Foreign Currency accounts

 Who can open an FCY account?

  1.          Embassies, Diplomat
  2.            Diplomatic mission staff (with the exception of Ethiopian nationals)
  3.           members of the International Community
  4.            International organizations and their organs
  5.            Foreign Investors, NGO, Nonresident Ethiopian & Foreign Nationals of Ethiopian Origin

    1. Fixed time deposit account
    •  It is an interest-bearing account with agreed maturity date.
    •          The minimum maturity period is three months.
    •           It is opened with an initial deposit of US Dollar 5,000 or its equivalent in any of the above stated currencies.
    •           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
  1. Current account
    •           It is operated by cheque book.
    •            It can be opened with an initial deposit of US Dollars 100 or it’s equivalent.
    •            The maximum amount to be deposited shall not exceed US dollars 50,000 or it is equivalent.
    •            Interest shall not be paid to a non-resident foreign currency current account.
  1. Non-repatriable Birr account
    •            The interest rate on such accounts shall be double of the   minimum saving deposit rate set by the National Bank of Ethiopia.
    •           Money can neither be transferred from this account abroad nor from the local currency to any foreign currency.
    •           Currently 2x saving rate
  1. Overdraft facility
    •            An overdraft account is a form of credit facility by which a customer is able to draw an amount up to the approved limit of the credit facility.
    •             The mode of operation is like a current account.

 

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