Ethiopia

Exchange controls

Ethiopia has stringent foreign currency controls. The controls are regulated through Directives issued by the National Bank of Ethiopia and apply to both resident and foreign companies. The Directives govern the flow of foreign exchange, and, generally, all outgoing and incoming foreign currency denominated funds are regulated.

Adoption of IFRS

Ethiopia has adopted international standards for financial reporting, including International Financial Reporting Standards (IFRS), as well as International Public Sector Accounting Standards (IPSAS) for public sector entities, including not-for-profit organisations.