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Home Africa

The new currency notes in Ethiopia

Metassebia Hailu Zeleke by Metassebia Hailu Zeleke
September 28, 2020
in Africa, Banking, Currency, Economy, Ethiopia, FA, Finance
Reading Time: 1 min read
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The new currency notes in Ethiopia
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As part of the ancient civilization of the world, Ethiopia is one of the few countries that had its own currency. Of course, the currencies were made up of coin and were minted from gold, silver and bronze. These coins had been changed in different times following the regime and governance change in the country.

In early 20th Century, the then Ethiopian king, Emperor Minilik II, ordered the production of different currencies in order to streamline the macro-economic situation of the country. However, literature emphasizes that the first currency from coin to paper money emerged around 1915 with having different denominations.

This currency note change practice of the government continued for almost a century following the change of political leadership and regime substitution. Some of the changes had political reasons while other changes were economic.

Also read: Ethiopia honors 200 loyal taxpayers

In this month of September, the Ethiopian government already introduced new currency notes with high level security features. These new currency paper notes intend to replace 10, 50 and 100 notes while the 200 note is new entrant to the economy. The unchanged single note is the 5 birr note that will be converted into coin recently.

The government’s decision is welcomed by different professionals since most of them found it important to minimize the cash volume that is already out of the conventional banking system. Others believe that the decision will have significant implication to the country’s macro-economic balance in general and to the financial sector in particular.

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Tags: BankingbanknotesCurrencyCurrency reservesEconomyEthiopiaEthiopian birrFeatureFinanceMetassebia Hailu ZelekeThe new currency notes in Ethiopiaэфиопияأثيوبياエチオピア埃塞俄比亚
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Metassebia Hailu Zeleke

Metassebia Hailu Zeleke

Metassebia Hailu Zeleke is a PhD Student in African Studies specializing in Citizenship and Mobility in Africa at Addis Ababa University. He is from Law background and currently operating as Consultant & Attorney-at-Law by serving as a legal counselor to different corporate entities, foreign investors and international law firms. By now, he is Vice President of the Ethiopian Lawyers Association and also serving as Editorial Board Chairman of the peer-reviewed “Ethiopian Bar Review” Journal as well as editorial team chairman of the Ethiopian Lawyers’ voice called temuagach “ተሟጋች” newsletter. He is also serving as Management Board member in different organizations including the Ethiopian Shipping and Logistics Services Enterprise. He is also a part-time instructor at Unity University. Internationally, he is serving as a Research Fellow to the China-Africa Legal Research Center and a Consultant to the China Center for Legal Diplomacy. He has also different international recognition including appointment of “Ambassador for Peace” by the Universal Peace Federation (2011), recipient of a fellowship program at the Law School of Beijing Foreign Studies University (Beijing, 2014), recipient of the China-Africa Lawyers Exchange Program (Beijing, 2014) and recipient of the Young International Lawyers Program by International Bar Association (Tokyo, 2014). He can be reached through metassebiahz@gmail.com or +251-911-636064

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