The National Bank of Ethiopia issues new directives aimed at regulating foreign currency holdings in the East African nation.
Officials believe the measures are necessary to strengthen Ethiopia's financial system and promote stability.
The directives establish timelines for converting foreign cash into the local Birr currency.
Ethiopian residents now have 30 days to exchange any foreign money for Birr through authorized exchange bureaus or deposit it in foreign currency accounts following their arrival in the country.
Foreign visitors staying beyond 90 days face a similar timeframe. The updated rules mandate that non-residents place any foreign cash into designated non-resident bank accounts within 90 days of entering Ethiopia.
Travelers are also now subject to currency declaration requirements when entering with large sums.
Ethiopian citizens must declare foreign currency holdings over 4,000 dollars, while foreigners face a higher limit of 10,000 dollars.
All disclosure forms will be sent monthly from customs to the central bank for monitoring purposes, according to the directive.