The central bank’s chief economist and its vice governor Yohanes Ayalew, confirmed that the directive had been circulated to commercial banks and was already being enforced. Christine Lagarde recently visited Ethiopia and urged the government to work at alternative drivers of growth. In November 2017, custom authorities said they continued to record increasing incidence of forex smuggling especially via its main airport, Bole International Airport in the forex bureaus in kenya rates Addis Ababa.
They said, they had intercepted an audacious attempt to take out 4 million US dollars via the airport in 2016. 3,000 or its equivalent in other foreign currencies without a permit. They are required to notify the authorities if they are carrying an amount that exceeds the threshold. The measure is seen by economic players as helping to boost the growth of the country’s export sector which has experienced a sluggish outlook.
It is also expected to reduce forex shortages and to ease debt burden. Foreign currency cash notes shall be exchanged into Birr only with banks and authorized forex bureaus. Reconversion of birr into foreign currency is allowed, if the reconversion request is supported by original receipts produced by banks and customs declaration for value exceeding USD3,000. Ethiopian and Residents of Ethiopia shall surrender, through an authorized forex bureaux, all foreign currencies in their possession against payment to them of the equivalent sum in Birr within 45 days from the date of acquisition.
Any resident of Ethiopia found in possession of foreign currency and that do not have evidences to justify holdings shall be punished under the penal code of Ethiopia and the money shall be confiscated. Most visitors arriving in Kenya come by air. There are several major airlines – including Kenya’s very own, Kenya Airways – that offer flights to Kenya from the United States, Europe, Asia, the Middle East, Australia and many other countries including African countries. Nairobi – It is the largest airport and the main arrival point for most visitors. A major gateway to Kenya, JKIA offers both domestic, African, regional and international connections.