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The National Bank of Ethiopia Establishment as Amended Proclamation No. 591

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Legislation on National Bank of Ethiopia Establishment

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                                                          f'Jt.Tf-A'.P ~J.'..t.I\'f             "l lJOht.o..p'f           tTllt\.h

                du~&-IA                                                      ~~tT                                             ~ltffJ

                                   OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA
                               CJUII.}. 4I'I'C ,1                 flh.-rf-A'.r       t.,Yu/,.'I'P. ~!l"tll.'(Lr'P.   1.''''I1I\.h                 ]4th
        l,r".l\l~""~                                                                                                                                     Year        No 50.
      t,Jtfl Mill ~~I1'" (; "") go. CJ.9"                         ('~'h'H'11.,..ot,f-'.f YO'hc n.-r m/I<I:~'r ('WI'                     AQDIS ABABA             11th   August, 2008

                                                ,,7JlJ~                                                                                    CONTENTS

                           M'~:        4I'I'C      li.~1{i/go. <}.YO'                                                                Proclamation No. 591/2008

Ph..N"k." 'n~h.".-r. fJ'}h D?<J:<J:O?f
                                    /"h1F..,.q'q'f\/                       t,'Pj!-                           The National Bank of Ethiopia Establishment (as Amended)
                           .                                                                                 Proclamation Page 4168
...1~' !ioJil~~
                               tttp~      eIITC l;1'1li/l1t                                                                   PROCLAMA nON NO. 591/2008.

                                                                                                                 A PROCLAMAnON TO AMEND THE NATIONAL
                                1Ith.~ f}1h "'**                                                                     BANK OF ETHIOPIA ESTABLISHMENT
                                ""'2fift\ f'fDfl)~                                                                           PROCLAMAnON

       "h. ~f-~, J' ~JlJ'} f'h.l1lj~                          t\ UIJ,.,.f'-tl."1.:J f'CP."11 WHEREAS, for the rapid economic development of
f'dJ.til.b ~'}11~        ~nl).C;        m.C;'"        f'~.eC;'}lt         P'C'}~itlt&.I\'I.                  Ethiopia stable price and foreign exchange rate and
                                                                                                             healthy financial system are being necessary;

                                                                                                                 WHEREAS, it is necessary for the National Bank of
       f'h. ."'r. A'.f' "1~h.t.q~ fl'}h                          "h. ~r' A'J'             h.l1lj~             Ethiopia to undertake such other activities as are
                            +ltUIJD?                         f'tr.,.      I\,f\o"f         itlt &.1\7.        conforming to the proportional economic growth of
f' ,"{1Dn, lI1" iJ.e.",:"                                                                                     Ethiopia;

'''''If}~~'}   UlJhC;w'} ltl\itl\n~I
                                                                                                                  NOW, THEREFORE, in accordance with Article
       nh.""f-A'.f'            &..Y..~I\~        JtlfPh~C\J'~                           .tT-Ol\.h             55(1) of the Constitution of the Federal Democratic
~1\1{1D')'1P"'"            it'}4'K'     =t?;(li)      {/D1Pl~                         f'~h-tl\m'              Republic of Ethiopia, it is hereby proclaimed as
:J'dJ-:~. t\::

                                                                                                                                           PART     ONE
                                         ~                                                                                                 GENERAL
                                                m"'''''                                                       1. Short Title
6.      tt~c           ClJll
                                                                                                                     This Proclamation may be cited as "the

       f,tJ itCP~ '''f'h.~r'A'.f'                          -O~h.t.q~ fl'}h "'**~J'                                   National Bank of Ethiopia Establishment (as
       /h'}~-t~'iI'7il\/      itCP~                       cklf'C (if.1linnt". -t-Oc\"                                Amended) Proclamation No. 591/2008".                             .

       l\,104'''' .e 1'I\t\::                                                                                 2.     Definition
fl.     :"C=iDll.
                                                                                                                     In this Proclamation, unless the context
                                                                                                 Atr.,               requires otherwise:
        f'.PI\. it1f}-0 1\,1\ ~C-l-~                                   f'~J'()111dJ'
        nlt-t+c nlf.tJ itCP~ dJ.ltlf'I
                                                                                                                     1/      "authorized dealer" means any person
        lif        " P' A fl)'} f'-t () lI1dJ' {/D'} IIt " UIJl\ ~ h fl'} 11:Yo                                              other than a bank, which is authorized by
                   nlt-t+c      ndJ.61.b it1C           1111'0'    "1-0.e~                                                   the National Bank to engage in foreign
                   l\{1D1PUIJ~'''' h-O~h.t.q~ fl'H, &..P.f: f'of'()mm.                                                       exchange transactions;
                   lI'/'} ~ dJ'~        ()dJ'       "dJ'I

                                                                                                                                                 .,;.1/...,.  7'."'.'/', 'Ui'i.?i
      .n~ '1';1                                                                                                                                   Negarit       G. P.O. Box 80001
      Unit Price           5.15
                                                                                                                                                              ]]lh August,          page 4169
'/7i   !ii'i_{i.Y~'iji      / f!.t.A      '/.')".)-   .~II,n/ -/!TC .ii .,.ltt'l.   (; 'I"}j{i'i. 'Ho               Federal   Negarit        Gazeta No. .50                2008""

             !1/         "{..Ill'Hl         pIt,"         OIJ1\:'"      {..1O?.
                                                                              h"'l\.     ~""}     P' toP} l'                  2/        "banking business" means including the
                          ,r (I1,cJ>A "A I                                                                                              following:

                                                                      ., ,} ill\ OJ' 'n 1\" ll":. .!>                                   a)      receiving funds from the public as
                         IJ)           'n .h, I.~(/~ en h ,,' '!>lJ.e                                                                           deposit through means that the National
                                       f.(J)- f"'-HHI OD(HI(J{L.r ".e., h£)llHl ",.,>
                                                                                                                                                Bank has declared to. be an authorized
                                       07 "1," 'n" 'n [J00 '/,(I A I
                                                                                                                                                manner of receiving funds;
                                                                                                                                   /    b)      under the account and risk of the person
                         M             f'lJ'Hl P't, II OIL I.. 0)' (JOJ' '!"f'(l~' :}~ ..:..,.},
                                                                                                                                                undertaking banking business to use the
                                       llll.U '}CHI h'}<I>~' ,"I.. ":,f.A (u) f'.f'OOl\h                                                        funds referred to under paragraph (a) of
                                       "'OJ"}       1'HHI       ll(1D'l\.     UJ.ecr       llh":,A                                              this Sub-Article, in whole or in part, for
                                       (l'{}£h,t,(P' lJ'Hl 'f"!>lJ.e .,,} lJ~:':OJ' ,{},t':(~:';':                                              loans, Investments and for purposes that
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