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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.
US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica
The National Bank of Ethiopia (NBE) in 2008. On 29 July 2024, the National Bank of Ethiopia (NBE) relaxed restrictions on the value of the Ethiopian birr to secure a loan of $10.7 billion from the International Monetary Fund (IMF) and World Bank. [1]
In some places there is a thriving street trade by unlicensed street traders in US dollars or other stable currencies, which are seen as a hedge against local inflation. The exchange rate is grossly more favourable to the seller of the foreign currency than is the official bank rate, but such trading is usually illegal.
The Bank of Abyssinia (Amharic: አቢሲንያ ባንክ) is a commercial bank and the oldest bank in Ethiopia. It was established in 1905 and inaugurated by Emperor Menelik II on 16 February 1906, becoming the modern bank of Ethiopia. In 1915, the bank was the first to produce banknote with the help of British owned National Bank of Egypt ...
The Ethiopian economy has a large foreign debt, with an overall external debt of 28 billion US dollars. China owns over 13 billion dollars of its debt. Its debt to GDP ratio is smaller than similar and neighboring countries. Ethiopia currently has 2.4 billion dollars of foreign reserves, representing a decline compared to previous years. [38]
The currency, which is challenging the US dollar, combines BRICS currencies and is backed by precious metals. 15th: 22–24 August 2023 South Africa: Cyril Ramaphosa: Johannesburg (Sandton Convention Centre) Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates were invited to join the bloc. Full membership was scheduled ...
During the Italian occupation, Italian banks were active in Ethiopia. [citation needed] On 15 April 1943, the State Bank of Ethiopia became the central bank and was active until 1963. By the time it ceased operations in 1963, the State Bank of Ethiopia had established 19 domestic branches, a branch in Khartoum, and a transit office in Djibouti. [4]