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Eritrea's early stages in monetary and banking development


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  • Arnaldo MAURI



Eritrea is listed among those countries of Africa, whose independence has been lately achieved. Notwithstanding the monetary and banking history of Eritrea goes back to the Italian colonial settlement on the Red Sea shore of 19th century. The paper offers an overview of the early stages of the Colony's monetary development up to mid-thirties and of the problems met in the substitution of Italian currency for the traditional money. A branch of the Bank of Italy was established in Asmara in 1914 and this event marked the first introduction of banking into the country. The Asmara branch was followed by branch offices of the Italian central bank in the four main centres of the Colony. The Bank of Italy was involved also in commercial banking and fulfilled the functions of banker and fiscal agent for the colonial government as well. Furthermore it worked to promote the creation of local banks and the take-off of the Eritrean banking system. Due attention is given to attempts of the colonial government to develop a suitable agricultural credit system in Eritrea and to the critical issues involved

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Paper provided by Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano in its series Departmental Working Papers with number 2003-28.

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Date of creation: 01 Jan 2003
Date of revision:
Handle: RePEc:mil:wpdepa:2003-28

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Keywords: Eritrea; Financial Development; African Banking;

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  1. Adrian E. Tschoegl, 2001. "Maria Theresa's Thaler: A Case of International Money," Eastern Economic Journal, Eastern Economic Association, vol. 27(4), pages 443-462, Fall.
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Cited by:
  1. Rena, Ravinder, 2007. "Insurance Industry In Eritrea - Achievements And Challenges," MPRA Paper 10762, University Library of Munich, Germany.


This item is featured on the following reading lists or Wikipedia pages:
  1. Eritrea in Wikipedia Italian ne '')
  2. Banking in Eritrea in Wikipedia English ne '')
  3. Império colonial italiano in Wikipedia Portuguese ne '')
  4. Africa Orientale Italiana in Wikipedia Italian ne '')
  5. Eritreia in Wikipedia Portuguese ne '')
  6. Eritrea in Wikipedia English ne '')
  7. Italian Empire in Wikipedia English ne '')


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