Saturday, December 2, 2023
Business Case closed!

 Case closed!

A month after the demonetization moves of the Abiy Ahmed (PhD) administration came into effect, a major phase came to an end yesterday as the time span for changing old notes with new ones ran out for amounts ranging from 100,000 birr to 1.5 million birr. The Minister of Defense (left), Kene’a Yadeta, reported that the process was generally successful, with the apprehension of a counterfeit money printing machine coming as a major threat to the process. Minister of Finance (center), Ahmed Shide, pointed out that the next step is disseminating the new notes to the rural community. Governor of the National Bank (right), Yinager Dessie (PhD), disclosed that a total of 31 billion birr has been deposited in the 920 thousand new bank accounts created. He further stated that over 94 billion birr of the new currency has been distributed through banking outlets, while more than 74 billion birr of the old note has been collected.

- Advertisement -

Subscribe

Popular

More like this
Related

Berhan management apologizes for record-low dividends

Berhan International Bank’s earnings per share for the fiscal...

Dysfunctional light rail clogs commutes in capital

Things go from bad to worse for the capital’s...

Unresponsive cash registers worry revenues officials

The Ministry of Revenues raises the alarm that less...

Opaque e-bike regulations discourage investors, magnify transport hurdles

A ban on electric motorbikes in Addis Ababa is crippling assembly plants and investors, and exposing inconsistencies in government policy.  “To give you my honest opinion, we were very discouraged by the ban.” asuhirohiro Yoshizawa, investor