Bank of the Republic of Burundi
Encyclopedia
The Bank of the Republic of Burundi is the central bank
of Burundi
. The bank was established in 1966 and its offices are in Bujumbura
.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Burundi
Burundi
Burundi , officially the Republic of Burundi , is a landlocked country in the Great Lakes region of Eastern Africa bordered by Rwanda to the north, Tanzania to the east and south, and the Democratic Republic of the Congo to the west. Its capital is Bujumbura...
. The bank was established in 1966 and its offices are in Bujumbura
Bujumbura
-Education:The University of Burundi is located in Bujumbura.Hope Africa University is located in BujumburaUniversité du Lac Tanganyika is located in Bujumbura-External links:**...
.
History
The central bank evolved step by step:- Royal Decree of 27th July 1887 establishes the francFrancThe franc is the name of several currency units, most notably the Swiss franc, still a major world currency today due to the prominence of Swiss financial institutions and the former currency of France, the French franc until the Euro was adopted in 1999...
as the money of account for the Independent State of Congo, and Burundi is included as well. - Heligoland Agreement of 1890 puts Rwanda and Burundi within the German sphere of influenceSphere of influenceIn the field of international relations, a sphere of influence is a spatial region or conceptual division over which a state or organization has significant cultural, economic, military or political influence....
in Africa; German East African rupieGerman East African rupieThe Rupie was the currency of German East Africa between 1890 and 1916, continuing to circulate in the Tanganyika Territory until 1920.-History:...
is the official currencyCurrencyIn economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
; circulation of the French francFrench francThe franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money...
continues nonetheless. - As a result of BelgiumBelgiumBelgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
's actions, the Belgian CongoBelgian CongoThe Belgian Congo was the formal title of present-day Democratic Republic of the Congo between King Leopold II's formal relinquishment of his personal control over the state to Belgium on 15 November 1908, and Congolese independence on 30 June 1960.-Congo Free State, 1884–1908:Until the latter...
becomes a member of the Latin Monetary UnionLatin Monetary UnionThe Latin Monetary Union was a 19th century attempt to unify several European currencies, at a time when most circulating coins were still made of gold and silver...
in 1908. - Bank of Belgian Congo established in 1909.
- Bank of Belgian Congo issues its first banknotes in 1912.
- Rwanda and Burundi attached to the Congo Franc Zone following GermanyGermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
's defeat in World War IWorld War IWorld War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
; 1927 - Colony of Belgian Congo and the Bank of Belgian Congo create a new relationship; 1927 - 1952
- World War IIWorld War IIWorld War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
era: temporary involvement of the Bank of EnglandBank of EnglandThe Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
; Congo franc is listed in London.
- World War II
- Belgian Congo and Ruanda-Urundi Central Bank (BCCBRU) 1952 - 1960
- Banque d' Emission du Rwanda et du Burundi (BERB) / (Issuing Bank of Rwanda and Burundi) - 1960 - 1964
- Banque du Royaume du Burund (BRB) / Royal Bank of Burundi and the Banque Nationale du Rwanda (BNR) open in 1964.
- Banque de la République du Burundi (BRB) opens in 1966.
See also
- Burundian francBurundian francThe franc is the currency of Burundi. It is nominally subdivided into 100 centimes, although coins have never been issued in centimes since Burundi began issuing its own currency...
- Central banks and currencies of AfricaCentral banks and currencies of AfricaThere are two African currency unions associated with multinational central banks; the West African Banque Centrale des Etats de l'Afrique de l'Ouest and the Central African Banque des Etats de l'Afrique Centrale...
- Economy of BurundiEconomy of BurundiBurundi is a landlocked, resource-poor country with an underdeveloped manufacturing sector. The mainstay of the Burundian economy is agriculture, accounting for 54%of GDP in 1997. Agriculture supports more than 70% of the labour force, the majority of whom are subsistence farmers...
- List of central banks