Ethiopian Defense update on Beneshangul Situation

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Ethiopian News September 17 2020 | Ethiopian Defense update on Beneshangul Situation 

The new currency notes would enhance legal business activities in the country and weaken the illegal ones, according to Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA)

 

Ethiopian Chamber of Commerce and Sectoral Associations Secretary-General, Yesuf Ademnur told ENA that the move taken by the government to demonetize the old notes will  help to control contraband and forgery of notes.

 

According to him, circulation of birr notes as was the case in Ethiopia disrupts the banking system. He added that the circulation of money outside banks was also a cause of inflation. “ I, therefore,  think that the measure taken by the government to change the old birr notes is good,” the secretary general said.

 

Yesuf urged the business community to abide by the law and help to impose strict control over illegal business activities to strengthen the economy. The secretary-general also called on the government to give due attention to enhancing  digital financial services by expanding the infrastructures.

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