Not really. It seems the author is clueless about monetary policy. This could be a legitimate policy to control the money supply and inflation. Eritrea🇪🇷 could have simply printed more currency and flooded the system, as Ethiopia🇪🇹 did, ultimately ending up with an inflation rate of 41%.
India🇮🇳 faced a similar problem a few years ago, as many people were hoarding cash even in their garages to evade taxes. The government replaced the old banknotes with new ones, rendering billions of dollars' worth of cash effectively worthless unless it was exchanged through the banking system. #Eritrea has done something similar before. Does #Eritrea need to liberalize and reform its overall economic policies, of course.
By the way, #Eritrea's inflation rate is only about 7.5%, and the $Nakfa is one of the top 10 strongest currencies in #Africa.
@tesfanews Reminds me Mengistu H. "We will never be defeated by Junta,"
When about to be defeated ,
"Even if they defeated us we will go to the field, reorganize and defeat them."
@_hudsonc What he speaks and what he implements are completely different. Ethiopia can never ever live without being dependent.
Self-reliance has no place in PP.