposit rate set by the National Bank of
Money can neither be transferred from this account
to abroad nor converted from the local currency to any
Diaspora Accounts Detail
Application form for foreign currency Account/