Ethiopia’s central bank introduced measures including a ban on using foreign currency in local transactions, tightening already rigid money controls.
The move comes at a time when the country’s foreign reserves are dropping and its current-account deficit widening amid a civil war that broke out nearly two years ago.
According to a directive on its website, the National Bank of Ethiopia slashed the number of days that returning residents can hold foreign currency to 30 days from 90 days. Citizens who live abroad and visit their country are required to deposit foreign notes in a savings account if they stay longer than three months.
It also increased the amount that nationals can bring into the country without a customs declaration to $4,000 from $1,000. Foreigners arriving with over $10,000 must disclose their holdings to customs officials, a jump from the previous $3,000.
Read also; Ethiopia Opens Banking Sector to Foreign Players.
