CURRENCY
The Ethiopian national currency is known as the Birr. The Birr
note comprises the following denominations: Birr 1, Birr 5, Birr 10, Birr 50, and Birr
100. A one-Birr note represents one hundred cents of its coinage. Its coinage has also
denominations of 1 cent, 5 cents, 10 cents, 25 cents and 50 cents. One Ethiopian Birr
amounts to one hundred cents. The sole right of issuing notes and coins in Ethiopia
belongs to the National Bank of Ethiopia.
The Ethiopian Birr is directly convertible into the US Dollar in the
country. It is also convertible into other currencies at cross-rate of US dollar and the
other currency. Current the Birr's exchange rate with the US dollar is determined through
foreign exchange auction held weekly by the central bank. According to the result of this
auction, the rate was Birr 6.14 and 6.33 per US dollar on average during 1995 and the
first half of 1996, respectively. In November 1996 the rate was Birr 6.39 per US dollar.
CURRENCY The currency is the Birr,
the rate of which is fixed against the US dollar every two weeks following a foreign
currency auction.There is no limit to the amount of foreign currency that can be brought
into Ethiopia, but visitors must declare all currency in their possession on arrival, and
change foreign currency in banks or authorized foreign exchange dealers.On leaving the
country, visitors will be asked to surrender to customs officials the currency declaration
filled in on arrival
Agriculture
Ethiopia is a predominantly agricultural country with over 80 percent of its population
farming on about 15 - 20 percent of the arable land. The agriculture sector accounts for
over half of the GDP and 85 percent of export earnings, the most important of which is
coffee. Some of the finest and rarest coffees in the world are grown in the highlands of
Ethiopia, and Ethiopia is Africa's third largest producer of coffee, after Uganda and the
Ivory Coast. In addition, Ethiopia has one of the largest livestock resources in the
world.
Given the key role that agriculture plays in the economic development of the country,
the Government has placed special focus on agriculture in its development agenda.
Agriculture can be a stimulus to improve land utilization and productivity, generate
income and be used as a spring-board for growth in the industrial and service sectors.
Industry
The industry and manufacturing sector plays an important role in the economy by
supplying consumer goods, generating employment opportunities, absorbing agricultural raw
materials and earning foreign exchange through exports. This sector comprises light
manufacturing products such as construction materials, metal and chemical products as well
as basic consumer goods such as food, beverages, leather, clothing and textiles.
Production is concentrated in and around Addis Ababa and mostly caters to the domestic
market, although the number of exported goods is steadily growing.
To help the industrial sector grow, the Government is making concerted efforts to
dismantle barriers to investment and private sector participation caused by excessive
regulation from past regimes.
Mining
The mining sector of the economy has immense potential for development. A limited scale
of gold tantalum and platinum mining is currently being undertaken. Several North American
countries have signed contracts with Ethiopia to conduct gold exploration in certain parts
of the country.
The development of Ethiopia's mineral wealth is one of the Government's leading
economic objectives. Mining operations are expected to be an important economic catalyst
for the Government's export-oriented development strategy. The goal is to get the minerals
sector up to 10 percent of GDP within 10 years.
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