67 billion birr of new banknotes distributed to banks across the country, says National Bank of Ethiopia governor
October 3, 2020
On September 13, 2020, Ethiopian unveiled the introduction of new banknotes with a goal to recover hundreds of billions of birr that was said to be outside of the banking system.
And seems that the government is achieving the goals based on reports from the governor of the Ethiopian National Bank Yinager Dessie.
He told state media, Ethiopian Broadcasting Corporation (EBC), on Saturday that 14 billion Ethiopian birr (of the old banknotes) have been deposited to different banks in the first 14 days after the introduction of the changes. Government tends to see it as a success story from the point of view of one of the objectives of banknote changes. It was stated that a large amount of Ethiopian currency is in the neighboring countries and the government claimed that it had put in place a “strong” border control system to enforce the banknote changes.
He also said that 580 thousand Ethiopians opened new bank accounts which the government sees as another success of the introduced changes which was also intended to enhance accessibility to banking services.
Yinager Dessie also told EBC that 67 billion-birr new banknotes have been distributed to banks branches across the country and that the implementation has been going on without any security incidents.
The Ethiopian government has announced a three months time frame to finalize the exchange of old banknotes with new ones.
Individuals who are bringing to banks more than 1.5 million birr in cash will be confiscated as the government had introduced new regulation in August 2020 outlawing over the stated amount of cash stash outside of the banking system.
Exceptions to the rule are businesses with a huge cash transaction like gas stations, among other businesses.
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