Bank of Eritrea
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The Bank of Eritrea is the
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...
of
Eritrea Eritrea ( ; ti, ኤርትራ, Ertra, ; ar, إرتريا, ʾIritriyā), officially the State of Eritrea, is a country in the Horn of Africa region of Eastern Africa, with its capital and largest city at Asmara. It is bordered by Ethiopi ...
. The
bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
is located in
Asmara Asmara ( ), or Asmera, is the capital and most populous city of Eritrea, in the country's Central Region. It sits at an elevation of , making it the sixth highest capital in the world by altitude and the second highest capital in Africa. The c ...
, the capital. The central bank is interested in encouraging foreign investment and in importing
capital goods The economic concept of a capital good (also called complex product systems (CoPS),H. Rush, "Managing innovation in complex product systems (CoPS)," IEE Colloquium on EPSRC Technology Management Initiative (Engineering & Physical Sciences Researc ...
such as
industrial machinery The following outline is provided as an overview of and topical guide to industrial machinery: Essence of industrial machinery * Heavy equipment * Hardware * Industrial process * Machine * Machine tool * Tool Industrial machines * Agricul ...
and
agricultural equipment Agricultural machinery relates to the mechanical structures and devices used in farming or other agriculture. There are many types of such equipment, from hand tools and power tools to tractors and the countless kinds of farm implements that they ...
. The Central Bank of Eritrea, though a government entity, is independent from the Ministry of Finance; its governor and policy committee formulate and implement policy with input from the Ministry of Finance. Although travellers are permitted to bring foreign currency into the country, all transactions are to be made in Nakfa.


Governors

* Andebrhan Welde Giorgis, 1993-1994https://www.europarl.europa.eu/cmsdata/175430/20080626ATT32869EN.pdf * Tekie Beyene, 1994-2003-? * Kibreab Woldemariam, ?-2004-


See also

*
Banking in Eritrea Modern banking in Eritrea started with the arrival of the Italian colonizers. However, from 1974 on (due to the nationalization decided by the Ethiopian Government of Mengistu Haile Mariam), the banking sector became a government monopoly. This sit ...
*
Central banks and currencies of Africa There are two African currency unions associated with multinational central banks; the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Members of bot ...
* Economy of Eritrea *
Eritrean nakfa The nakfa ( ISO 4217 code: ''ERN''; ''naḳfa'', or or نقفة ''nākfā'') is the currency of Eritrea and was introduced on 15 November 1998 to replace the Ethiopian birr at par. The currency takes its name from the Eritrean town of Nakfa, s ...
, the unit of currency * List of central banks


References


External links

* Economy of Eritrea
Eritrea Eritrea ( ; ti, ኤርትራ, Ertra, ; ar, إرتريا, ʾIritriyā), officially the State of Eritrea, is a country in the Horn of Africa region of Eastern Africa, with its capital and largest city at Asmara. It is bordered by Ethiopi ...
Organisations based in Asmara 1914 establishments in Eritrea Banks established in 1914 Banks of Eritrea Banking in Eritrea {{Eritrea-stub