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29 August, 2007
The National Bank of Ethiopia (NBE) issued a directive and sent a letter which orders commercial banks to take over and sell the memorial gold and silver coins it minted for the Millennium. However, the difference in prices of the coins as stated on the letter written to the banks and on the directive has caused confusion among bankers.
“The commemorative coins shall have two different values; these are the gold, 2,000 Br and the silver, 20 Br,” according to the Ethiopian Millennium Festival Commemorative Coins Directive issued on August 20, 2007, implemented the following day.
Nonetheless a letter written to banks three days before the issuance of the directive had urged them to sell the gold and silver coins for 4,000 Br and 300 Br respectively.
“Receive the memorial coins from the Currency Management Department of NBE and distribute them to the public as of August 20,” ordained the letter.
Asserting that all commercial banks are members of the Millennium Celebration Committee chaired by NBE, the letter signed by Teklewold Atnafu, governor of the Bank, ordered these banks to take their share based on the quota set by the committee itself and pay the amount due at one instalment.
“It is from the media that we heard the committee has been set up at NBE let alone being part of it,” said a puzzled board of directors member of a private bank. “There was no discussion with us as to how the coins are minted, let alone as to how they are sold.”
He further stated that the regulatory body has no right to impose a quota and force us to sell the coins having finalised what it thinks is correct parameters. Moreover, he complained the banks would be troubled to pay the money as distinct prices are exhibited on the directive and the letter in an implicit way.
“The banks do not have a legal obligation to distribute the coins, said Alemayehu Kebede, Modernization and External Relation Directorate director at NBE. If the banks found a discrepancy in prices on the letter and directive, they should review the documents as both are technically correct.
“The 2,000 Br and 20 Br price stated on the directive for the gold and silver coins is only a face value, not a sale price,” added Alemayehu. “Banks should sell the coins with the price stated on the letter.”
NBE had 1,000 20g gold and 50,000 30g silver coins minted in Australia for the Millennium. Engraved on one side is the national Millennium logo while the other side of the gold coin depicts the 3.3 million-year-old fossil Selam, discovered recently by an Ethiopian archaeologist; the silver portraying that of Lucy, the 3.2 million year-old fossil discovered in Afar, Hadar.
Though NBE ordered the countries commercial banks to pay the dues and take over the coins as of August 20, it was on August 23 that the handover began.
By ISSAYAS MEKURIA - FORTUNE STAFF WRITER