The Bank of Eritrea is the
central bank
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...
of
Eritrea
Eritrea, officially the State of Eritrea, is a country in the Horn of Africa region of East Africa, with its capital and largest city being Asmara. It is bordered by Ethiopia in the Eritrea–Ethiopia border, south, Sudan in the west, and Dj ...
. 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 (Eritrea), Central Region. It sits at an elevation of , making it the List of capital cities by altitude, sixth highest capital in the wo ...
, the capital. The central bank is interested in encouraging
foreign investment and in importing
capital goods
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. A typical example is the machinery used in a factory. At the macroeconomic level, ...
such as
industrial machinery
The following Outline (list), outline is provided as an overview of and topical guide to industrial machinery:
Essence of industrial machinery
* Heavy equipment
* Household hardware, Hardware
* Industrial process
* Machine
* Machine tool
* Too ...
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 farm implements that they tow or operate. M ...
.
The Central Bank of Eritrea, though a government entity, is independent from the
Ministry of Finance
A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position .
A ministry of finance's portfoli ...
; 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, 1993-1994
*
Tekie Beyene, 1994-2003-?
*
Kibreab Woldemariam, ca. 2005
-
See also
*
Banking in Eritrea
*
Central banks and currencies of Africa
*
Economy of Eritrea
The economy of Eritrea has undergone extreme changes after the Eritrean War of Independence, War of Independence.
It experienced considerable growth in recent years, indicated by an improvement in gross domestic product in 2011 of 8.7 percent a ...
*
Eritrean nakfa
The nakfa (ISO 4217 code: ''ERN''; ''naḳfa'', or or نقفة ''nākfā'') is the currency of Eritrea and was introduced on 15 November 1997 to replace the Ethiopian birr at par. The currency takes its name from the Eritrean town of Nakfa, Eri ...
, the unit of currency
*
List of central banks
This is a list of central banks.
Central banks by alphabetical order
This is a list of central banks. Countries that are only partially recognized internationally are marked with an asterisk (*).
Major central banks by currency allocation p ...
References
External links
*
Economy of Eritrea
Eritrea
Eritrea, officially the State of Eritrea, is a country in the Horn of Africa region of East Africa, with its capital and largest city being Asmara. It is bordered by Ethiopia in the Eritrea–Ethiopia border, south, Sudan in the west, and Dj ...
Organisations based in Asmara
1914 establishments in Eritrea
Banks established in 1914
Banks of Eritrea
Banking in Eritrea
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