Ethiopia: NBE Dispatches New One Birr Coins to Banks – Source Reporter
National Bank of Ethiopia (NBE) has dispatched to banks the new one-birr coins that are going to replace the current notes, whose circulation life is estimated to be no more than three years, according to news from the Reporter. The new coins are estimated to have circulation life of more than 20 years.
The Royal Canadian Mint (RCM), the company that won the official tender floated by the bank to make the coins, has delivered to the NBE more than 400 million one-birr coins, which are dealt out to the private and state-owned commercial banks in the course of the past ten days.
Sources told The Reporter that the 400 million one-birr coins cost the bank some 300 million birr, with the cost ratio of 75 cent apiece. However, the coins are not to be in circulations before the coming Ethiopian New Year.
The silver-color coin features a lion’s head on one side while the other depicts a scale. The lion’s head and the scale are imprinted in a golden color with silver sidelines completing the appearance.