Suspected arms dealers moved millions in Somali money transfers

Somali money transfer companies moved more than $3.7 million in cash between suspected weapons traffickers in recent years, including to a Yemeni...
Friday, September 18, 2020

Ethiopia Unveils New Currency Notes to tackle hoarding and illegal trade

- Advertisement -

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. 

- Advertisement -

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. 

- Advertisement -

- Advertisement -
- Advertisement -

Stay Connected

147,281FansLike
1,872FollowersFollow
786FollowersFollow
18FollowersFollow
5,617FollowersFollow
2,902SubscribersSubscribe

SOMALI NEWS

IGAD Congratulates Somalia leaders on the Successful Conclusion of Dialogue on Election Modalities

Djibouti, 18th September 2020: The IGAD Executive Secretary, Dr. Workneh Gebeyehu (Ph.D) congratulates the people and leadership of Somalia for the successful...
- Advertisement -

Suspected arms dealers moved millions in Somali money transfers

Somali money transfer companies moved more than $3.7 million in cash between suspected weapons traffickers in recent years, including to a Yemeni...

The rape and murder that shook Mogadishu

There are many violent incidents in Mogadishu that often go unnoticed. But when Hamdi Mohamed Farah was tossed over a six-storey building...

Somalia election: Old rivals unite to fight Farmaajo

In Somalia’s political scene, the revolving door is brutal and not even presidents can be safe.

Security Council extends mandate of UN mission in Somalia

The Security Council on Friday adopted a resolution to renew the mandate of the UN Assistance Mission in Somalia (UNSOM) for another...

MORE NEWS

IGAD Congratulates Somalia leaders on the Successful Conclusion of Dialogue on Election Modalities

Djibouti, 18th September 2020: The IGAD Executive Secretary, Dr. Workneh Gebeyehu (Ph.D) congratulates the people and leadership of Somalia for the successful...

Suspected arms dealers moved millions in Somali money transfers

Somali money transfer companies moved more than $3.7 million in cash between suspected weapons traffickers in recent years, including to a Yemeni...

The rape and murder that shook Mogadishu

There are many violent incidents in Mogadishu that often go unnoticed. But when Hamdi Mohamed Farah was tossed over a six-storey building...

Ethiopia Unveils New Currency Notes to tackle hoarding and illegal trade

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

Somalia election: Old rivals unite to fight Farmaajo

In Somalia’s political scene, the revolving door is brutal and not even presidents can be safe.

Security Council extends mandate of UN mission in Somalia

The Security Council on Friday adopted a resolution to renew the mandate of the UN Assistance Mission in Somalia (UNSOM) for another...

Somalia sets tough terms for end of Kenya miraa ban

The Somali government has given Kenya five conditions ahead of lifting the blockade of miraa imports.

Turkey delivers 12 off-road vehicles to Somali 3rd (Eagle) Infantry Battalion

Vehicles sent by National Defense Ministry as part of military and financial cooperation agreementsTurkey has delivered 12...

Somalia jails 4 senior Health Ministry officials over corruption

A regional court in Somali capital Mogadishu on Monday sentenced four senior Health Ministry officials for up to 18 years in prison...

Iman Elman: ‘I feel like I can do just as much if not more than any of the men’

When Iman Elman decided to enlist in the Somali National Army in 2011, the officer distributing uniforms gave her one shirt and two...

FEATURED POSTS

The rape and murder that shook Mogadishu

There are many violent incidents in Mogadishu that often go unnoticed. But when Hamdi Mohamed Farah was tossed over a six-storey building...

Somalia election: Old rivals unite to fight Farmaajo

In Somalia’s political scene, the revolving door is brutal and not even presidents can be safe.

Iman Elman: ‘I feel like I can do just as much if not more than any of the men’

When Iman Elman decided to enlist in the Somali National Army in 2011, the officer distributing uniforms gave her one shirt and two...

Why a Somali-born fighter is being honoured in Rome

In the series of letters from African journalists, Ismail Einashe looks at how some Italians are revaluating their...