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Going through a series of processes and serving the citizenry under various regimes, the currency that Ethiopia has had reaches this level. It is also important to remember that the country has been using paper money since 1906. The Birr banknote, used for a long time, perhaps for more than 25 years, has been modified in Ethiopia with a view to achieving a series of objectives that include many representative emblems. An additional note, a 200 Birr note with much care and stealth, seems to be part of the market for the first time in the history of the country.
The purposes of currency exchange are numerous. To mention just a few, first of all, given that there is a large amount of money drawn from the banking system and found inside and outside the country, countless illicit activities have been witnessed and financial operators act under the dominance of the normal track is coming out. of the game. The alteration will absolutely dry up these sources.
Second, macroeconomic obstacles arising from corruption, misappropriation of funds, fraud and treason can easily be mitigated, if not eliminated, that are the result of smuggling, illicit money flow and money hoarding.
Third, the recently declared government cash holding limit stating that a person or company cannot have more than 1.5 million Birr can be easily set. If it hadn’t been the effect of the alteration, it would have been quite difficult, slow and monotonous to make the limit practical.
Fourth, money amassed in the nation from mismanagement and self belief will undoubtedly be injected into the anti-peace trade at the expense of the mass. The change of note has also devised a durable solution for this.
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Fifth, a lot of money is flown in the informal sector than in the formal sector. Obviously, the money obtained from the banking scheme is highly susceptible to illicit activities. Therefore, this money must be taken to the banks and made functional in an appropriate way in an attempt to boost the economy of the country and play its role in rejuvenating the livelihoods of all walks of life. Otherwise, money diverted from the banking channel has baffled the economic system and entangled the nation with a lack of safe commerce. Yes, the measure that is taken can absolutely be an incomparable remedy for this cancer.
Finally, the abundant flow of money against the financial structure, in addition to deteriorating the country’s normal economic growth trajectory, is greatly affecting the proper functioning of banks and businessmen who have a direct and immense contribution to the general development of the nation. Change is a remedy for this.
In simple terms, during high cost of living times, hiding a lot of money and exposing citizens to illegal activities is really adding fuel to the fire.
Hence, banknote exchange has come up with security trading with the aim of containing counterfeiting and sophisticated dishonesty, and the added value to Birr banknotes that should be well recognized is the presence of dots that help citizens with visually impaired to easily identify banknotes.
In summary, the recently adopted measure is timely and relevant to help the nation secure economic prestige, contain counterfeiting, curb inflation, combat corruption, and allow the banking system to flourish, the cumulative effect of which enables the nation to secure the prosperity.
