Regulators at the National Bank of Ethiopia (NBE) have granted licenses to five non-bank forex bureaus.
The entrance of Dugda Fidelity Investment PLC, Ethio Independent Forex Bureau, Global Independent Forex Bureau, Robust Independent Forex Bureau, and Yoga Forex Bureau marks a significant milestone in the country’s fast-changing forex market.
The firms will be able to exchange up to USD 10,000 in cash notes without a customs declaration and larger amounts with one.
They are also able to sell up to USD 5,000 to customers preparing to travel overseas for personal reasons, and double the amount for those traveling abroad for business.
The bureaus are barred from conducting import or export transactions as well as obligated to conduct on-the-spot transactions only.
