Central Bank Limits Groups' Cash Holding to 1.5m Br

Oct 3 , 2020


The National Bank of Ethiopia (NBE) has outlawed holding over 1.5 million Br worth of banknotes jointly, which will now lead to confiscation. It previously banned individuals from holding cash over the stated value. Issued on September 29, 2020, with the signature of Solomon Desta, vice governor of the central bank, it amended the directive that was issued in the middle of last month for the banknote redemption process. Initially, the regulatory bank issued a directive dubbed the Legal Tender Protection Directive in mid-August that banned individuals from holding over 1.5 million Br. The directive did not specify the penalties the offenders could face. “Any hoarding above this limit shall be strictly prohibited and subjected to penalty,” read the directive. However, the latest directive that was issued in mid-September stipulated that cash found with individuals in excess of the limit is subjected to confiscation.


Radar

BRIDG-EATERIA

They say, "Where there is traffic, there is business." It reflects the colour of Addis Abeba roads and roundabouts. Around Bole, commonly known as the Ring Road, vendors serve tea and snacks underneath a bridge. Owing to these selling methods allow pedestrians and drivers to get the service they need while walking and driving. Despite that, such practice has become a frequent encounter in the heart of the city streets. The most common purpose of a ring road is to reduce traffic volumes in the ur...


Radar

WALKWAY DISPLAY

Pedestrian walkways around Addis Abeba are growing smaller by the day, competing to gain a foothold in the public spaces. The city, which prides itself as Africa's political and diplomatic capital, becomes a showcase of contrast. Beauty and affluence wrestle destitution and poverty to claim space. Vendors have displayed their second-hand outfits, shoes and luggage for sale on a roundabout in front of the Ministry of Education, up at the Arat Kilo area...


Radar

TRAILER HOMES

Retired city buses were once converted to bakery outlets retailing bread supplied by ‘Sheger Bakery' during their twilight zone. The city administration had used Anbessa City buses as its retail shops before formal outlets replaced them. Sheger Bakery, touted as the largest bakery and flour factory with the potential of baking two million loaves of bread daily, was to cater for millions of people in Addis Abeba with a subsidized bread supply but failed to live up to expectations. The old city...