Ethiopian government aims to control old birr notes to not enter the country from the neighboring countries
September 14, 2020
The National Bank of Ethiopia announced that 2.9 billion Ethiopian birr is ready for distribution to different parts of the country. Governor of National Bank of Ethiopia Yinager Dessie said 3.7 billion birr is spent for printing the new banknotes.
One of the key regulations that the government introduced along with the banknotes change is that individuals will have to appear in person with identity cards to exchange old banknotes with new ones. The measure is intended to control illicit circulation of billions of Ethiopian birr and corruption.
According to information from The National Bank of Ethiopia, billions of Ethiopian birr is said to be illegally circulating in the neighbouring countries. And the government says that it has put security measures in place in the border areas to control the inflow of old notes from those countries.
On Monday Ethiopia introduced new banknotes for three denominations and introduced one new denomination. One hundred Ethiopian Birr was the highest bill. After the new introduction, the 200 bill is the highest bill.
The current five birr note will be changed to coin, as reported by the state media.
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