How to simply access dollars or foreign currency in Ethiopia in 2022?
Do you want to know how to access dollars or foreign currency in Ethiopia? without going through the hassle of changing birr to dollar? Or You want to directly use your dollars in home country?
Introduce yourself to the Diaspora account service, which is actively operating in Ethiopia, some of the bank to go to, which provides you this service are Awash bank, Zemen Bank and Dashen Bank, Foreign currency account for diaspora is designed to enable Diasporas access major currencies which are Dollars, Euro or pounds directly from their deposited account. here is a step by step guide to how to open a foreign currency account
Foreign currency in Ethiopia
The government of Ethiopia’s foreign exchange reserves continue to be in low supply, posing a long-standing barrier for those wishing to source from overseas. Foreign exchange reserves have been depleted as a result of international loan commitments signed to pay previously constructed infrastructure projects.
All international transfers need licenses, and all foreign exchange transactions must be conducted through approved dealers monitored by the NBE. Imports must be financed through Ethiopian bank accounts. The NBE has transferred the majority of foreign exchange transaction functions to commercial banks, but retains the power to authorize substantial foreign exchange allocations. In addition, the NBE forces commercial banks to forfeit 30% of their foreign exchange gains. more detailed information could be found here but they are not properly updated more info
“Having an experience of home investments in my home country, I have had challenges with shortage of currency, since my business requires import of chemicals and inputs, we have been having difficulties with the depreciating money, it sucked on the profit we were making that we were in a constant finance distress, few years ago I have been introduced to the Diaspora account, from that time we were able to make our import at a lower cost than we did before. With the soaring inflation and devaluing currency, it would have been hard for us to survive in business. “said Kebede Makalu CEO of INERIT Medical manufacturing