Blowers. He inaugurated the new national currency, which, owed its successful introduction to the United States. The United States provided the silver for 50 cent coins, whose intrinsic value ensured popular acceptance of the new paper money to a population used to the circulation of the silver Maria Theresa thaler.In 1958, the State Bank of Ethiopia established a branch in Khartoum, Sudan, that the Sudanese government nationalized in 1970,[3] which over time grew to number 21 branches.[4]In the 1950s, SBE established a branch in Djibouti.[5] In 1920, the Bank of Abyssinia had opened a transit office in Djibouti. At some point after its creation, the State Bank of Ethiopia reopened the transit office, which in time became a branch.In 1963, the Ethiopian government split the State Bank of Ethiopia into two banks, the National Bank of Ethiopia (the central bank), and the Commercial Bank of Ethiopia (CBE).[6] Seven years later, the Sudanese government nationalized the Commercial Bank of Ethiopia’s branch in Khartoum.[3]The Ethiopian government merged Addis Bank into the Commercial Bank of Ethiopia in 1980 to make CBE the sole commercial bank in the country. The government had created Addis Bank from the merger of the newly nationalized Addis Ababa Bank, and the Ethiopian operations of the Banco di Roma and Banco di Napoli. Addis Ababa Bank was an affiliate that National and Grindlays Bank had established in 1963 and of which it owned 40%. At the time of nationalization, Addis Ababa Bank had 26 branches. The merger of Addis Ababa Bank with CBE made CBE the sole commercial bank in Ethiopia, with 128 branches and 3,633 employees.[4]In 1991, when Eritrea achieved its independence, Eritrean government nationalization the branches there. In 1994, these branches formed the basis for what became the Commercial Bank of Eritrea. Also in 1994, the Ethiopian government reorganized and reestablished CBE.[4]


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