The Ethiopian currency is the Birr which is equal to 100 cents. Bank notes are in denominations of 1, 5, 10, 50 and 100 birr; coins are in 5, 10, 25 and 50 cents. In mid 1993 the government introduced currency auctions. These auctions are held every fortnight and determine the exchange rate for the Birr. It is advisable to check currency exchange rates regularly with the bank.

All foreigners are required to open Birr accounts with the Commercial Bank of Ethiopia. Credits to these accounts can only be made with foreign exchange receipts from abroad or checks from other similar accounts. Credits between two locally based accounts are not allowed. Cheques from Ethiopian nationals, birr cash and funds from a locally-paid working spouse may not be deposited without approval from National Bank. International personnel are required to pay by cheque for expenses such as rent, air tickets, school fees and purchases from Victory and duty-free shops.

Foreigners may remit limited funds abroad from their earnings deposited into local accounts. Such cases are considered individually and after the deduction of what is considered a reasonable amount for local living expenses. Foreign currency may be drawn on presentation of a confirmed air ticket for international travel. On final departure from the country, the balance in the account may be converted into foreign currency upon presentation of evidence to the National Bank as to how the remaining funds were acquired. The total transfer may not exceed 50% of the salary earnings including sale of household goods and personal car.

N.B. If electrical household effects and car were imported duty free, they may be sold only to persons with duty free status.

TOP