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I

Features

- It is a deposit account f0r Ethiopians in Diasporaforeign currency account with a bank in the home

to open and

- Individuals and companies, which have head officecountry/ can open this account.

- Deposit is made in one of the following currencies only:

- US Dollar

- Pound Sterlinqa Euro

*'r Deposits that are made in other convertible currencies such asCanadian Dollar, Saudi Riyal, iapanese Yen, Australian Dollar andUAE Dirham shall be converted to any of the above stated threecurrencies at spot exchange rate based on the preference of theaccount oDener.

Types of AccountsL Fixed (Time) Deposit Account-r It is an interest bearing account with agreed maturity date.-. The minimum maturity period is three months,

- It is opened with an initial deposit of US Dollar 5,000 or itsequivalent in any of the above stated currencies.

- Interest on such accounts shall be payable only if the account is

maintained at least for lhe minimum agreed period.

- Interest income on such accounts is tax-free.

'The bank will give a certificate for its customer when the money is

transfered following the opening of the account.

II. Current Account, It is operated by cheque book.

- Withdrawals can be made at any time by writing a cheque.

- It can be opened wrth an initial deposit of US Dollar 100 or itsequivalent in any of the above stated currencies.

- The maximum amount to be deposited shall not exceed US Dollar50,000 or its equivalent in any of the above stated currencies.

- lnterest shall not be paid to a non-resident foreign currency currentaccount.

- Withdrawals from this account can be made if the account holderpresents documents that ensure he is leaving the country,

III. Non-repatriable Birr account which may take the form ofsaving deposit, that can be used for local payments only.

- The transferred balance will be exchanged to the local currency anddeposited to the account. It is used to make local payments.

- Withdrawals can be made at any time by writing cheque.

- Interest rate on such accounts shall be double of the minimumsaving deposit rate set by the National Bank of Ethiopia.

- Withdrawals in foreign currency shall not be made from suchaccounts,

Eligibility CriteriaThe following Non*resident Ethiopian Nationals living and -

working outside Ethiopia are eligiL:le to use a Diaspora account.

,r Non-resident foreign nationals of Ethiopian origin.* Companies owned by the above-mentioned non residents and

located outside the Ethiopian territory for more than one year.

- Ethiopian nationals living and working abroad or in due process ofliving abroad for work for more than one year and who can produce

authenticated documents.

Opening of the Accountr Ethiopian nationals/origin residing abroad can open the account in

person or by post in his/her name.

- Applicants who could not physically appear to open the account in

the domestic banks can use the Ethiopian Embassies.

,r Opening of a foreign currency account by Power of Attorney holdersis not allowed. However, Power of Attorney holders are allowed towithdraw from these accounts provided that the Power of Attorney

Closure of the AccountThe following csnditions may lead to closure of the Diasporaaccount: -

- Upon the request of the account holder.

- When the account holder starts to live in Ethiopia after completionof his/her stay abroad.

Required Documents

- Application forms properly filled and signed by the applicant.

- For Ethiopians or foreign nationals of Ethiopian origin individuals,valid passport and/or identification card.

fh.l'?.*g '),r.s q?h

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I

I)csigndl & Printed by:'lalml prihling fRrss r19 I I 1i266:t8/39

ghtFftI 11,q qlhCOMMERCIAL BANK OF ETHIOPIA

n0*6lb h'tc gdLqi, tamg IL+r*9@.P?ndl"."[b {t"rHi t"l,hs++ rtL4'{l

PhtPft,s lT.q qlhCOMMERCIAL BANK OF ETHIOPIA

htt+*l*l\ fiV\u ?h.tcp q?h

'l?tl'IP"t 9fr*9"rrr! Deposit your Money in the ReliableNative Bank!