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#Ethiopia: Central bank caps forex spread to 2%, tightens transparency on FX fees
The National Bank of Ethiopia (#NBE) has introduced a policy limiting the spread between the buying and selling rates of foreign exchange transactions to 2%, effective 16 October, 2024. This comes after a review of the FX market following Ethiopia's shift to a market-based foreign exchange system in July 2024.
"The foreign exchange trading spread shall be separately identified and generally should not exceed 2% for posted rates," the NBE stated. Additionally, "banks are required to transparently disclose all fees, commissions, or other related charges in transactions with their customers," as per the new directive.