Banks relocate money from combat zones of Amhara Region

By Staff Reporter

ADDIS ABABA – (BORKENA) – Following the war that erupted between the Defence Force and Fano in Amhara Region, banks are relocating their cash to Addis Ababa, sources said.

Wazema quoted sources of banks as saying that the cash relocated was taken from Amhara zonal and Woreda towns including the Regional capital, Bahir-Dar.

Banks have started moving their cash from the Region to Addis Ababa since last week. Starting from 03 August 2023, the banks drew extensively their cash particularly from Wereda Branches, Wazema said, quoting its banking sources.

In particular, the state bank, Commercial Bank of Ethiopia, descended orders to its branches that are located in relatively peaceful Woredas to keep certain reserves of cash and move the rest of the large amount to Addis Ababa.

Banks, including those in the Regional capital, Bahir-Dar, have recently stopped giving service. Apart from banking services, business activities have also been disrupted particularly in towns such as Gondar where the conflict has escalated.

According to residents of the Region, a daily withdrawal limit has been imposed, especially in the commercial bank, where a person cannot withdraw more than birr 10,000 per day, Wazema said.

Bank employees in Amhara Region confirmed that daily money withdrawal by customers is limited. Apart from the fact that the amount of cash the branches have in hand is limited, the money flowing into the banks in the Region has currently dropped significantly.

Following this, bank customers are complaining that they have not been allowed to draw their money. Employees of the banks were not able to respond to the complaints of the customers other than stating that they were facing a shortage of cash.

After the statement given by the government on intensifying the “law enforcement” action against the militants, there is fear among the residents of the Region that banking services will remain suspended, Wazema said.

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