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Ethiopia Unveils New Currency Notes

VOA News

   Ethiopiahas introduced newbank notes to shore up the country's
   struggling economy and slow the hoarding of currency and illegal trade
   activities.

   Prime ministerAbiyAhmed said the improved design and security features
   on new Birr notes for denominationsof 10, 50 and 100 will make
   counterfeiting difficult.

   A new200 denominationcurrency note has also been introduced.

   Ethiopia is spending more than$97million to print the new currency.

   The Ethiopian governmentintendstoturnthe5Birr note into a coin format.

   Ahmed said in a statement that money outside the banking system has
   been rising, affecting how commercial banks can turn assets into cash.

   He added that the outside moneyalso bolsterscorruptionand illegaltrade
   activities.

   Quartz Africareported Ethiopialast introduced a new money denomination
   at the end of the Ethiopian-Eritreancivil wartwo decades ago.

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