However, individuals can store up to $42.857 in their homes, he said during a press conference organized to brief the media on the four directives issued by the bank. He said if anyone is found keeping or carrying more than the stated amount of cash, they will face prosecution and punishment. Two months ago, the NBE limited cash withdrawals for individuals and businesses from commercial banks and other financial institutions. The limits aren’t without justification said National Bank Governor Yinager Dessie who claimed the move will manage liquidity as well as control money circulation that would help prevent crimes and tax evasion. Businesses are allowed to withdraw a maximum of $5700 a day but not exceeding $28000 a month.

Source: Ethiopian News August 18, 2020 14:15 UTC