Central Bank reduces the amount of forex that can be retained by exporters.
The new directive, which will govern the retention and utilization of export earnings and inward remittance, demands exporters to immediately surrender 30 percent of their forex proceeds to National Bank of Ethiopia.
Exporters of goods and services as well as recipients of inward remittance have the right to retain only 45 percent of their export earnings and remittance in foreign currencies, according to the directive.
While this will be calculated after 30 percent of their total export earnings surrendered to the Central Bank, the remaining 55 percent should be converted into Birr at prevailing exchange rate by banks immediately on the day of receipt, the directive compels.
Any bank that violates any of the provisions 8stated under the directive will be subjected to a penalty of 5,000 dollars.