Ethiopia: Economic Demonetization Long Overdue but Necessary Measure

Ethiopia has recently issued a package of new bank notes as a part of its efforts to curb cash hoarding, illegal trade and illicit financial flows.

According to Global Financial Integrity (GFI) report from 2013, the country has lost close to 12 billion dollars since 2000 to illicit financial outflows. The country, according to Prime Minister Abiy Ahmed has expended 97 million USD to print the new currencies. Citizens have three months to replace the old notes with new ones.

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