National Bank Relaxes Currency Changeover Rules

Sep 27 , 2020

The National Bank of Ethiopia (NBE), the central bank, has allowed customers who want to redeem old notes worth over 100,000 Br to get service at any bank branch. The prior directive that was issued two weeks ago restricted the service to be provided only at the issue holding branches. Early last week, the central bank has amended three articles of the directive that was issued concerning currency demonetisation. The five-page directive stated that old notes redeemed for over 5,000 Br have to be effected through a bank account, transactions over 50,000 Br have to be done through banks, and banks have to report to the regulator bank and have to file a weekly report whenever they redeem over 100,000 Br. It also compels individuals with over 100,000 Br in cash to change the currency within a month. Power of attorney holders issued before September 14 can deposit into the account of individuals of companies, according to the latest amendment. The new amendment outlines that the weekly reports for the currency changes for over 100,000 Br have to be submitted every Wednesday. Two weeks ago, the central bank changed the colour and the security features of the 100 Br, 50 Br and 10 Br notes while introducing a 200 Br denomination. The old currency is set to be fully redeemed in three months.


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