Ethiopia has introduced new bank notes to shore up the country's struggling economy and slow the hoarding of currency and illegal trade activities. Ethiopia is spending more than $97 million to print the new currency. Ahmed said in a statement that money outside the banking system has been rising, affecting how commercial banks can turn assets into cash. He added that the outside money also bolsters corruption and illegal trade activities. Quartz Africa reported Ethiopia last introduced a new money denomination at the end of the Ethiopian-Eritrean civil war two decades ago.

Source: Ethiopian News September 15, 2020 07:18 UTC