Ethiopia introduces new currency

The Government of Ethiopia has unveiled new currency notes replacing the old ones, Prime Minister Abiy Ahmed, said.

He made the statement on Sunday indicating that all the paper 5 Birr, 10 Birr, 50 Birr and 100 Birr notes will be replaced with new notes. He also indicated that the country will also introduce 200 Birr note for the first time this year.



“Ethiopia today unveils new Birr notes for 10, 50 & 100 denominations, with introduction of a new Birr 200 note. The new notes will curb financing of illegal activities; corruption & contraband. Enhanced security features on the new notes will also cease counterfeit production,” Abiy posted on his facebook.

Ethiopia introduces new currency
Ethiopia introduces new currency

To combat the increasing organized crimes that followed the reform that brought Prime Minister Abiy Ahmed to power in April 2018 ending close to three decades stronghold of the Tigray Peoples Liberation (TPLF) over Ethiopian politics and economy, the government of Ethiopia has been advised by many people to change the Birr notes.



A few months ago Bankers Association of Ethiopia indicated that over 80 billion Birr notes are being circulated out of the banking system of Ethiopia. Briefing this morning about the new notes to bankers and government officials and the media, Prime Minister Abiy Ahmed also stated that huge amount of Ethiopian currency notes are being circulated in neighboring countries.

Ethiopia introduces new currency
Ethiopia introduces new currency

 

He also indicated that some local banks are being engaged in circulation of illegally printed (forged) Ethiopia Birr notes. Abiy indicated that only one month is given for those who are holding the old currencies to change it to the new currency.

 

Ethiopia introduces new currency
Ethiopia introduces new currency