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Fees on Cash Processing, Sale of Gold/Silver and Cost of Boxes (Directive No. 948/ 2022)

National Bank Of Ethiopia948/2022

Summary

This directive establishes fees for the sale of gold and silver coins, as well as fees for cash processing and the cost of boxes for currency transportation.

Who's affected

Artisans with relevant mine and lapidary trade licenses, user banks depositing unsorted or deteriorated notes, and banks applying for currency supply.

Action required

Banks and relevant artisans should familiarize themselves with the new fee structures for gold/silver sales and cash processing.

Key points

4
  • New fees are introduced for the sale of specific silver and gold coins.
  • Fees are established for depositing unsorted and deteriorated banknotes.
  • Costs are specified for banknote boxes, coin boxes, and hessian bags for currency supply.
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    • Previous procedures related to silver coin sales, local gold sales, and currency distribution/sorting/collection are repealed.

Requirements

7
  • Persons with relevant artisan mines and lapidary trade licenses shall pay 2% service fees on the sale of Maria Theresa Taller silver coins/Minilk Silver coins.
  • Persons with relevant artisan mines and lapidary trade licenses shall pay 2% fees on local gold sale.
  • User banks depositing unsorted notes shall pay a sorting fee of Birr 50 per brick.
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    • User banks depositing deteriorated notes shall pay a counting fee of Birr 50 per brick.
    • Banks applying for currency supply shall pay Birr 50 per banknote box.
    • Banks applying for currency supply shall pay Birr 7 per coin box.
    • Banks applying for currency supply shall pay Birr 30 per piece of hessian bag.

Objectives

4
  • To improve the quality of services related to cash notes processing tasks.
  • To revise fees related to cash processing.
  • To revise fees on the sale of gold and silver.
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    • To revise costs associated with cash notes/coins packing and transportation materials.

Organizations

1
  • National Bank of Ethiopia

Legal references

1
  • Article 27(2) of the National Bank of Ethiopia Establishment (as amended) Proclamation No. 591/2008
Original sourcehttps://justice.gov.et/en/directives/fees-on-cash-processing-sale-of-gold-silver-and-cost-of-boxes-directive-no-948-2022/
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