Radar | Sep 27,2020
Sep 14 , 2020
The National Bank of Ethiopia (NBE) has introduced a 200 Br denomination and changed the colour and the security features of the 100 Br, 50 Br and 10 Br notes, investing 3.7 billion Br. The five Birr note will stay in circulation until it is changed into a coin. The central bank has also introduced a currency symbol.
The currency changes were announced today at an event held at the Office of the Prime Minister with the presence of cabinet members, board chairs and bank presidents.
The wide circulation of banknotes outside of banks and out of the country, as well as problems with contraband and illegal activities, were all instigators of the new direction, according to Prime Minister Abiy Ahmed (PhD).
A few months ago, the Ethiopian Bankers Association reported that 113 billion Br is circulating outside of the banking system. At the end of the third quarter of the past fiscal year, 987 billion Br in cash circulated in the economy.
The 200 Br denomination is purple, while the 100 Br and the 50 Br denominations are light blue and orange, respectively. The colour of the 10 Br note has been changed to green.
The old currency is set to be fully changed in the coming three months, according to Yinager Dessie (PhD), the governor of the central bank.
People with over 100,000 Br cash on hand are supposed to go to banks and change out their notes within a month. The new procedure also compels people with over 10,000 Br to open a bank account.
Unlike prior changes to the currency, this time the government mandates that individuals will only be allowed to deposit into their own accounts.
For the execution of the currency change, the government has formed a command post that will organise sudden raids on houses and offices, according to Prime Minister Abiy. Additionally, heavier than normal security will be instituted at airports and border crossings.
First introduced in 1915 during the regime of Emperor Menelik II, Ethiopia has so far changed bank notes five times, including this recent change.
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