Cards: The National Bank of Ethiopia (NBE) has announced major reforms to foreign exchange regulations, making it easier for citizens to access international financial services. This update is a significant relief, especially for Ethiopians engaging in online commerce and subscribing to international services.
Key Highlights:
- No Travel Documents Required: Previously, obtaining an international payment card required proof of travel (visa and flight ticket). According to the new directive, banks are now authorized to issue cards to customers without requiring travel documents.
- Simplified Online Commerce: Ethiopians are now fully authorized to purchase goods from international online shopping platforms and subscribe to various services.
- $100 Minimum Deposit Removed: The mandatory $100 initial deposit to open a foreign currency account has been scrapped. Commercial banks will now set their own minimum deposits.
- Education & Medical Travel: Travelers can access up to $20,000 for medical and educational purposes without presenting visas or tickets upfront.
- Sending Money Abroad: Individuals can now send up to $3,000 to relatives abroad and cover tuition or medical fees for spouses and children.
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