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borkena
December 30, 2020
Ethiopia’s Tigray region is receiving a fourteen-day extension to exchange old banknotes, the National Bank of Ethiopia announced on Wednesday in a statement sent to state media Fana Broadcasting Corporate (FBC).
It is effective as of December 30 and banks will be working, including weekends, for the next two weeks.
Currency exchanges in the region were suspended following a law enforcement campaign that began on November 4, 2020, after the Tigray People’s Liberation Front (TPLF) forces attacked the bases of the Forces of Defense of Ethiopia in the region.
Banking service resumed in the region in areas where internet and power are restored, including the city of Mekelle.
All regulations introduced during banknote exchange will be implemented in the course of collecting old banknotes, the Bank also announced. Banks in the region must submit weekly reports to the National Bank of Ethiopia, according to the FBC report.
This time, the maximum amount that people could exchange with the new banknotes is less than 100,000 Ethiopian birr. The reason is that the time given for the exchange of amounts of up to 1.5 million Ethiopian birr expired before the police operation began on November 4.
Ethiopia made changes to the banknotes in September 2020 in what was said to be an effort to combat corruption and illicit trade, and it was underway for three months.
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