The National Bank of Ethiopia (NBE) issued a directive limiting the amount of cash individuals are allowed to keep at home or elsewhere, putting the cap at 1.5 million birr.
Yinager Dessie (Ph.D.), Governor of the National Bank of Ethiopia, said the directive compels individuals to store cash over 1.5 million birr at banks. Keeping or carrying cash beyond this amount will be punishable by law, the governor pointed out.
The move hopes to control illegal activities and minimize amount of foreign currency Ethiopia spends to print paper money, Dr. Yinager added.
Source: FBC
