Ethiopian 5 Birr Note to Change into a Coin

The National Bank of Ethiopia is going to convert the 5 birr Ethiopian currency note into a coin, sources familiar with the development claim.

The president of a private bank, on condition of anonymity, has revealed that the government is going to change 5 birr currency note into a coin. Two reasons are being mentioned behind this change. Firstly, it is being said that the decision is being made due to cost of printing. Currency notes are less durable and don’t last long unlike coins.

Some other experts say that the government has made this decision because of declining purchasing power of birr. Ethiopian birr has lost more than 100% of its worth against US dollar since July this year. The depreciation in the value of birr began after the Ethiopian government liberalized foreign exchange market, which was one the of the requirements the government had to meet to get a bailout package from the International Monetary Fund and the World Bank.

The National Bank of Ethiopia has not issued any statement in this regard so far.

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