Ethiopia Begins Distribution Of New Currency Notes

The National Bank of Ethiopia (NBE) has begun the distribution of new banknotes.

NBE Governor Yinager Dessie and President of Commercial Bank of Ethiopia (CBE) Abie Sano launched the distribution yesterday at the CBE-Addis Ababa branch.

The Government of Ethiopia last Monday introduced the new currency notes that have enhanced security features and other distinctive elements.

The new currency notes replace the birr 10, 50, and 100 notes while an additional birr 200 note has also been unveiled.

The birr 5 note remains unchanged and will be turned into a coin format soon.

The currency change is aimed at gathering currency circulating informally and outside of financial institutions.

It also intended to curb corruption and contraband as well as support financial institutions to confront currency shortage.

According to NBE, new banknotes worth 2.9 billion birr have been printed for distribution. Some 3.7 billion birr was spent on printing the new banknotes.

Sources: FBC