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Vol 38 No 16

Published 1st August 1997


Eritrea

New Nacfa

Asmara's introduction of its own Nacfa currency and dropping of the Ethiopian Birr (with which, for now, it has exchange rate parity) rang some alarms in Addis Ababa. But the problems have more to do with existing quarrels than any financial threat: the Birr is stable and pretty strong. Tensions arise from two problems. Firstly, at Independence, Eritrea took no Ethiopian debt, giving it the enviable position of a debt-free country, which Ethiopia is not.

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