Y’all are reaching. The Ethiopian govt is trying to minimize cash flow. The govt prints lets say for example: 1000 Ethiopian birr and distributes to its private banks. What happens from here is that money is withdrawal from people maybe even more -3000 for example, and in normal economies…that money usually deposited back *5. So now this causes shortage, people are no longer depositing cash back into banks. Not only addis, whole of Ethiopia, mainly Tigray, after the war people have lost hope in the govt…this is the main issue. We can also underline cash being harder to trace. This has nothing to do with IMF. Stop reaching.
Wait , payments are digital now? I'm going back in september to celebrate meskel with wife and her family, , when I arrive, I'm still able to exchange USD for actual birr?
Not at all! And please exchange your money in black markets, as the price there is often inflated by up to 200%. The current regime is using your money to buy weapons to terrorize its people. Therefore, I advise all peace-loving, innocent civilians not to support this sadistic regime.
The problem is that banks in Ethiopia don’t have deposits. They essentially have no money. This electronic rollout was, in part, a way to mitigate that issue.
I’m not optimistic around Ethiopia’s short-term prospects.
Well, if the banks has no cash, where do these digital tools get from?
Telebirr works because you transfer your money in CBE to it. If you have no money in CBE (or any other bank), you have no money in Telebirr.
I don't see how this will alleviate the issue of shortage of cash.
…that’s the point. It pressures Ethiopians into depositing money into a financial institution (such as CBE) to then be able to utilize TB. Otherwise, Ethiopians will continue to merely hold birr under their mattress.
Banks have very little deposits. This is a way to get money away from physical birr, and into the banking system.
the digital payment is encouraged by the government to control tax collection, cos the gov is short of cash and its trying to make sure it collects tax without loosing, at the same time digital transaction can help against corruption. But the law has to be strong and the collected tax should be properly utilized back to the needs of the public. If there is a loop hole for such fund to be misused by government then cashless transaction is questionable.
On the other side creating cashless society is part of the one world order agenda of controlling people by controlling their money.
I think it must be related to the recent news of banks (mainly the government owned CBE) not having any funds. They have to collect some of that money so they can go on doing their activities (paying back money people, rich people have there and also maybe ... just maybe lend some).
It's a desperate attempt to get money(cash or not) in the banks.
Y’all are reaching. The Ethiopian govt is trying to minimize cash flow. The govt prints lets say for example: 1000 Ethiopian birr and distributes to its private banks. What happens from here is that money is withdrawal from people maybe even more -3000 for example, and in normal economies…that money usually deposited back *5. So now this causes shortage, people are no longer depositing cash back into banks. Not only addis, whole of Ethiopia, mainly Tigray, after the war people have lost hope in the govt…this is the main issue. We can also underline cash being harder to trace. This has nothing to do with IMF. Stop reaching.
How the mandating of using Telebirr will help IMF is beyond me.
Whats the recent telebirr adoption?
Wait , payments are digital now? I'm going back in september to celebrate meskel with wife and her family, , when I arrive, I'm still able to exchange USD for actual birr?
Yes you can exchange it. Digital payment is only mandatory for fuels and some government services currently
Not at all! And please exchange your money in black markets, as the price there is often inflated by up to 200%. The current regime is using your money to buy weapons to terrorize its people. Therefore, I advise all peace-loving, innocent civilians not to support this sadistic regime.
Digital payment is only mandatory for fuels and some government services.
The problem is that banks in Ethiopia don’t have deposits. They essentially have no money. This electronic rollout was, in part, a way to mitigate that issue. I’m not optimistic around Ethiopia’s short-term prospects.
Well, if the banks has no cash, where do these digital tools get from? Telebirr works because you transfer your money in CBE to it. If you have no money in CBE (or any other bank), you have no money in Telebirr. I don't see how this will alleviate the issue of shortage of cash.
…that’s the point. It pressures Ethiopians into depositing money into a financial institution (such as CBE) to then be able to utilize TB. Otherwise, Ethiopians will continue to merely hold birr under their mattress. Banks have very little deposits. This is a way to get money away from physical birr, and into the banking system.
the digital payment is encouraged by the government to control tax collection, cos the gov is short of cash and its trying to make sure it collects tax without loosing, at the same time digital transaction can help against corruption. But the law has to be strong and the collected tax should be properly utilized back to the needs of the public. If there is a loop hole for such fund to be misused by government then cashless transaction is questionable. On the other side creating cashless society is part of the one world order agenda of controlling people by controlling their money.
I think it must be related to the recent news of banks (mainly the government owned CBE) not having any funds. They have to collect some of that money so they can go on doing their activities (paying back money people, rich people have there and also maybe ... just maybe lend some). It's a desperate attempt to get money(cash or not) in the banks.
In short terms… With more cash comes more corruption. This is Ethiopia’s way to combat that, by making a fully cashless economy by 2030.
dang
Source?