Ethiopian Currency

The Ethiopian Currency

The Ethiopian currency is called Ethiopian Birr. It has been in service since the Nineteen-Thirties. The National Bank of Ethiopia and formerly the Bank of Abyssinia is the central bank.

The Ethiopian Birr is the second most used currency in Africa after Nigeria’s Naira. Although the first Birr dates back as far as the early nineties, the coins used in Ethiopia were Maria Theresa thalers and Menelik II talari. The second and current Birr has been the official currency of Ethiopia since the nineteen forties.

As with most countries in the world, the US Dollar is the most sought after foreign currency. The US Dollar to Birr exchange rate is also the most common indicator of the Ethiopian inflation rate.

As of the year 2020, the Ethiopian exchange rate for Dollar to Birr has increased by more than double from what it was ten years ago. In the same period, the yearly inflation rate of Ethiopia has been between 7 and 14 percent.

The Central Statistical Agency of Ethiopia (CSA) is the government body responsible for monitoring and advising on the country’s economic and financial status.

Ethiopian Currency FAQs

How can I find the best exchange rate?

It is illegal to buy Ethiopian Birr in the black market hence it is advisable to use only official banks. You can exchange cash at any bank and you will get the best rate as all banks in Ethiopia use the same Commercial bank of Ethiopia exchange rate.

What is the best currency to take to Ethiopia?

The US Dollar to Birr exchange rate is much higher than other rates, making it the best currency to take to Ethiopia.

How much cash can you take to Ethiopia?

The maximum foreign currency allowed to carry across Ethiopia’s border points is $3000 or the equivalent in other currencies. If you are planning to carry more cach, you must declare it to Ethiopian customs officials.

Can I use my credit card in Ethiopia?

You can use your credit card in Ethiopia but check for the exchange rates with your bank as it might be cheaper to take travelers check. Visa is the most accepted card and you may have to visit bigger banks for other card types.