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Currency exchange saves Ethiopia’s economy: NBE

ADDIS ABABA– National Bank of Ethiopia (NBE) said that issuance of new banknotes saved the nation from economic crisis through improving liquidity, saving and averting financial crimes. The bank held yesterday acknowledgement ceremony to those who have played important role in facilitating the note exchange.

On the occasion, NBE Governor Yinager Dessie (PhD) said that the exchange has enabled 7.2 million citizens to open new accounts and saving of 126 billion Birr.

Therefore, he noted country’s banks have enabled to own sufficient cash to offer as a loan for investment.

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“The issuance of the new currency has also helped the nation to fight financial crimes through identifying individuals involved in illicit financial flow, money laundering and black market.”

The new currency comprised of new colors, symbols, security features and others found to be essential to promote country’s natural resources and help people who have sight problem to identify it easily, he added.

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On the other hand, the issuance of 200 Birr note became valuable not only to satisfy the public interest but also to reduce expenditure to issue high number of banknotes, according to the Governor.

He also called on the public to keep the currency with the need care refraining from writing, or shrinking it so as to elongate its lifespan.

On the acknowledgement ceremony, institutions including the office of the prime minister of Ethiopia, Ethiopian airlines, federal police, NBE, Ethiopian media authority, microfinance institutions, and ministry of defense among others have received certificate and crystal cup as a reward for their invaluable role in selecting color, symbol, features of the notes, undertaking legal procedures, transporting, safeguarding and distributing the notes, and disseminating essential information to the public and so forth.

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The Ethiopian Herald April 28/2021

BY YOHANES JEMANEH

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