Ethiopia Insight - NBE to Print Millennium Memorial Coins

NBE to Print Millennium Memorial Coins

24 July, 2007

For the second time in Ethiopia’s history, the National Bank of Ethiopia (NBE) is to print memorial coins made of gold and silver at a cost of close to one million Birr to honour the new Ethiopian Millennium. The Bank will invite international companies for the coin minting.

Yet another addition to the Millennium hype comes as the central bank of the country aims to commemorate the past 1,000 years with a picture of Lucy and the Millennium logo embossed on opposite sides of gold and silver coins. The precious metals will be turned into collector's items for prices between 4,000 Br and 6,000 Br.

The idea of printing memorial coins came about after the Millennium Committee of the Bank discussed with NBE’s governor, Teklewold Atnafu, and has finally reached consensus, sources disclosed.

The Millennium Committee chaired Alemayehu Kebede by director of Bank Modernisation and External Relation Directorate of NBE, takes the responsibility to ensure the printing of memorial coins, watching NBE’s governor closely.

According to sources from NBE, the last memorial printing was in 1970 when gold coins were printed on the occasion of Emperor Haile Selassie’s 80th birthday. On that occasion about 40 African leaders were invited for a special event at the Royal Palace and presented with the golden coins.

“We have discussed and are aware that NBE is making an effort to print Millennium memorial coins,” said one senior member of the National Millennium Secretariat. “However, I have no further details.”

Alemayehu declined to comment.

Reliable sources from the Bank told Fortune that Lucy’s image will appear in gold as well as the National Millennium Secretariat’s Logo or that of NBE’s embossed on the flip side.

NBE is preparing the tender and will invite international companies involved in printing Ethiopian note currency and coins in the past to bid.

The Bank will provide the gold from its own stock for the memorial coins while the bidding company will provide the silver needed for the silver coins, sources disclosed.

According to sources, NBE’s Millennium Committee proposed that the price of the coins should range from 4,000 Br to 6,000 Br.

Although the Millennium is on September 11, 2007, the celebration had already begun in early June, kicking-off with the tree planting campaign. The National Secretariat expects around half a million Diasporas and foreigners to attend September’s grand celebration.

By ISSAYAS MEKURIA - FORTUNE STAFF WRITER