BREAKING:
Abiy Ahmed government in Ethiopia abruptly made public new Bank (Birr) Notes. If I’m not mistaken, it might go into the market soon or may be injected already?
1. No one has expected this. No public notices given, no public discussions, or no consultations.
2. Not sufficient time to prepare for the financial instability this might cause. 85% of the population live in rural area and it takes them days to travel to towns where Bank are located.
3. Private sectors who don’t have prior notices can be harmed by this abrupt decisions.
4. The process the Gov’t followed seems to encourage government corruption and money laundering.
It seems that the change in Birr notes was done in secret, possibly with high government and Bank Officials’ discreet knowledge of the note reform.
This will give them sufficient time to “clean” their dirt money they acquired via corruption over time.
Another financtjonal injustice! And financial corruption by Abiy Ahmed government
More on this to follow later!
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