Ethiopia has begun circulating new currency notes to combat monetary crimes. Prime Minister Abiy Ahmed announced Monday the release of the birr in denominations of 10, 50 and 100. … Ethiopia last changed its currency two decades ago at the end of the Ethiopian-Eritrean civil war.
When did Ethiopian currency change?
On 14 September 2020, Ethiopia announced the introduction of new banknotes of 10, 50, 100, and 200 birr, with the latter being issued into circulation to meet the needs of issuing a high denomination note to tackle inflation. Older issues of 10, 50, and 100 birr notes was demonetized in December.
Why did Ethiopia change its money?
Ethiopia is demonetizing its economy with new currency to tackle hoarding and illegal trade. The Ethiopian government has unveiled a set of new bank notes as a part of its efforts to curb cash hoarding, illegal trade activities, and illicit financial flows in an already struggling economy.
Who prints Ethiopian money?
The contract for birr 10, 50 and 100 was given to Giesecke & Devrient GmbH (German), and that of birr 1 and 5 to De La Rue (UK). The total value of all notes printed was birr 1.1 billion. Total cost of printing paid to both firms was $66 million ($50 million to Giesecke & Devrient GmbH and $16 million to De La Rue).
What is the new Ethiopian Birr?
ADDIS ABABA – Ethiopia has introduced on Monday a new 200 birr note and unveiled new Birr notes for 10, 50 and 100 denominations with enhanced security features and other distinctive elements. The Birr 5 note remains unchanged but will be turned into coin format soon, according to government officials.
What is Ethiopian money made of?
Copper coins were introduced between 1894 and 1897. These coins added the denominations of 1/32 and 1/100 of an Ethiopian birr. More coins were added in 1944 and were made from copper and silver. The 1, 5, 10, and 25 santim are copper, and the 50 santim is silver.
Which exchange rate system does Ethiopia follow currently?
Therefore, the Ethiopian currency has been pegged to the US dollar at the rate of 2.07 birr per US dollar until the huge devaluation in October 1992. This fixed official exchange rate was left unaltered for two decades despite the floating of the major world currencies including US dollar.
What is money called in Ethiopia?
What money Ethiopia spends?
The Ethiopian Birr is the currency in Ethiopia (ET, ETH).
Where does New Ethiopian Birr printed?
The National Bank of Ethiopia (NBE) has awarded a multimillion-dollar contract to print various notes of the Ethiopian Birr to Giesecke & Devrient GmbH (Germany) and De La Rue (UK).
Is Ethiopia rich or poor?
With more than 112 million people (2019), Ethiopia is the second most populous nation in Africa after Nigeria, and the fastest growing economy in the region. However, it is also one of the poorest, with a per capita income of $850.
Is it safe to travel in Ethiopia?
Do not travel to Ethiopia due to COVID-19. Exercise increased caution in Ethiopia due to civil unrest and communication disruptions. Some areas have increased risk. … Tigray Region and border with Eritrea due to armed conflict, civil unrest, and crime.
What can you buy with 1 Ethiopian Birr?
6 THINGS JUST ONE ETHIOPIAN BIRR CAN BUY YOU IN ETHIOPIA (NOTE: 1 U.S.D = 21 ETB (!))
- BAND-AID: Uno birr can still cover your cuts. …
- PEANUTS: aand birr can buy you aand packet of peanuts; a perfect protein-rich snack (unless you poor thing have an allergy to these delicious nuts).
Why do countries change their notes?
Big decisions. The introduction of a new currency is not undertaken lightly. The motivation could be hyperinflation, exchange rate collapse, massive counterfeiting of the existing currency, or even war. Or it could be an intentional change—for example joining a monetary union, such as the European Monetary Union.
Why countries change their money notes?
Currency devaluations can be used by countries to achieve economic policy. Having a weaker currency relative to the rest of the world can help boost exports, shrink trade deficits and reduce the cost of interest payments on its outstanding government debts.
What is Ebirr?
EBIRR is a telecom value-added Mobile Financial Service that provides mobile payment and transfer solutions with ease of access. Some of the comprehensive services we offer include: … – Cash-In Cash-Out: E-Birr customers can easily deposit or withdraw money at any E-Birr agent shop throughout the country.