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Policy timeline

Ethiopia’s foreign-exchange reform, step by step.

The system changed fundamentally in July 2024 and has continued to evolve. This timeline separates the major policy milestones from everyday movements in the Birr.

Reviewed September 10, 2026 · Rules and provider terms can change

01

July 29, 2024 — market-based pricing begins

NBE issued Foreign Exchange Directive FXD/01/2024 with immediate effect. Banks and authorized dealers were permitted to buy and sell foreign currency at freely negotiated rates, while the NBE moved to limited intervention when needed for disorderly market conditions.

  • Foreign-exchange surrender requirements to NBE ended.
  • The bank waiting-list allocation system was removed.
  • Independent non-bank foreign-exchange bureaus were introduced.
  • Foreign-currency account rules and exporter retention rules were simplified.

02

October 2024 — spreads and fees clarified

NBE required foreign-exchange trading spreads and related fees to be identified separately. It said posted spreads were generally expected not to exceed 2%, while allowing banks to adjust and negotiate rates transparently.

03

May 2025 — traveler access and fee limits expanded

NBE announced higher foreign-currency cash or card limits for personal and business travel and capped specified bank fees for foreign-exchange purchases at 4%, effective May 26, 2025. The applicable documents and bank availability still matter.

04

February 2026 — account and outbound-payment rules relaxed

A further amendment allowed 100% service-export proceeds to remain in retention accounts indefinitely and enabled internationally recognized cards for foreign-currency account holders with sufficient funds. It also removed the USD 100 minimum for specified foreign-currency savings accounts and allowed documented family remittances up to USD 3,000.

05

May 2026 — further directive amendments

NBE issued additional amendments aimed at reducing approval bottlenecks and rationalizing foreign-exchange-related charges. Users and businesses should consult the latest consolidated directive rather than relying only on the original July 2024 text.

Important

This page provides general information, not a guaranteed exchange quote, legal opinion or personal financial advice. Confirm the current requirements, limits, fees and accepted documents directly with the relevant bank or authority before acting.