Central Bank Outlaws Transactions with Old Notes

November 21 , 2020


Central Bank Outlaws Transactions with Old Notes

The National Bank of Ethiopia (NBE) has outlawed business transactions using the old banknotes as of December 1, 2020, two weeks ahead of the final currency changeover deadline. The entire demonetisation process, which cost the government 3.7 billion Br to print the notes, is expected to be finalised on December 15, 2020. Launched in mid-September, the three-month demonetisation process also introduced a new 200 Br denomination and changed the colour and the security features of the 100 Br, 50 Br and 10 Br notes. The five Birr note will stay in circulation until it is changed into a coin. The wide circulation of banknotes outside of banks and the country, as well as problems with contraband and illegal activities, were all instigators of the currency change, according to government officials. In March the Ethiopian Bankers Association reported that 113 billion Br is circulating outside the banking system, contributing to the financial industry's liquidity crisis. 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 also been changed to green. First introduced in 1915 during the regime of Emperor Menelik II, Ethiopia has so far changed bank notes five times, including this recent change.


Radar

Leather Industry Struggles to Meet Expectations

The struggling leather industry managed a little over 33 million dollars in export earnings over the first 10 months of the financial year. It is less than half of officials' aspirations to generate 69 million dollars over the same period, and highlights the troubles faced by the industry over the past few years. Exports from finished leather goods plunged 72pc last year from three years ago. Only eight finished leather manufacturers accounted for 89pc of last year's export earnings, sh...


Radar

Corporation Calls on Suppliers for 200,000tn Sugar Procurement

Executives of the Ethiopian Sugar Corporation have taken steps to procure 200,000tn of sugar from international suppliers. The Corporation had invited shortlisted companies to submit offers, after an attempt to procure the sugar through an international tender went awry. However, officials at the Ministry of Finance instructed its executives to scrap the invitation and proceed to float a second bid. The shortlisted suppliers have also been invited to take part in the bidding process. T...


Radar

TAGGED

Youth in the National Theatre area are waiting for the bus to start moving. They have found a handle to grab and accelerate them ones its starts moving as they ride their skateboard. Although skateboarding is nearly unheard of in Ethiopia, over the past few years, young people have developed a taste for it. Safety, though, leaves a lot to be desired...