Oromia International Bank S.C commended that the newly introduced birr notes boosts saving culture of the society as it curbs hoarding, and illegal trade.
On a press conference organized by the Bank here yesterday, ObboTeferi Mekonnen, the president of OIB said that the step taken hugely tackles hoarding and illegal trade, and it is a golden opportunity to banks to pull a large amount of money to the bank in the form of saving and utilize it for loan services which reaches medium and small economies.
Teferi briefed the media that OIB has established high level steering committee to oversee activities related to the issue.
He reminded that local banks have long called for a change in currency via Ethiopia’s Bankers Association noting that over 120 billion Ethiopian birr currently exists out of the formal banking system which intensified the liquidity problems of commercial banks which in effect severely endangered national economy and widened the dire poverty our people are suffering from, these days.
ObboTeferi also added changing of old birr notes to the new ones will stay for 90 days that both notes will remain in circulation till the due date.
Finally, the President emphasized that our society need to come to the bank without any rush as all branches of the Bank are doing their level best to serve the purpose. The people shall open an account at the Bank and in the mean while cultivate their saving culture.