NBE sets cash holding limit

Addis Ababa, August 18, 2020 (FBC) –The National Bank of Ethiopia (NBE) has issued a directive limiting the amount of cash that individuals can keep at home or elsewhere.

According to Dr Yinager Dessie, Governor of the National Bank of Ethiopia, the directive forbids storing more than 1.5 million birr outside of banks.

However, individuals can store up to 1.5 million birr at their home, he said during a press conference organized to brief the media on the four directives issued by the bank.

He said if anyone is found keeping or carrying more than the stated amount of cash, he or she will face punishment.

Dr Yinager said the move is aimed at minimizing the amount of foreign currencies that the country spends to print paper money and controlling illegal activities.

The governor encouraged the public to use ATMs and other digital cash flow services to maximize the amount of formal transactions.