The National Bank of Ethiopia (NBE) has amended Article 4 (2) of Directive No. FIS/03/2020, which provides, "individual accountholders are allowed to withdraw, in cash or by encashment of cheque, from a given financial institution, only Birr 200,000 (two hundred thousand) per day and Birr 1,000,000 (one million) per month, while corporate accountholders are allowed only for withdrawal, in cash or by encashment of cheque, Birr 300,000 (three hundred thousand) per day and Birr 2,500,000 (two million five hundred thousand) per month" and replaced it with a provision that tightens the daily cash withdrawal limit.
Accordingly, the maximum cash withdrawal limit in a single financial institution shall be Birr 50,000 (fifty thousand) per day for a single person and Birr 75,000 (seventy-five thousand) per day for a juridical person. The Letter issued by NBE removed the monthly maximum withdrawal limitation that was included in Article 4 (2) of Directive No. FIS/03/2020.
We have attached herewith the Letter dated October 7th 2020 that has amended Directive No. FIS/03/2020.
You can get further information on what is contained in Directive No. FIS/03/2020 using: https://www.millionlegalservices.com/index.php/legal-updates/124-cash-withdrawal-is-limited.
Posted on October 9, 2020
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