The Bank of Eritrea is the central bank

Central bank

A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...

 of Eritrea

Eritrea

Eritrea , officially the State of Eritrea, is a country in the Horn of Africa. Eritrea derives it's name from the Greek word Erethria, meaning 'red land'. The capital is Asmara. It is bordered by Sudan in the west, Ethiopia in the south, and Djibouti in the southeast...

. The bank

Bank

A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

 is located in Asmara

Asmara

Asmara is the capital city and largest settlement in Eritrea, home to a population of around 579,000 people...

, the capital. The central bank is interested in encouraging foreign investment and in importing capital goods such as industrial machinery and agricultural equipment. 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.

See also

• Banking in Eritrea
  Banking in Eritrea
  Modern banking in Eritrea started with the coming of Italians. In 1914, Banca d' Italia established its branches in Asmara and Massawa. And by the end of the Italian colonial period in 1941, there were four banks and one credit union operating in Eritrea...
  
  
• Central banks and currencies of Africa
  Central banks and currencies of Africa
  There are two African currency unions associated with multinational central banks; the West African Banque Centrale des Etats de l'Afrique de l'Ouest and the Central African Banque des Etats de l'Afrique Centrale...
  
  
• Economy of Eritrea
  Economy of Eritrea
  The Economy of Eritrea has experienced modest growth in recent years, indicated by an improvement in Gross domestic product in 2004 of 2.5% over 2003...
  
  
• Eritrean nakfa
  Eritrean nakfa
  The nakfa is the currency of Eritrea. It is divided into 100 cents. The currency was introduced in 1997 to replace the Ethiopian birr at par, and it was named after the town of Nakfa.For an earlier currency of Eritrea, see tallero....
  
  , the unit of currency
• List of central banks