- Advertisements -
Home Business Ethiopia Begins Circulation of New Currency

Ethiopia Begins Circulation of New Currency

Ethiopia Begins Circulation of New Currency

Ethiopia has begun circulating new currency notes to combat monetary crimes.

Prime Minister Abiy Ahmed announced Monday the release of the birr in denominations of 10, 50 and 100.

The East African country also introduced its first 200 birr note.

Ahmed hopes the new currency will also boost the inflation riddled economy impacted partly by the coronavirus pandemic.

Ethiopians have three months to exchange old notes with the new ones.

Authorities believe the new design and security features on the new birr note will prevent counterfeiting.

Banks had urged the government to demonetize, citing money circulating outside the banking system has worsened the liquidity problems banks are facing.

Ethiopia last changed its currency two decades ago at the end of the Ethiopian-Eritrean civil war.

Sourcevoa news
HOA News Editorhttps://www.hoachannel.com
Authorized Editor for Horn of Africa Channel.
- Advertisment -

Most Popular

The Iran-USA Peace Deal: Netanyahu is Paying the Price of His Hubris

The Iran-USA Peace Deal: Netanyahu is Paying the Price of His HubrisFor decades, Benjamin Netanyahu has defined Israeli statecraft through three interlinked pillars: his...

L’accord de paix Iran-États-Unis : Netanyahu paie le prix de son orgueil.

L'accord de paix Iran-États-Unis : Netanyahu paie le prix de son orgueil.Pendant des décennies, Benjamin Netanyahu a façonné la politique israélienne autour de trois...

The Unmaking and Making of Mataan Ciid

The Unmaking and Making of Mataan Ciid In the hollow chambers of power, where shadows stretch longer than truth, there emerged a figure who defied...

La déconstruction et la création de Mataan Ciid

La déconstruction et la création de Mataan Ciid Dans les chambres obscures du pouvoir, où les ombres s'étirent plus loin que la vérité, surgit une...