The Year 2000 problem (also known as the Y2K problem, the millennium bug, the Y2K bug, or simply Y2K) was a problem for both digital (computer-related) and non-digital documentation and data storage situations which resulted from the practice of abbreviating a four-digit year to two digits.
Some systems had problems once the year rolled over to 2010. This was dubbed by some in the media as the “Y2K+10” or “Y2.01k” problem
As at 25 August 2010 many banks IT (information system) has failed and/or corrupt due to Telecommunication server problem/s. Which money transfers from intra and wide area network related works among banks has been disrupted. National bank of Ethiopia, whose main duties relies basically on this information technology system, has been attacked by this possible “Ethiopian Y2K.”
Possible causes of the ETC “Ethiopian Y2K”
• Software’s failure
• Virus Attack on server
• Chinese Telecom expansion process failure and etc.
It should be highly noted that the national bank of Ethiopia, the fiscal agent and financial advisor to the Government, who forecasts the balance of payments, money supply, prices and other relevant statistical indicators of the Ethiopian is one of the Top dependant of the Information system of ETC.
Many Banks usually liquidated (close down) due to the loss of satisfaction on the bankers. And; the dissatisfaction may emerge both from the computerized management information system (MIS) and from Tele bases server Information’s systems (IT).
Possible solutions to the ETC “Ethiopian Y2K”
• Data Expansion (four digit years)
• Data re-partitioning (data base system)
• Windowing (new technology) and etc…………………..
Therefore, these big institutions, NBE and ETC, should strive to avoid the possible negative outcomes, which nobody dares to bear/deal. Since, these big institutions serve as a backbone of a country either financially or institutionally. These two institutions could crumble a country with in weeks time. Hence forth, these two Giant institutions are advised to watch carefully about the possible “Ethiopian Y2K” thing.