NBE, as a central bank, does provide loan to the government and banks, not to individuals and business entities.
NBE has set the minimum saving and time deposit rates at 5%. But banks may pay higher than this rate
The lending rate is fully liberalized, and hence there is no lower/upper lending limit rate in the country. Each bank determines the lending rates.
Yes, with the minimum amount of birr 5000.
All eligible individuals can get foreign currency from commercial banks for these and other purposes.
There are 16 private and 3 government-owned banks, 17 private and 1 government owned insurance companies, and 35 Microfinance institutions (as of May,2012.)
Ethiopia has 1,5,10, 50 and 100 birr notes and a 1, 5 10,25,50 cents coins
Only Ethiopians can own and operate financial institutions.
All are trust worthy and working as per the close inspection and guidance of NBE.
US Dollar, Pound Sterling and Euro are vastly used in Ethiopia. However, banks in Ethiopia transact in Japanese Yen, Rand, Rupee, Swedish Krona, etc.
All currencies are venerable to counterfeit. Hence you need to know your currency’s security features in order to combat counterfeit.
You should immediately report the case to the police.
Yes. But only few paces give credit cared services for customers. Since 2006, Domestic banks have also started to issue credit cards and one can use these credit cards. In Ethiopia, American Express, Master, Visa, Diners Club and Cart Blanche, and Euro cards are used.
Only certified hotels, duty free shops, immigration offices. Civil Aviation authority and airline ticket offices are entitled to accept payments in foreign currency.
All Ethiopian nationals living and working abroad and non-resident foreign nationals of Ethiopian origin can open fixed (time deposit), current and non-reparable Birr account in commercial banks.