Addis  Ababa, September 17/2020(ENA)The brand new foreign money notes would improve authorized enterprise actions within the nation and weaken the unlawful ones, in keeping with Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA)

Ethiopian Chamber of Commerce and Sectoral Associations Secretary-Basic, Yesuf Ademnur instructed ENA that the transfer taken by the federal government to demonetize the previous notes will  assist to manage contraband and forgery of notes.

In keeping with him, circulation of birr notes as was the case in Ethiopia disrupts the banking system.

He added that the circulation of cash outdoors banks was additionally a reason behind inflation.

“ I, therefore,  think that the measure taken by the government to change the old birr notes is good,” the secretary common stated.

Yesuf urged the enterprise group to abide by the regulation and assist to impose strict management over unlawful enterprise actions to strengthen the financial system.

The secretary-general additionally known as on the federal government to provide due consideration to enhancing  digital monetary providers by increasing the infrastructures.

Public Coverage Professor at Addis Ababa College, Costantinos Berhe stated the brand new birr notes  allow the Nationwide Financial institution to precisely know the amount of cash in personal palms.

When cash saved in personal palms comes again to banks, the federal government may have the  alternative to scrutinize the cash and test its authenticity, he added.

The introduction the brand new notes will even reduce illicit monetary flows, specifically related to contraband commerce and unlawful actions across the borders.

The professor identified that “these illegal activities related to money could again be curtailed to some degree because the money we have abroad could be retained.”  

Moreover, the introduction of higher security measures on the brand new birr notes will assist the federal government to manage illegally printed solid notes, Costantinos acknowledged.

Ethiopia issued on Monday new foreign money notes of birr 10, 50 and 100 denominations, with  further new 200 birr notice.


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