ADDIS ABEBA – The National Bank of Ethiopia (NBE) has put a limit on cash withdrawals for individuals and businesses on Tuesday.
Yinager Dessie (Ph.D.), governor of the central bank, told reporters today that the bank has to put cash withdrawals limit to manage liquidity as well as control money circulation that would help prevent crimes and tax evasion.
The circular has already been communicated to all commercial banks in the country in a meeting the governor held at the central bank on Monday.
Starting from today, individual’s daily and monthly transactions limited to 100,000 Birr and a million Birr, respectively.
Businesses, on the other hand, are allowed to withdraw a maximum of 300,000 Birr a day, and up to 2.5 million Birr a month.
Individuals and organizations that need to use more than the cash limit for a transaction or other purposes can make payments via account to account, a check or a CPO, according to the bank.
Image: Dr. Yinager speaking government’s macroeconomic Committee meeting on the economic impact of COVID-19 on May 16, 2020