Ethiopia’s Central Bank licenses new independent forex bureaus

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The National Bank of Ethiopia (NBE) has granted licenses to five independent foreign exchange bureaus as part of ongoing economic reforms. Companies like Dugda Fidelity Investment PLC and Ethio Independent Foreign Exchange Bureau are now authorized to buy and sell foreign currencies, with a limit of up to USD 10,000 without a customs declaration. They are also allowed to sell up to USD 5,000 for personal travel and USD 10,000 for business trips, provided valid travel documents are presented.

This initiative aims to enhance the efficiency of the foreign exchange market, with strict monitoring from the NBE to ensure compliance with operational guidelines. The move is part of Ethiopia’s shift towards a market-based exchange regime​