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Historical Development of Money and Banking in Eritrea from the Axumite Kingdom to the Present

Author

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  • Rena, Ravinder

Abstract

The development of money is an abstract of the history of civilization. Financial institutions encourage saving habit among the people by receiving deposits from the public in various forms. The Axumite kings were the first to mint coins in the African Continent. The aim of this paper is to explore the lessons learned from the different historical developments in the country and the region. The paper discusses the origin of banking system in Eritrea. It highlights the historical evolution and growth of money and banking in Eritrea during the Axumite, Italian, and the British, Ethiopian periods. It also provides the chronological development of money and banking from historical times to the post-independent Eritrea. It also deals with the existing banking institutions in the country. The paper makes an extensive use of related literature in enlightening the money and banking system in Eritrea during the historical period. It ends with summary and concluding remarks.

Suggested Citation

  • Rena, Ravinder, 2006. "Historical Development of Money and Banking in Eritrea from the Axumite Kingdom to the Present," MPRA Paper 12423, University Library of Munich, Germany, revised 17 Nov 2006.
    • Handle: RePEc:pra:mprapa:12423
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    Citations

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    Cited by:

    1. Arnaldo MAURI, 2010. "Monetary developments and decolonization in Ethiopia," Departmental Working Papers 2010-15, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    2. Moustapha Aman, 2020. "Spheres of influence in monetary regimes: the experience of the Horn of Africa (1860-1950)," Working Papers hal-02975165, HAL.
    3. Arnaldo Mauri, 2010. "Monetary Developments and Decolonization in Ethiopia (1941-1952)," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 1(1), pages 5-16, March.
    4. Arnaldo MAURI, 2008. "The re-establishment of the Ethiopia’s monetary and banking systems," Departmental Working Papers 2008-11, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    5. AMAN, Moustapha, 2018. "Les sphères d’influence dans les régimes monétaires : l’expérience de la Corne de l’Afrique (1860-1950) [Spheres of influence in monetary regimes: the experience of the Horn of Africa (1860-1950)]," MPRA Paper 98815, University Library of Munich, Germany.

    More about this item

    Keywords

    Money; Banking; Eritrea; historical development; Banking institutions;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N27 - Economic History - - Financial Markets and Institutions - - - Africa; Oceania
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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