Blog: TPLF introduced new financial regulation in the Tigray region – borkena.com

Cash more than 100,000 Ethiopian birr is required to be deposited in the banks, says TPLF’s new financial regulation. For business people, the arrangement is a bit different. 

TPLF _ Ethiopia _ Tigray TPLF _ Ethiopia _ Tigray
Debretsion Gebremichal, TPLF chairman ( Photo source : Wazema /file)

borkena 

The Tigray People’s Liberation Front (TPLF) has introduced a new financial regulation in what is said to be an effort to alleviate financial constraints for its administration in the region. 

According to a report by Wazema Radio, the regulation envisages billions of Ethiopian birr circulating among individuals and business people outside of the banking system to be restored to the banking system. 

Individuals are only allowed to possess only up to 100, 000 birr, and anything over that has to be deposited at the bank. 

The regulation gives a little more room for businesses. They can possess from 150,000 birr to 500,000 birr depending on their needs. But it is unclear who gets to undertake the needs assessment to determine entitlement to have the amounts cash indicated.  

The TPLF has reportedly formed a financial forum with a mandate to coordinate the activity, the source added. 

Wazema cited Mebrhatu Melese ( Dr.) , who is appointed as the coordinator, as saying that cash circulating outside of banks in the region has to be restored to banks to ensure that the regional government (which TPLF controls) can carry out its government activities. 

Canvassing work has been underway to convince business people in the region to deposit their money in the banks. 

The amount of cash that is returned to the banks is very limited, according to the source, and business people are encouraged to declare the amount of foreign currency and Ethiopian birr they possess. 

The TPLF vowed to take measures against those who are declining to deposit their money in the banks but the measure is unspecified. 

Last week, the Ethiopian government announced that the TPLF has been in recent months engaged in extensive mobilization for another military campaign with the hope of attacking Eritrea and taking control of areas in the Amhara and Afar regions too. 

According to unofficial sources, anyone under 50 years of age in the region has to join the TPLF forces. This week, there have been reported attempts to attack Eritrea but the TPLF forces reportedly suffered what is said to be heavy casualties and were repulsed. 

Since the TPLF started the war in November 2020, as many as 370,000 people are believed to have been killed in the region in a combat environment. 

__

To share information or for submission, send e-mail to info@borkena.com 

Telegram Channel : t.me/borkena 

Join the conversation. Follow us on twitter @zborkenato get the latest Ethiopian News updates regularly.Like borkena on Facebook as well. To share information or for submission, send e-mail to info@borkena.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s