The Government of Ethiopia has ended the exclusive role of the Commercial Bank of Ethiopia in handling export licenses and transactions for goods destined for China.
Effective immediately, all licensed commercial banks in Ethiopia can now process export permits, manage documentary credits and handle related financial transactions for trade with China.
The previous restriction, set out in directive Ref. No. 10-11/097/99, stemmed from an economic cooperation agreement between Ethiopia and China. It had required exporters to route all such business solely through the Commercial Bank of Ethiopia.
The National Bank of Ethiopia stated that the change aims to reduce delays and improve access for businesses. All banks must continue to follow existing foreign exchange laws and export regulations.