The National Bank of Ethiopia (NBE) is reducing the amount of foreign currency earnings surrendered by exporters to the NBE from 70% to 50% and to commercial banks from 20% to 1%. The new amendment allows exporters to retain 40% of their foreign currency earnings for themselves. The Retention and Utilization of Export Earnings and Inward Remittance Directive No. FXD/79/2022 will be amended to effect this reform.
A reminder that the NBE used to fix the surrender rate at 60% in 2022 and 30% in 2021.