Modern banking in Eritrea started with the arrival of the Italian colonizers. However, from 1974 on, the banking sector became a government monopoly. This situation continued after Eritrea achieved its independence. The ] is the central bank of Eritrea.
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, the PFDJ.
Read more about Banking In Eritrea: History, Banking Services in Eritrea Today
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“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)