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    Naivas Supermarket Targets 400,000 Naivasha Residents With a New Outlet

    Naivas Supermarket Targets 400,000 Naivasha Residents With a New Outlet

    KeNHA asks Waiyaki Way Pedestrians to use Foot Bridge at Agakhan Secondary School

    KeNHA asks Waiyaki Way Pedestrians to use Foot Bridge at Agakhan Secondary School

    Nairobi Railway Station Set For Facelift to a Transportation  Hub

    Nairobi Railway Station Set For Facelift to a Transportation Hub

    Impeached, Corrupt Leaders to be Barred from From Vying in August Election

    Impeached, Corrupt Leaders to be Barred from From Vying in August Election

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    Government Finally Removes Matatu’s from Railways Bus Station

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    Sportpesa in Fresh Legal Tussle Over The Brand

    The 9th Africities summit Begins in Kisumu

    The 9th Africities summit Begins in Kisumu

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    Deputy President Martha Karua

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    UAE President Sheikh Khalifa Bin Zayed Dies at 73

  • Markets
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    South Africa’s wine Industry where Challenges are Solved with Technology

    Kenya to import maize from outside EAC to mitigate shortage

    Kenya to import maize from outside EAC to mitigate shortage

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    Twiga Invests Ksh 1 billion To Scale Access To Affordable, High Quality Produce In Kenya

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    CMA Issues Licenses Three Fund Managers

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    CCI Global to occupy largest contact centre in Kenya at Tatu City

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    Falling share prices raise banks dividend returns

  • Real Estate
    Superior Homes Launches Reward Program for Investors

    Superior Homes Launches Reward Program for Investors

    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

    Report: High Demand for Luxury Houses in Nairobi Fueling Increase in Prices

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    Regional property summit kicks off in Nairobi

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    Five Reasons Why Real Estate Increases in Value

    Optiven Foundation Launches TVET Sponsorship Program

    Optiven Foundation Launches TVET Sponsorship Program

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    How Optiven is making it Easy for Kenyans to Own Transformed Land for their Dream Homes

    International Firm to help Kenyans Buy Property in The UK

    International Firm to help Kenyans Buy Property in The UK

    Centum’s Tribus To Invest Sh137 Million On 10 Youth Employment Centres

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    How to Build a 3 Bedroom House With Less Than Ksh1 Million

    How to Build a 3 Bedroom House With Less Than Ksh1 Million

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    Kenyans promote exciting cultural diversity on TikTok

    Kenyans promote exciting cultural diversity on TikTok

    How to Secretly Leave a Whatsapp Group without Notification

    How to Secretly Leave a Whatsapp Group without Notification

    Tala Names Munyi Nthigah The New General Manager For Kenya

    Tala Names Munyi Nthigah The New General Manager For Kenya

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    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

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    Centum Re Debt Status Analysis As Of 30th September 2021

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Kenyan Business Feed
  • Home
  • News
    Naivas Supermarket Targets 400,000 Naivasha Residents With a New Outlet

    Naivas Supermarket Targets 400,000 Naivasha Residents With a New Outlet

    KeNHA asks Waiyaki Way Pedestrians to use Foot Bridge at Agakhan Secondary School

    KeNHA asks Waiyaki Way Pedestrians to use Foot Bridge at Agakhan Secondary School

    Nairobi Railway Station Set For Facelift to a Transportation  Hub

    Nairobi Railway Station Set For Facelift to a Transportation Hub

    Impeached, Corrupt Leaders to be Barred from From Vying in August Election

    Impeached, Corrupt Leaders to be Barred from From Vying in August Election

    Government Finally Removes Matatu’s from Railways Bus Station

    Government Finally Removes Matatu’s from Railways Bus Station

    Sportpesa in Fresh Legal Tussle Over The Brand

    Sportpesa in Fresh Legal Tussle Over The Brand

    The 9th Africities summit Begins in Kisumu

    The 9th Africities summit Begins in Kisumu

    Deputy President Martha Karua

    Deputy President Martha Karua

    UAE President Sheikh Khalifa Bin Zayed Dies at 73

    UAE President Sheikh Khalifa Bin Zayed Dies at 73

  • Markets
    South Africa’s wine Industry where Challenges are Solved with Technology

    South Africa’s wine Industry where Challenges are Solved with Technology

    Kenya to import maize from outside EAC to mitigate shortage

    Kenya to import maize from outside EAC to mitigate shortage

    Twiga Invests Ksh 1 billion To Scale Access To Affordable, High Quality Produce In Kenya

    Twiga Invests Ksh 1 billion To Scale Access To Affordable, High Quality Produce In Kenya

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    CMA Issues Licenses Three Fund Managers

    CCI Global to occupy largest contact centre in Kenya at Tatu City

    CCI Global to occupy largest contact centre in Kenya at Tatu City

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    CMA licenses two Online Forex Trading Intermediaries

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    CMA licenses Embu Coffee Farmers Marketing Agency

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    BluePeak announces Ksh1.5 B Investment in Africure

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    Superior Homes Launches Reward Program for Investors

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    Report: High Demand for Luxury Houses in Nairobi Fueling Increase in Prices

    Regional property summit kicks off in Nairobi

    Regional property summit kicks off in Nairobi

    Five Reasons Why Real Estate Increases in Value

    Five Reasons Why Real Estate Increases in Value

    Optiven Foundation Launches TVET Sponsorship Program

    Optiven Foundation Launches TVET Sponsorship Program

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    How Optiven is making it Easy for Kenyans to Own Transformed Land for their Dream Homes

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    International Firm to help Kenyans Buy Property in The UK

    Centum’s Tribus To Invest Sh137 Million On 10 Youth Employment Centres

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    How to Build a 3 Bedroom House With Less Than Ksh1 Million

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    Kenyans promote exciting cultural diversity on TikTok

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    How to Secretly Leave a Whatsapp Group without Notification

    Tala Names Munyi Nthigah The New General Manager For Kenya

    Tala Names Munyi Nthigah The New General Manager For Kenya

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    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

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    Central African Republic Adopts Bitcoin as an Official Currency

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    Netflix Stock Collapses After Losing 200,000 Subscribers

    Putin spokesman refuses to rule out use of nuclear weapons if Russia faced an ‘existential threat’

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    How new regulations are shaking up the world’s fastest sport

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    Centum Re Debt Status Analysis As Of 30th September 2021

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Ethiopia Emulates Kenya, Launches new currency

by Neymar
September 15, 2020
in African, KBF, Markets, News
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The Ethiopian government has unveiled a set of new bank notes as a part of its efforts to curb cash hoarding, illegal trade activities, and illicit financial flows in an already struggling economy.

Prime minister Abiy Ahmed disclosed the notes with denominations of five, 10, and 100 are changed, and a new 200 birr (~$5.50) note is being introduced. Over 3.6 billion Ethiopian birr ($97 million) is being spent to print the new currencies. Ordinary Ethiopians have just three months to replace their old notes.

“Money outside the banking system has been rising, affecting the liquidity of commercial banks. This is in addition to its impact on bolstering illegal trade activities”, said Abiy in a statement.

Local banks have long called for a change in currency via Ethiopia’s Bankers Association noting that over 113 billion Ethiopian birr lives outside of the formal banking system exacerbating the liquidity problems commercial banks have faced this year.

“Even though changing currency is costly and expensive, it is very important to the economy,” says Wasihun Belay, a development economist based in Addis Ababa. “Especially with the inflationary pressure haunting the country for long and its adverse impact on purchasing power, introducing new denomination is a step in a right direction and, in addition, 500 and 1000 notes should also be introduced,” he says.

Although demonetization is an economic strategy used from time to time in developing countries to stabilize the currency and ease inflation it is not without its risks. Economists often warn if mishandled it could trigger market chaos and uncertainty as citizens scramble to swap their notes.

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Ethiopia last introduced a new denomination at the end of the Ethiopian-Eritrean deadly civil war two decades ago.

The government has in recent years been forced to print currencies to finance its budget deficit only sustained by foreign lenders. Broad money supply has been increasing by 20% annually according to the National Bank of Ethiopia over the last 15 years and skyrocketed from 104.4 billion Ethiopian birr to almost 1 trillion birr this year.

Although this has helped the economy grow by raising the contribution of the state through massive infrastructural investments, it has resulted in an increase in cost of living. Last month, inflation rate topped 20%. Like most developing economies, Ethiopia has been harshly hit by the pandemic. After several years of rapid growth the World Bank and IMF have had to downgrade their forecasts annual growth of 3.2% down from 7.2%.  In May, the country’s debt was downgraded to B2 from B1 after it stated its intention to take part in the G20’s Debt Service Suspension Initiative designed to help low income countries focus on healthcare for their citizens.

Most transactions in Ethiopia are still cash-based as the informal sector has a substantial share in the economy. To get round this, the National Bank introduced a cash withdrawal and limits on withdrawal as of last month.


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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