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Banking Business Proclamation Page 4200
14 Year No 57. ADDIS ABABA 25th August, 2008
CONTENTS
Proclamation No. 592/2008
PROCLAMATION NO. 592/2008.
A PROCLAMATION TO PROVIDE FOR BANKING BUSINESS
WHEREAS, banks play an important role in economic development through mobilization of funds
such funds to various sectors of the economy ;
WHEREAS, banks occupy a central place in the payment and settlement system of the country's economy ;
WHEREAS, the business of banking has a number of attributes which, if not managed properly, has the potential to generate financial system and macroeconomic instability ;
WHEREAS, the cost of financial system and macroeconomic instability to the general public and the Government is significant ;
NOW, THEREFORE, in accordance with Article
follows:
WHEREAS, it is essential to ensure safety, soundness and stability of the banking system by having a comprehensive law for the licensing and supervision of the banking business ;