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The birr (Amharic: ብር) is the primary unit of currency in Ethiopia.It is subdivided into 100 santims.. In 1931, Emperor Haile Selassie formally requested that the international community use the name Ethiopia (as it had already been known internally for at least 1,600 years [2]) instead of the exonym Abyssinia, and the issuing Bank of Abyssinia also became the Bank of Ethiopia.
The Ethiopia Commodity Exchange (ECX) is a commodities exchange established April 2008 in Ethiopia. In Proclamation 2007-550, which created the ECX, its stated objective was "to ensure the development of an efficient modern trading system" that would "protect the rights and benefits of sellers, buyers, intermediaries, and the general public." [1]
Ethiopia's economy is ranked 159th place out of 190 countries in 'Ease of doing business'. [35] Ethiopia is also a part of African Continental Free Trade Area, Common Market for Eastern and Southern Africa, Intergovernmental Authority on Development, and the G24, and has observer status at the World Trade Organization.
English: This chart shows the nominal price of gold along with the price in 1971 and 2011 dollars (adjusted based on the consumer price index). The historical gold price was obtained from www.igolder.com; CPI was obtained from www.rateinflation.com. The data is in section Chart Data.
However, according to data from the Ethiopian government's Central Statistical Authority, during the 1960–61 to 1973–74 period the economy achieved sustained economic growth. [1] Between 1960 and 1970, for example, Ethiopia enjoyed an annual 4.4 percent average growth rate in per capita gross domestic product (GDP). [1]
Ethiopia had an average inflation rate of 26% in 2021 and 30% in 2022, something that was largely driven by a rise in food prices; [27] in February 2023, the overall inflation rate reached 32%, [28] and Ethiopia continued to experience high inflation by September 2023, with commonly purchased food items becoming more expensive. [29]
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A common unit of weight in Ethiopia was the load - a simple measure of the amount carried by a beast of burden such as a camel [1] A number of different units of measurement have been used in Ethiopia. The values of most of these units are not well defined. [2] In 1963, Ethiopia adopted the metric system. [3]