Ethiopia’s Evolving Forex Regime

What FX Amendment Directive No. FXD/04/2026 Means for Investors and Lenders

Contents:

1. Dividend Repatriation

2. Capital Repatriation Remain Subject to NBE Approval

3. External Borrowing: Decentralised Approval with Prudential Anchors

4. Private Foreign‑Exchange Loan Guarantees by Commercial Banks

5. Forward Exchange Rates

6. Foreign‑Currency Retention: A Differentiated Approach

7. Practical Takeaways