Amendments made to the Banking Business Proclamation

Highlights

The Banking Business Proclamation No. 592/2008 has been amended to Proclamation No. 1159/2019 and came into force as of September 9th 2019, lifting the legal restriction that prohibits foreign nationals of Ethiopian origin not to invest in the banking sector and includes new provisions that contributes to safety, soundness and effectiveness of banks as well as consumer protection and to clarify unclear provisions of the amended Proclamation.