DIASPORA

What is Diaspora Account?

 It is a deposit account targeted for Ethiopians in Diaspora which is maintained in foreign currency by the debit of which funds can be transferred abroad and/or used locally without any permit from the National/Central Bank.

Features of the Account

• Deposit is made in one or more of the following currencies; US Dollar, Pound Sterling Euro. Deposits that are made in other convertible currencies such as Canadian Dollar, Saudi Riyal, Japanese Yen, Australian Dollar and UAE Dirham shall be converted to any of the above stated three currencies at spot exchange rate based on the preference of the account opener.
• Opening bank maintaining these accounts shall allow repatriation abroad of the deposits opened in any of the accounts stated upon the request of the account holder.
• Repatriation of the deposits shall not exceed the initial balance plus any interest receipt on the deposit amount.
•  It can be converted to a Birr account as per the prevailing exchange rate

 Use of the Account

• This account can serve as collateral to get loans in local currency from domestic banks in line   with the opening bank's credit policy.
• It can be used to make local payments in Birr, transfer to other foreign currency accounts, make foreign payments such as import and other Foreign Services payments provided the account holder has the required business license to do so.
• It is also used to make transfer abroad, make payments for bank charges, if any, levied by the opening bank.

Eligible Applicants

The following individuals/enterprises are eligible to use a Diaspora account:

1. Non-Resident Ethiopian
2. Non-Resident Foreign Nationals of Ethiopian origin
3. Companies owned by the above-mentioned non-residents and located outside the Ethiopian territory for more than one year.
4. Ethiopian nationals living and working abroad or in due process of living abroad for work for more than one year and who can produce authenticated documents.