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Legal Tender Currency Notes Redemption (Directive No. 287/2020)

National Bank Of Ethiopia287/2020

Summary

This directive from the National Bank of Ethiopia concerns the redemption of currency notes, establishing procedures and timelines for their exchange.

Who's affected

Individuals and businesses holding or exchanging Ethiopian currency notes.

Action required

Individuals and businesses should follow the outlined procedures for exchanging old currency notes within the specified timeframe.

Key points

4
  • Directive concerns the redemption of specific currency notes.
  • A timeframe is provided for the exchange of these notes.
  • The National Bank of Ethiopia is the issuing authority.
    • Show 1 more
    • Notes not redeemed within the period will lose their value.

Requirements

2
  • Exchange of specified currency notes must be done within the designated period.
  • Adherence to the procedures set forth by the National Bank of Ethiopia for redemption.

Rights and permissions

2
  • The right to exchange eligible currency notes for their face value.
  • The right to information regarding the redemption process.

Restrictions

2
  • Currency notes not presented for redemption within the stipulated time will cease to be legal tender.
  • Specific denominations or series of notes may be subject to redemption limitations.

Penalties

1
  • Currency notes not redeemed within the specified period will lose their legal tender status and value.

Objectives

2
  • To facilitate the orderly redemption of specified currency notes.
  • To ensure a smooth transition and maintain monetary stability.

Organizations

1
  • National Bank of Ethiopia
Original sourcehttps://justice.gov.et/en/directives/legal-tender-currency-notes-redemption-directive-no-287-2020/
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