Banking Business Proclamation No. 592 by digitalabyssinia

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                                       FEDERAL NEGARIT GAZETA




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                                                            OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA
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                                                                                                                                                         14th Year No 57.
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                                                                                                                                                 ADDIS ABABA 25 th August, 2008




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                                                   D<J OJ.   6r.1,                                                                              CONTENTS
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                                                                           l} J1D                                                        Proclamation No. 592/2008

                              f'W}h P't.          }',cP~       ... '1~' Q7i.jl.~                                            Banking Business Proclamation Page4200
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                                      hCP~ <II'I'C ~fjl/flrt                                                                     PROCLAMATION            NO, 592/2008,
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                                {)t\q1h           Fir         fCDlll htp                                                A PROCLAMATION TO PROVIDE FOR
                                                                                                                               BANKING BUSINESS

          ll'H,"f.             tW1C OJ.fl1'SJO o'~ hOJ.6Lb U1C 1'HH1                                         WHEREAS, banks play an important role in
                                                                                           thi


    001J()(](HI                Oi.t\yr- fAOIJT     I1CG:"f' h'}JtOJ'A                                     economic development through mobilization of funds
    (Jtnl.f:/.°l (]U1t'I.: r h.f1c;~                                     A lnJ,} hc~-t~              ~ C; ITom within and outside the cpuntry and channeling
    r.l~ 6I'J.aH.: OUDO'C;:':;OJ' f                                                                       such funds to various sectors ofthe economy;
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               ll'}f1"f. OU1t'I.: t'l.f1ljD~ fhtt:j'c;                                     rhtt:j'     h&.
                                                                                                                     . WHEREAS,            banks occupy a central place in the
    .~~SJO PJCf}T                       OJ'fl1'      <t.A tt: ~ c; Yl\:r:;(l}' OUDo'                              payment and           .settlement   system      of the       country's
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    C;:r:;(l}'                                                                                                    economy;

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                                                                                                                     WHEREAS, the business of banking has a number
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                                                                                                                  of attributes which, if not managed properly, has the
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                                                                                                                  potential    to   generate. financial  system     and
    ,elk}    OUDO'~.f                                                                                             macroeconomic instability;
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          04. .e c,"}{} pJ c:l}.,: c,' 0 i\ 1Il:P 'I .e i\.l1lf~ OJ' 'I.e                                           WHEREAS, the cost of financial system and
    r~~coOJ'         i\,,00(.:):1:1'     O:t.lll1C,' (J~'}"1,PJ'r    'I.e                                         macroeconomic instability to the general public. and the
    r~.e{}h.l'''a}'9D      'I',v..l. 0<1>'1".r°'l.100:" ll~ooln.1                                                 Government is significant;

               rwHl           P't,.     /..:P.f: i\O"l'l''1                ~'I''I'C'}       O~oo"h'}                 WHEREAS,' it is essential to ensure safety, soundness
    (}'''i\<I>~       ;11°/ OOlJm.fl}.)    rll'}n                                   p'Cl}rf:      "i\~.'J                     of the ban,king system by having a
                                                                                                                  and stability
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                                      '1                                            (/Plf',. '} DIJ. .'11'1'
                                                                                                  t               comprehensive       law for the licensing
                                                                                                                                                           -

                                                                                                                                                               and supervision          of the
    1',{} 'I'I. 0 oolf ',.'{
        t.                                                                                                        banking business;


             (J~,. .} r. A'.e &..J?.1r 1\cr. Jt qo)y~ Q.r cr. t T .n t\. h                                            NOW, THEREFORE, in accordance with Article
    .                                                                                                             55(1) of the Constitution of the Federal Democratic
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                                                                                                                  Republic of Ethiopia, it is 'hereby proclaImed as
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                                                                                                                  follows:
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'11,       !!ii.f[.~~     k,Y./'.A      '1:JI,'''' :JII,nl <IITC :i't '1,hr'l. IV. .p'} go. '}.SID        Federal Negarit Gazeta No. .57   25th   August, 2008""   page 4201



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