Ethiopian currency has been and the government gave the citizens only three months window for them to exchange their old currency notes from banks
Experts notes that the issuance of a new currency is expected to increase the liquidity of the banks that have been suffering from cash shortage.
Teke Alem (PhD) told The Ethiopian Herald that the ongoing exchange of old Ethiopian currency by the new ones will for sure increase the bank’s cash reserves and deposit. “This in turn will also create ample investment opportunities as banks will be in good financial health and capable of lending the desired amount of money to the investors.”
You will like to read: Miller : Chadwick Boseman donated his salary so I can get paid what I deserved
According to Lifewater, as Ethiopia is making significant progress out of poverty. The people of Ethiopia are becoming more productive, healthy, and educated as the government, local organizations, international nonprofits, and the communities themselves join hands to lift the nation from its status as a developing country.
Although the east African country has seen impressive growth in recent years, there is still much to be done.
Ethiopia’s 2020 population by Worldmeters was estimated at 114,963,588 people at mid year according to UN data
The Prime Minister Abiy Ahmed noted that the new currency which has a better design and improved security features with quality paper will last longer and also help bring an end to the menace of counterfeiting.
AA reported that the had told a gathering which included bank governors and head of security agencies that “Introducing the changes in our currency notes was deemed necessary to salvage the country’s fractured economy.”
The notes of 100, 50, and 10 denominations will be canceled and replaced with new ones at the end of the three months period. However, within these three months both notes will still be in circulation. Also a new 200 denomination has been introduced.