Introduction of New Notes Part of Economic Reform: PM Abiy



Addis Ababa, September 14/2020(ENA) Prime Minister Abiy Ahmed stated the introduction of new foreign money notes is a component of the continued financial reform within the nation.

The federal government unveiled as we speak new foreign money notes with enhanced safety features on the brand new notes with the view to creating them arduous to counterfeit.

Moreover the notes that change the previous Birr 10, 50 and 100, a brand new 200 Birr word is issued by the federal government.

The 5 Birr word stays unchanged and will likely be was coin format quickly, it was discovered.

In the course of the announcement of the introduction of the brand new notes, Prime Minister Abiy stated quite a bit of work has been finished up to now two years to deal with the macroeconomic imbalance in Ethiopia.

“Right now the economy is recovering from a recession,” he acknowledged, including that controlling inflation has develop into troublesome and never on the desired stage.

The big quantities of cash circulating exterior banks exacerbated the issue, the premier famous, additional explaining that the brand new foreign money notes would play paramount position in resolving the issue.

He identified that the brand new foreign money notes are designed to be handy to make use of and to serve for very long time.

Over 3.7 billion birr has been spent on printing the notes alone.

Abiy acknowledged that the current directive issued by the Nationwide Financial institution of Ethiopia (NBE) to ban individuals and corporations from preserving over 1.5 million Birr in money out of banks will likely be carried out together with the introduction of the brand new notes.

All unlawful financial actions that violate the legislation will end result within the arrest of culprits and confiscation of the cash seized, he pressured.   

Equally, sturdy measures could be taken in opposition to banks and different entities that function illegally whereas altering the previous notes with the brand new.

Nationwide Financial institution Governor Yinager Dessie disclosed on his half that massive quantity of Ethiopian Birr has been gathered overseas, together with in neighboring international locations.

Robust management measures have been put in place to stop the cash from getting into the nation, he acknowledged.

The previous notes ought to be turned into new notes inside three months, the Governor stated, including that  individuals with 100,000 birr and extra should nevertheless change them inside a month.