Addis Globe, September 14, 2020
Prime Minister Abiy Ahmed’s Government revealed the new currency note on Monday. During the announcement of the introduction of the new notes, Prime Minister Abiy said a lot of work has been done in the past two years to address the macroeconomic imbalance in Ethiopia. The premier noted the large amounts of money circulating outside banks exacerbated the problem and the new currency would play paramount role in resolving the problem. About 3.7 billion birrs ($101.2 million) was spent to print the new currency, according to Ahmed.
Abiy stated the introduction of the new currency notes is part of the ongoing effort to curb financing of illicit activities including corruption and contraband. The new currency notes, as described by the Prime Minister, have enhanced security features that make them hard to counterfeit.
The revealed new Birr notes are for 10, 50 and 100 denominations, in addition to introducing a new Birr 200 note. The Birr 200 banknote bears a symbol of peace – a dove with palm leaves. The 5 Birr note remains unchanged and will be turned into coin format soon, it was learned.
National Bank Governor Yinager Dessie disclosed on his part that the old notes should be changed into new notes within three months, the Governor said, adding that persons with 100,000 birr and more must however change them within a month.
