The official currency of Ethiopia is the Ethiopian Birr (ETB). The Ethiopian Birr is subdivided into santim; 100 santim = 1 ETB. Br is the symbol used for the Birr. The Nigerian Naira is rated the most-used currency in Africa, the Birr is rated second.
Economy
Ethiopia’s economy is mainly based on the agricultural industry, which forms 80% of the yearly GDP.
There are no private businesses and no patent laws apply in Ethiopia.
Unemployment rate among youth is estimated at 70%.
The main industries are metals, cement, textiles, food processing, and cement.
Export products are leather, oilseeds, coffee, flowers, gold, qat, and live animals.
Import products are motor vehicles, textiles, cereals, petroleum, food, and chemicals.
History
During the 18th and 19th centuries the currency for Ethopia was the Maria Theresa Taler, also known as the Birr, which means silver. The Taler became the official coin in 1855, but the Indian Rupee and the Mexican Dollar were used for foreign trading.
In 1893, the Birr was introduced as the standard unit. It was subdivided into 20 girsch.
A new range of Ethiopian coins appeared in 1903.
The Bank of Ethiopia was formed in 1931. At that time the Birr became equal to the mentonnyas. 1 Birr = 100 metonnyas.
During the mid 1930s the currencies circulated were the Birr and the Talari.
From 1936 to 1941 Italy occupied Ethopia and the Italian Lira was used.
In 1945, the second Birr was introduced; 2 schillings = 1 birr.
