borkenaAugust 18, 2020Ethiopia introduced a limit to the amount of cash that individuals or companies can put aside outside of banks or financial institutions. According to a report by the state media, Ethiopian News Agency, the new limit to the amount of cash stash is 1.5 million Ethiopian Birr which is about US$ 42,000. It is Yinager Dessie, governor of the National Bank of Ethiopia, who announced it on Tuesday in the capital Addis Ababa. The problem with that approach is that tens of billions of birr is said to be in the hands of individuals and businesses outside the baking system. A report by local media this week said that one US dollar is exchanging up to 45 Ethiopian birr, and one British Pound Sterling is exchanging for 55 Ethiopian birr.

Source: Ethiopian News August 19, 2020 00:22 UTC