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

African and Asian Studies, Vol. 6, Nos. 1-2, pp. 135-153, June 2007

17 Pages Posted: 28 Oct 2008 Last revised: 7 May 2015

See all articles by Ravinder Rena

Ravinder Rena

Papua New Guinea University of Technology; Polytechnic of Namibia; University of the Western Cape; North-West University; Papua New Guinea University of Technology

Date Written: June 15, 2007

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.

Keywords: Money, Banking, Eritrea, historical development, Banking institutions

JEL Classification: G21, E58, N01, N27, O11

Suggested Citation

Rena, Ravinder, Historical Development of Money and Banking in Eritrea from the Axumite Kingdom to the Present (June 15, 2007). African and Asian Studies, Vol. 6, Nos. 1-2, pp. 135-153, June 2007. Available at SSRN: https://ssrn.com/abstract=1290353

Ravinder Rena (Contact Author)

Papua New Guinea University of Technology ( email )

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Lae, Morobe 411
Papua New Guinea

HOME PAGE: http://www.unitech.ac.pg

Polytechnic of Namibia ( email )

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Windhoek, Khomas 13388
Namibia

HOME PAGE: http://www.polytechnic.edu.na

University of the Western Cape ( email )

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Economics, Faculty of Economic and Management Scie
Bellville, Western Cape 7535
South Africa
0027219593624 (Phone)
0027219593201 (Fax)

HOME PAGE: http://www.uwc.ac.za

North-West University ( email )

Hoffman Street
Potchefstroom, 2520
South Africa

HOME PAGE: http://www.nwu.ac.za

Papua New Guinea University of Technology ( email )

Private Mail Bag 411
Lae, Morobe 411
Papua New Guinea

HOME PAGE: http://www.unitech.ac.pg

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