PROPOSED INSTITUTIONAL AND LEGISLATIVE FRAMEWORK. This ABC Journey platform is preparatory and educational. It is not the presently operating central bank of the State of Eritrea and publishes no binding monetary, supervisory, foreign-exchange, reserve, currency, licensing or financial-stability decision.

National Bank of Eritrea

The National Bank of Eritrea is envisaged as an independent, accountable, and professionally administered central bank entrusted with protecting the value and integrity of the national currency. Its primary objective is price stability. It also safeguards financial stability, regulates and supervises financial institutions, manages official foreign reserves, promotes secure and efficient payment systems, and supports the development of a sound, competitive, and inclusive financial system.

Central-bank independence is not freedom from accountability. The National Bank must explain its policies, publish its decisions and reports, submit to independent audits, appear before the National Assembly, comply with judicial review, and maintain transparent records of its stewardship of public resources. Its independence exists to protect monetary, supervisory, reserve-management, and financial-stability decisions from partisan, personal, commercial, and fiscal interference.

Current Institutional Status

Establishment and Preparatory Stage

The proposed National Bank has not been legally constituted. No Governor, director, Deputy Governor, external MPC member, policy decision, official rate, reserve figure or licensed institution has been issued through this platform.

Last update: 16 July 2026
Next action: Public review and harmonisation of the consultation draft before any enactment or appointment process.

Draft Establishment Proclamation

Current Institutional Work

Implementation planning follows Part XIV and Schedule 7 of the consultation draft. A deadline expressed from the first Board does not begin until a lawful first Board exists. Every milestone below is an editable database record with public status, responsibility, deadline, progress, evidence, update, next action and delay explanation.

Proclamation implementation tracker
Milestone	Status	Responsible body	Deadline	Progress	Supporting documents	Last update	Next action	Delay explanation
Constitute Independent Central Bank Selection Panel	Not Yet Commenced	Independent nominating bodies and National Assembly	Before first appointments	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Select and appoint the Governor	Not Yet Commenced	Selection Panel, President and National Assembly	Before first Board	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Appoint and stagger the Board of Directors	Not Yet Commenced	Selection Panel and President	At initial constitution	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Appoint Deputy Governors and external MPC members	Not Yet Commenced	Board, Selection Panel and President	During institutional constitution	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Adopt interim ethics, delegation, reserve-custody, payment-security, information-security and continuity controls	Not Yet Commenced	First Board	30 days from first Board	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Prepare the costed three-year institutional roadmap	Not Yet Commenced	Board and Governor	120 days from first Board	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Complete opening balance-sheet and official-reserve audit	Not Yet Commenced	Board, external auditor and Auditor-General	6 months	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Review legacy Government credit	Not Yet Commenced	Board and Ministry responsible for finance	6 months	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Complete foreign-exchange diagnostic and transition plan	Not Yet Commenced	Foreign Exchange and Reserve Reporting	9 months	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Complete financial-sector diagnostic and phased relicensing programme	Not Yet Commenced	Banking Regulation and Supervision	12 to 24 months	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Publish interim monetary-policy framework	Not Yet Commenced	Monetary Policy Committee	12 months	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Implement risk-based supervisory framework	Not Yet Commenced	Banking Regulation and Supervision	18 months	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Publish payment-system and cash-resilience plan	Not Yet Commenced	Payment Systems and Currency and Cash	18 months	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Conduct crisis-management exercise	Not Yet Commenced	Financial Stability Committee	24 months	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Prepare consumer- and deposit-protection proposals	Not Yet Commenced	Supervision and Financial Stability	24 months	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Complete independent assessment and final transition report	Not Yet Commenced	Independent assessor and Board	30 to 36 months	0% 0%	Not yet issued	16 July 2026	Await lawful commencement of the relevant institutional step.	No statutory clock has begun because the proposed Bank and first Board have not been constituted.

Public Tools

Search the National Bank Verify a Financial Institution or Dealer Browse Official Rates Browse Statistics and Data Submit a Consumer Complaint Report an Unauthorized Service Track Proclamation Implementation

Central Banking in Plain Language

Price stability

Stable prices protect household purchasing power and allow businesses to plan. Monetary policy manages money and financial conditions; fiscal policy concerns public revenue, spending and borrowing and remains the responsibility of elected public institutions.

Independence and accountability

Independence protects technical decisions from improper direction. It is balanced by publication, audit, parliamentary scrutiny, lawful access to information and judicial review.

Currency, reserves and payments

The national currency is issued under law. Official reserves support external resilience and confidence. Secure payment systems allow households, businesses and public institutions to transfer and settle funds reliably.

Supervision and financial stability

Risk-based supervision tests whether regulated institutions are sound, properly governed and fair to consumers. Stability work prepares the financial system to absorb shocks without exposing confidential institution-specific information.