Central Bank Outlaws Transactions with Old Notes

Nov 21 , 2020

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.



Women around the Koshe area hunt through piles of trash to find scraps of metal to sell. With close to three million people unemployed in the country and a headline inflation of 33pc, unskilled labour is in little demand. Ethiopia has an adult literacy rate of 51pc, with fewer numbers going past high school. Less than three percent of 12th-grade students made it to universities this year while the rest were at the mercy of remedial exams...



An old wooden car that was part of a commercial campaign by a furniture company around the Beherawi Theatre area. Ethiopia's forest coverage to national land size has been registered at 15pc to the latest data by the World Bank. The current Prime Minister Abiy Ahmed launched an initiative labelled 'Green Legacy' to plant five billion trees in 2020 claiming an 83pc success...



A young boy attempts to pull a piece of cloth from an overloaded pickup truck around the Ayer Tena area. Observing an unsupervised child on the streets of the capital has become a common sight, with sporadic conflict across the country creating nearly four million internally displaced people. Despite the last census having been conducted 16 years ago, the population of the country is estimated at 120 million...