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Bank of Eritrea

 

Bank of Eritrea Logo

The Bank of Eritrea (BoE) is the central bank of Eritrea. The bank is located in Asmara, 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.

 
 

As such, it has responsibility for maintaining monetary and financial stability in Eritrea, underpinned by confidence in the national currency, sound banks and an effective payments system. To fulfill its mandate, the Bank relies on a well-trained and motivated work force. In turn, this requires that the Bank operates effectively in all areas, including the support services necessary to achieve its core objectives.

All though travellers are permitted to bring foreign currency into the country, all transactions are to be made in Nakfa.


The BoE is responsible for regulating the lending and deposit interest rates while keeping a handle on inflation and other macroeconomic indicators. Banking is the dominant sector in the financial system of Eritrea. The balance of the financial system is made up by the insurance industry.

Bank of Eritrea HQ Location Map

Bank of Eritrea
HQ Address: Zeraai Derres Square
Victory Street 21
Asmara
Eritrea
Telephone: +291 1 123 033
Facsimile: N/A
Website: www.boe.gov.er
Currency: Nakfa
Banking Hours:
Monday - Friday : 8:45am - 4.45pm
 

 

At present there are three commercial banks in operation in Eritrea - The Commercial Bank, The Housing and Commercial Bank, and the Eritrean Investment and Development Bank. All banks with the exception of the Housing and Commercial Bank are under state ownership, while the Housing and Commercial Banks is owned by the ruling party of Eritrea the PFDJ. At present there are no privately owned banks in Eritrea.
 

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