The government announced the old banknotes need to be changed within three months of time, and that people with more than 1.5 million birr reserves outside of the banking system would be confiscated. A new policy was introduced in August 2020 requiring individuals with more than the stated amount of cash reserve to deposit it in banks. There was another hurdle for those who hoarded a large reserve of cash. The reaction to the policy change was affirmative except that some politicians and activists said that it came so late. Security and law enforcement forces are given the power to enforce the policy of confiscating more than 1.5 million birr of reserve from individuals.

Source: Ethiopian News September 19, 2020 12:11 UTC