September 22 2020
The government of Ethiopia changed its notes in order to fight illegal trade practices, reduce inflation, and to get back the money that has been circulating illegally in to the mainstream banking system. The transition to the new currency notes is expected to be effected within 2 to 3 months. This is also aimed at strengthening existing banking practices that have been abused in the past. Going forward individuals and companies are limited to daily withdrawals of EBT 200,000 and EBT 300,000 respectively. The maximum amount of Birr (Ethiopian currency) that individuals are allowed to hold outside the banking system and in their home is EBT 1.5 million. This news was announced by the Governor of the National Bank of Ethiopia on 14 September 2020.