Tag Archives: Birr Banknotes

PM Abiy Ahmed’s Project X Thunderbolt

Ethiopia announced demonetization of new bank notes to fight inflation and currency hoarding
The demonetization announcement came out of the dark and impenetrable night and fell on the money changers, hoarders, thieves, and crooks like a thunderbolt! (Photo: @combankethiopia)

BY PROF. AL MARIAM

On September 13, 2020, two days into the Ethiopian New Year, H.E. Prime Minister Dr. Abiy Ahmed dropped a thunderbolt on Ethiopia! He announced in an unscheduled, nationally televised address demonetization of the current notes and introduction of new Birr notes for 10, 50, and 100 denominations and a novel Birr 200. Within 90 days, the old notes will no longer serve as a legal tender. Continue reading PM Abiy Ahmed’s Project X Thunderbolt

Ethiopia Demonetizes Currency to Curb Cash Hoarding

“Money outside the banking system has been rising, affecting the liquidity of commercial banks. This is in addition to its impact on bolstering illegal trade activities” – PM Abiy

The Ethiopian government has unveiled a set of new banknotes as a part of its efforts to curb cash hoarding, illegal trade activities, and illicit financial flows in an already struggling economy.

BY TERENCE ZIMWARA

The Ethiopian government has unveiled a new set of banknotes that are expected to help authorities in curbing cash hoarding, illegal trade, and illicit financial flows. The move is also aimed at boosting the liquidity of banks that are struggling to cope with Ethiopia’s cash-based economy. Continue reading Ethiopia Demonetizes Currency to Curb Cash Hoarding