BusinessNews

NBE Exempts Transit Passengers from Foreign Currency Declaration Burden

ADDIS ABABA – The National Bank of Ethiopia (NBE) has made a slight amendment to its directive to exempt passengers transiting through Ethiopia from a foreign currency declaration requirement.

The Central Bank issued a revised ‘Limits on Birr and Foreign Currency Holding in the Territory of Ethiopia’ or FXD/87/2024 late last week, repealing the 2022 Directive.

The directive sets conditions, limitations, and circumstances under which any persons who possess and utilize foreign currency in the country.

Per the new directive, a person residing in Ethiopia entering from abroad carrying foreign currency exceeding USD 4,000 or its equivalent in another convertible forex is required to declare upon arrival at the airport or any other entry point into the country.

It further specifies that a foreign national of Ethiopian origin, Ethiopian national or foreigner not resident in Ethiopia who enters the country carrying exceeding 10,000 USD or equivalent in another convertible foreign currency to declare upon arrival.

The newly revised directive has exempted passengers transiting through Ethiopia from a foreign currency declaration requirement.

Under the directive, a transit passenger is defined as a passenger who stays in Ethiopia for 24 hours or less and continues his or her journey to the next destination on the same or a different aircraft or airline.

The revised directive, FXD/87/2024, came into effect on Feb 22, 2024.