Banking Services in Eritrea Today
Banking is the dominant sector in the financial system of Eritrea. The balance of the financial system is made up by the insurance industry. At present there are no privately owned banks in Eritrea. The Augaro Bank was short-lived.
The Bank of Eritrea (BoE) is responsible for regulating lending and deposit interest rates while keeping a handle on inflation and other macroeconomic indicators. As of yet the BoE has not been able to control inflation, which is now up to 23% per annum.
The Commercial Bank of Eritrea is the dominant bank in the country. It owns nearly 80% of all banking sector assets in the country and is a state-owned bank. It has branches in the larger cities and towns of every Eritrean region.
Housing and Commercial Bank of Eritrea is the second biggest bank in current operation. The Bank was established in 1994 to provide banking service to residential buildings. Later, in 1996 it extended its services to full commercial services. It too has branches throughout the country.
The third bank is the Eritrean Investment and Development Bank. Primarily the bank was established to provide agricultural and commercial loans to investors. The Eritrean Investment and Development Bank and the Agricultural and Industrial Bank of Eritrea also have branches in the major cities of the regions.
Read more about this topic: Banking In Eritrea
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