Currency Rates for Ethiopia
Bank Exchange Rates for Ethiopia - ETB - Ethiopian Birr - Br or ብር. The foreign exchange rates for Ethiopia also known as the ISO code ETB or the Ethiopian Birr currency and as a symbol Br or ብር.
1 birr is subdivided into 100 santim and coin denominations in circulation are; 1, 5, 10, 25 and 50 santim and 1 Birr, whilst banknotes are available in denominations of 1, 5, 10, 50 and 100 Birr. Send Money Transfer to Ethiopian Birr.
The Ethiopian Birr is one of the oldest currency in Africa. The Birth of the Ethiopian currency can be traced to the late 18th and early 19th centuries. During this era the currency was known as the Thaler, also used were blocks of salt known as amole tchew. It should be noted that the Thaler was locally known as the Birr which meant silver in Amharic. In 1855 the Thaler was officially constituted as the Ethiopian Coin. The Thaler evolved to the Talari in 1893 at which time the then emperor Menelik II ordered 200,000 dollars worth to be minted in Paris in 1894. The Talari was subdivided into 20 gersh or 40 bessa. In 1903, new coins were minted that revised the denominations into 1 Talari to be equivalent to 16 gersh or 32 bessa.
Bank of Ethiopia
Bank of Abyssinia was constituted in 1905 by an association between the then emperor Menelik II and a Banking Group from Europe. The purpose of the bank was to oversee the issuance of the Ethiopian Currency. This made the Talari to gradually gain acceptance and this prompted the bank to increase the importation of the Talari coins. In 1915 Abyssinia introduced Bank Notes denominated as Birr. These notes were largely used by traders and foreigners. They were not largely accepted by the Ethiopian masses. The currency was converted into the decimal system in 1931, also copper and nickel coins were introduced.
Between 1936 and 1941 Ethiopia was occupied by Italy and this saw the Italian Lira brought into circulation. Between 1941 and 1945 the shilling came into prominence during the Campaign by the British Forces. In 1945 the Birr was brought back into circulation, it was known in English as the Ethiopian Dollar and was subdivided into 100 santim. In 1976 the Ethiopian currency was officially named the Birr in all languages spoken in Ethiopia and has since remained so in present day Ethiopia. Many different denominations in both coins and notes have been introduced over the years.
GBP to ETB
Ethiopia’s currency has had two names, the ‘Abyssinian Birr’ and the ‘Ethiopian birr’; the currency remained the same during the name change, which was requested by Haile Selassie I, the Emperor of Ethiopia, in 1931. This request also changes the Bank of Abyssinia’s name to the Bank of Ethiopia.