BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Bank of Eritrea Bank of Eritrea The Bank of Eritrea (BoE) is the central bank of Eritrea. The bank is located in Asmara, the capital. The central bank is interested in encouraging foreign investment and in importing capital goods such as industrial machinery and agricultural equipment. The Central Bank of Eritrea, though a government entity, is independent from the Ministry of Finance; its governor and policy committee formulate and implement policy with input from the Ministry of Finance.   As such, it has responsibility for maintaining monetary and financial stability in Eritrea, underpinned by confidence in the national currency, sound banks and an effective payments system. To fulfill its mandate, the Bank relies on a well-trained and motivated work force. In turn, this requires that the Bank operates effectively in all areas, including the support services necessary to achieve its core objectives. All though travellers are permitted to bring foreign currency into the country, all transactions are to be made in Nakfa. The BoE is responsible for regulating the lending and deposit interest rates while keeping a handle on inflation and other macroeconomic indicators. Banking is the dominant sector in the financial system of Eritrea. The balance of the financial system is made up by the insurance industry. Bank of Eritrea HQ Address: Zeraai Derres Square Victory Street 21 Asmara Eritrea Telephone: +291 1 123 033 Facsimile: N/A Website: www.boe.gov.er Currency: Nakfa Banking Hours: Monday - Friday : 8:45am - 4.45pm   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 of Eritrea the PFDJ. At present there are no privately owned banks in Eritrea. DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved