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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.
NBE announced the birr would be devalued by 30% against the US dollar to promote a market-based foreign exchange system amidst the country's foreign exchange crisis. Many Ethiopians were concerned that the policy would increase the cost of living and exacerbate inflation. [2]
U.S. dollar = 15 nakfa The nakfa ( ISO 4217 code: ERN ; Tigrinya : ናቕፋ naḳfa , or Arabic : ناكفا or نقفة nākfā ) is the currency of Eritrea and was introduced on 15 November 1997 to replace the Ethiopian birr at par.
The bank's supervisory area was also increased to include other financial institutions such as insurance institutions, credit cooperatives and investment-oriented banks. Moreover, the proclamation introduced the new 'Ethiopian birr' in place of the former Ethiopian Dollar that ceased to be legal tender.
At least 100 people, including students, were kidnapped for ransom last week in Ethiopia's restive regions that have seen sporadic fighting since the end of the civil war in Tigray, the U.S ...
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]
S. Sahrawi peseta; Saint Helena pound; Samoan tālā; São Tomé and Príncipe dobra; Saudi riyal; Serbian dinar; Seychellois rupee; Sierra Leonean leone; Singapore dollar
In 1963, the Ethiopian government split the State Bank of Ethiopia into two banks, the National Bank of Ethiopia (the central bank), and the Commercial Bank of Ethiopia (CBE). [8] Seven years later, the Sudanese government nationalized the Commercial Bank of Ethiopia's branch in Khartoum that had originally been the Sudan branch of SBD. [5]