Sunday, September 19, 2021

Ethiopia Unveils New Currency Notes to tackle hoarding and illegal trade

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Ethiopia has introduced new bank notes to shore up the country’s struggling economy and slow the hoarding of currency and illegal trade activities. 

Prime minister Abiy Ahmed disclosed the notes with denominations of five, 10, and 100 are changed, and a new 200 birr (~$5.50) note is being introduced. Over 3.6 billion Ethiopian birr ($97 million) is being spent to print the new currencies. Ordinary Ethiopians have just three months to replace their old notes.

A new 200 denomination currency note has also been introduced. 

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Ethiopia is spending more than $97 million to print the new currency. 

The Ethiopian government intends to turn the 5 Birr note into a coin format.  

Ahmed said in a statement that money outside the banking system has been rising, affecting how commercial banks can turn assets into cash.  

He added that the outside money also bolsters corruption and illegal trade activities. 

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