The US Dollar to Birr exchange rate is much higher than other rates, making it the best currency to take to Ethiopia. What is the best currency to take to Ethiopia? 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. It is illegal to buy Ethiopian Birr in the black market hence it is advisable to use only official banks. Ethiopian Currency FAQs How can I find the best exchange rate?
The Central Statistical Agency of Ethiopia (CSA) is the government body responsible for monitoring and advising on the country’s economic and financial status. In the same period, the yearly inflation rate of Ethiopia has been between 7 and 14 percent. The US Dollar to Birr exchange rate is also the most common indicator of the Ethiopian inflation rate.Īs 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. The second and current Birr has been the official currency of Ethiopia since the nineteen forties.Īs with most countries in the world, the US Dollar is the most sought after foreign currency. 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 Ethiopian Birr is the second most used currency in Africa after Nigeria’s Naira. The National Bank of Ethiopia and formerly the Bank of Abyssinia is the central bank. It has been in service since the Nineteen-Thirties. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.The Ethiopian currency is called Ethiopian Birr. compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products.
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