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FEDERAL NEGARIT GAZETA
OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA
I .•. ,
h~ to. h1:h"'~ 'lou'}' 4!'1'C ~ nh.,rf"A·f ~U.I\Cf .ctMlt·l\.fCf ~TM.h 16th . Year No. 8
h.llh hfl'l r"'t"" (; .,.') lo.l 'l.r. II'
fml111 i'rotJf"l- rhC fkl· mll+",.l· f(J)fTI
ADDIS ABABA 12 th February 2010
•

CONTENTS

1.'HI cff'rC lif~I/11l1 -

Regulation No. 172/2009
fh. :"f"A', fltll>t-Cf ll')tJ nil·"~I.C,) "h,)1.1'1 flOlJ1.t-1":'· frolTl Re-Organization of the Management of the National Bank of
fOlJ.'l.il:'·C'l· MlC 0.:,. 1.1fI .................................1K" f.1l?if~Q Ethiopia Council of Ministers Regulation .... .. ......... Page 5154

f611.'l.il+C'l- rhC 0.+ 1.111 ck'l'C lif~t/fli.t Council of Ministers Regulation No. 172)2009
fb.trkf 1Itb.&='f! q1h bilt,y,Cl b1t1'i COUNCIL OF MINISTERS REGULATION TO
RE-ORGANIZE THE MANAGEMENT OF
,,"71.kg+ fQJII) fOlJ.)'ll+e"l- ,.hC 0.+ 1.111
THE NATIONAL BANK OF ETHIOPIA
f611.'l.il+C'l- rhC 0.+ fh.+f"kf ~~t-I\Cf This Regulation is issued by the Council of Ministers
JllJDht-c\.fce ~TlIlt..h hilL~611. htt"+,) pAII)1'i" pursuant to Articles 5 and 34 of the Definition of Powers
and Duties of the Executive Organs of the Federal
t"7CJC "ooQJl\1 OQJII)lD- htp~ ck'l'C !if~lilliifj~ Democratic Republic of Ethiopia Proclamation No.
(Ohtp~ ck'l'C Ifc/lilli ~11.t1i1i") h1"'~ l; ~'i" r!J!i 471/2005 (as amended by Proclamation No. 603/2008).
oorPl.+ .eU1 1.111 hlD-'I';tA:: 1. Short Title
Ii. b~C Cbil This Regulation may be cited as the "Re-
.eU 1.111 "fh.+f"kf l1tb.t-ce 111h hili'~1.C1 organization of the Management of the National
Bank of Ethiopia Council of Ministers Regulation
~11.1'i" ""71.t-1.+ fQJII) f611.'l.ilTc"T rhC 0.+ No. 172/2009.
1.111 ck'l'C lif~r/lill" tllt\- It..m+il .el-I\A::
2. Definitions
I. tC=J"'I.
In this Regulations, unless the ~ontext otherwise
f Jo'" h1CJlI 1\." +C.,.,. tt"l\mlD- Oilt.,.C Ottu requires:
1.111 lD-il'l':-
1/ "Proclamation" means the National Bank of
iiI "htp~" "7"+ fh.+f"k f l1th.t-ce 111h Ethiopia Establishment (as amended)
"7**611.f (~11.i'1i1i") htp~ ck'l'C l;fjf/lo. Proclamation No. 591/2008;

"lD- ! 2/ "Bank" means the National Bank of Ethiopia

established by Order No. 30/1963 and continued
II "CJ1h" "7"+. 0+61111 ck'l'C r!J/liif,l; to exist as an autonomous institution pursuant
ft**oolD-'i" Ohtp)l: h1"'~ C(Ii) oorPl.t sub-article (1) of Article 3 ofthe Proclamation;
t-it-1 l-t\- f611.i'~1.C t*r tr'i ~1-'t"''I'A
.~
3/ the defmitions assigned to the terms under
fi'1.1.1lD- fh.+r-kf lIth.t-ce CJ1h "lD-! Article 2 of the Proclamation shall be
applicable.
rl Ohtp)l: h1"'~ I fi'oot\htlD- +C~17Il.
tL~611. .etr'i"A:· I', --

f1~ tp;J I ";J~t ;Jtt.1I) T.~.ck iro.li

2.45 Negarit Gazeta P.O.box 80,001
Unit Price
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Federal NegaritGazeta _No. 8 12 February. 2010 Page 5155

r. ~ 3. Organization
The National Bank shall have:
'l1h·:-
1/ Board of Directors (hereinafter the "Board");
{ilf ~.e~hTC'l- (lC1: (htlU 0:11\ "(lC1:" 2/ Governor and Vice Governors to be appointed
~fT'lft fD'l.mt.): by the Government; and
~I 000 1""J .I-'-'-r fD'l.7iOD- 1"1r'l rh-rA 1"1r 3/ the necessary staff.
fill-: ~'I 4. Members of the Board
rl hiMA1. lP t.T"Ttl- : The Board shall be composed of seven members .
.ee;-~;t-A: : The Governor of the Bank shall be penn anent ex-
g. fl!C1: b~!l-r officio member. The Chairperson of the Board and
the remaining five members shall be appointed by
(lC~ (\'l-r h'll\-r .ee;-~;t-A:: f'l1h- 1"1r
the Government among which one member shall be
f(lC~ *D'l. hIlA .elYliA:: f(lC~ It..,.oo10C
from the Vice Governors.
~'I "'~fIl~ hril-r h'll\-r Ooo1""J.I-'-'-r 5. Powers, Duties and Meeting Procedure of the
.e7itIfJl\- g lYe;-r hrh-rA 1"1rfll~ h1~ Board
hD'l.7i OD--r f(lC 1: h'll\-r oot)hA .elY'I A: :
1/ The powers, responsibilities and functions of
1";. fl!C=5= .l-'-'AtlJl! t'~C ).5' fOll"~ .1-'-')- the National Bank provided for in the
.l-'-'C,-r Proclamation shall be vested in the Board.
2/ The presence of four members of the Board
?il Oh",:q: fToofthi:-r f'l1h- .l-'-'AtI)e;-l-:
shall constitute a quorum; provided, however,
;)I\~'1.y."f ~'I T""J'lC'"f ft(lC~ T{\I}'T",A::
that one ofthem shall.be the Governor or a Vice
~I h(lC~ h'll\-r ht.i: hT11- rAc}T "''l~
Governor .
.elY'IA g lYe;-r ht11--r h'll\-r h1~
3/ Meetings of the Board shall be called by the
f'l1h- 1"1r w.er rh-rA 1"1r oolY1
Chairperson or, in his absence, by a member of
.e'iCO;t-A: :
the Board delegated ,by him.
rl f(lC~ illl{\'lfll"f 01t.",oo10~ w.er ~C{\-
4/ Meetings of the Board shall be held at least
'lA+11 1.tL Owhftw- f(lC1: hIlA
once every three months; provided, however,
.emt.A: :
that the Chairperson or, in his absence, the
gl f(lC~ illlil'l llf'}il O~il-r wC h11: 1.tL
person delegated by him, may call a meeting at
.et)"~A g (fe;-r It.,,,oo10~ w.er ~C{\­
any time or when the Governor or three board
'lA+11 1.tL O~C{\- fTwhft {\w- w.er
members so request.
1"1rw- w.er h(lC~ h'll\-r ~ili: n.m.e4f
5/ The Board shall have its own secretary.
illl{\'lw- OtIfJ'I Tw-r 1.tL It.mt. .e"fl\A : :
6/ The Government shall fix the amount of
'{;I (lC~ ft.{\- fJth~ .ee;-I.",A::
allowance payable to the members of the
'kl ft(lC1: h'll\-r fD'l.hLftw- hOA oom1
Board.
Ooo1""J.I-'-'-r .ew{\'IA::
7/ All decisions of the Board shall be made by a
~I tIfJ'I TW-r f (lC1: w-c\ 'I. Oilll{\'lw- 0+11--r
simple majority vote of the members present. In
h 'll\--"f Mll\ 6IiJ. 1: r '/\ .ew{\'I A I (lC ~
case of a tie, the Chairperson shall have a
01:r'/\ ~h-A ft~h-A OThLft 1.tL
casting vote.
It.,,,oo10~ Wc\:OS 1:r'/\ .ee;-I.",A::
8/ Minutes of meetings ' of the Board shall be
~I f(lC ~ illl{\'l :J>ft "''l~ (lC ~ OD'l.wil'lw-
recorded accurately and in such fonn as the
hlJ.:11'1 O~hnA .eooH1'lA:: (lC~ 0.e4.
Board may detennine. Unless the Board decides
~ 1.ct;t-w:t>1l"L.,..f. O.,.C tIfJ'I TW-r :J> ft
otherwise, minutes of the Board shall be
.,.q~. fiOWZ' ...1'C .emn.4"A::
confidential.
iiI (lC~ ft.{\-1 fhlPt.C oooo~f It.fwtl)
9/ The Board may adopt its own rules of
.e"fl\A: :
procedure.
II (lC~ h"'LI\1. lYe;- h.f11w- .l-'-'AtI).,.1
10/ The !3oard may, where it deems it necessary,
TLI\1. lYe;- 0+11 oom1 ft1"1rw- Ow-hA'I
delegate its powers to the Governor to the
It.filTI\A ~ .e"fl\A::
extent necessary.
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Federal Negarit Gazeta _ NO. 8 12 February, 2010 Page S I S6

IiI nc~ ttf'}'" ~"'-r fnC1: hfll\-r'} fl']++ 11/ The Board shall have an Audit Committee
f ~.Il -r ,....".,1; ~ Cj I. cp A: : "".".,1;(1)- f m·...'I' 'I composed of at least three board members. The
f(l)-"'t" ~.Il1'C'T'} "?1-r'l foo~-r'l. .,ftil Audit Committee shall receive and examine the
++il"," ~ool.lJDlrA ! t\hL~~oo·lJD findings and recommendations of the internal
and external auditors and give the necessary
h"'LI\1.m·'} oooot.f ~"tl)A::
direction for their implementation.
I. f91b= life pAt!)15' +,gc 6. Powers and Duties of Governor of the Bank
M ffl,}h= 1ife ffl,}h' CP'l PI,. h"'L~"'" lfCj )/ The Governor of the Bank shall be the chief
OhCP)l:'1 onc~ m-ll ... JUT OOlPl.-r ffl,}h·,} executive officer of the Bank and, as such, shall
h"'+~1.C'I PIr ~oolrA -: ~ftl)mIrA:: direct and supervise the administration and
II 1Wm· ffl,}h='} ":"1:'1 ~oo;t-'f 01:-r operations of the Bank in accordance with the
fH.7)1A -: onc~ l\.~1::"lJD OPIr I\~ Proclamation and the decisions of the Board.
f(J}-I\A: : 2/ The Governor shall prepare the plans and
annual budgets of the Bank and, upon approval
rl 1W(J}- ffl,}h= CP'l +mt. Ooolf'}:· by the Board, implement same.
IJ) fI,}h' hh.","T "JUT: hoo,}"?p-r! 3/ The Governor shall be the principal
h~t\lJD h+~ f1'}Hil 1:C1:-r'l hfiA representative of the Bank, and in this capacity
hlf.,flTm· /\'","T f1'}Hil 1:C1:ofT shall:
.7C O.".,f1.C.7T(J}- "?'}1-.,ofT u-t\. a) represent the Bank in its all relations with
fI,}h=,} ~mhl\A! other persons, the Government, the
t\) fI,}h' f.".,f1.C.7T(I)-'} (J}-","T! International Monetary Fund and other
f.".,fll-rcJYT(J)-'} f1'}Hil 'iofT'I financial institutions in which it is a
fCP"'-r'l ""~T! ~oo;t-'f t.TCofT! member;
f'IAil .".,tt'} ""~T! f-rC~'1 b) sign individually or jointly with other
fh. Uflr cJY"';t-mcf!fJUT! 1.il~R.JUT'I authorized officers of the Bank contracts
ffl,}h=,} /\'","T ""~T il~(J}-'} m~lJD concluded by the Bank, currency notes or
h+L+1.I\T(J}- /\'","T ffl,}h' securities issued by the Bank, and annual
il·cJY9"'}-r .7C Oh'}1:"-r ~LCcJYA i reports, balance sheets, profit and loss
statements, correspondence and other
til) fI'}h= O.".,h... O-r m~lJD O.".,h" ... O-r
documents of the Bank;
cJY'I T(I)-lJD .,.~~ Iril- m~ lJD 0 "11. L 1:
hcJYl']~"-r ffl,}h- mh.A ~lf'lA::
c) represent the Bank, either personally or
through a counsel, in any legal proceeding
9.1 lW(J}- t\fI'}h= f PIr :"A'I'~'1 fI ... Lt\1 to which the Bank is a party.
oom'} 1'"?fI? ,}'1 pAtl)"·'} OhkA t\lJDh-rA 4/ The Governor may delegate part of his powers
1WJUT ~'1 t\/\'","T ffl,}h= il'cJY9"'}-r and duties to the Vice Governors and other
O(J}-hA'I /t.f ...+I\A ~ ~ TI\A: : officers of the Bank, as may be required for the
l;/ lW(J}- OcJY'ITm-9" 1'"?fI? OhCP)l: h,}+~ g efficiency of the Bank.
I\~ O+oot\hi:-r ffl,}h= ~I\cJYJUT ~ooIrA:: 5/ The Governor shall, in all his actions, be guided
by the purposes of the Bank as set out in Article
i. f91lt 9"ht" life9'X fU"t!)15' +,gc 4 of the Proclamation.
il ffl,}h' lJDh-rA
1W JUT ffl'}h=,} 1W Powers and Duties of the Vice Governors of the
~I.~t\. ! Ofl~h- 1ife +t\~+(J}- f+"m' Bank
PIrJUT'} fh'lm-'1t\-:: )/ The Vice Governors of-the Bank shall assist the
Governor and perfonn activities specifically
II 1W(J}- O~'iCot 1.tL 1't\~of (J}-hA'I assigned to them by the Governor.
f+"m(J)- lJDh·'h~·\ 1W t\1W(J}- f+"m'T1 2/ The Vice Governor who is specifically
+"?Illr-r fh'l(J}-'1A::
delegated shall act on behalf of the Governor in
~_ 1.10= f""'S50t l.tL his absence.
8. Effective Date
~\J 1.1il h'l~C t;?; +1 litl ~.lJD, 1:9"e This Regulation shall enter into force as of the 4th
f8'1 ~tf'lA::
day of December 2009.
h"lil hOIl ,"t·l- ?;.,.'} litl ~.lJD. Done at Addis Ababa, this Ith day of February 2010.
oot\il tL'I'f
MELES ZENAWI
fh.tr-kf 4'olrl\'f .Il'P'hlrl\.f'f t.Til/t.h
m:"1\~ .".,...... TC PRIME MINISTER OF THE FEDERAL
DEMOCRATIC REPUBLIC OF
EHTIOPIA