#eritel

  At the time of my trip (May to the end of July), Kuwait Dinar had the highest foreign currency exchange in Eritrea. The exchange rate is 49.5 Dinar  to 1 USD.

  Dial 456 to check your EriTel phone’s account balance.

  The old steam train from Asmara to Massawa has shortened its route from Asmara to Nefasit, and travelers fortunate to find a group to tag along with can call this number to book an appointment.

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  Source: Google images

  Biet Giorgis—the Zoo—in Asmara is closed.

  When a local tells you “miss call gebereley,” he means call and hang up the phone after the first ring to let him know you’re waiting in front outside. Money is hard to come by in Eritrea, so people typically don’t spend longer than a minute on the phone.

  Nearly everyone has the app ShareIt installed on his phone. Locals use it to share pictures, videos and song files.

  Mebrak Asmara Restaurant is an establishment in Maakel Ketema managed by returnees from the United States. The late owner is an Eritrean woman who once lived in New York.

  Roughly 480 out of the nation’s 27,000 businesses were penalized for evading taxes in 2018 and forced to close down for several months, according to a family friend living in the capital. The merchants started receiving notices from the government two years ago.

  Some of the best pastries in Asmara can be bought at Red Sea Pastry Cafe which is a block up from my aunt’s street on Godena Felket. My other favorite pastry spot? Cafe Bonjour in Arbaeta Asmara.

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  Traveling in Eritrea or plan to soon? Leave a comment below with any discoveries from your trip.

EriTel Shares: buy?

EriTel, the Eritrean public company, is selling shares. That seems actually good news. Allthough several sources claim it as privatization, this is not correct. Privatization is when the majority of the stocks are hold by private entities.

So what is it actually you're buying? 50 dollar for 1 EriTel share. As an investor you need to know on what bases the share price is calculated. Normally a share price reflects the worth of the company. In EriTel's case we don't know, because EriTel doesn't include any financial reports. International standards require a prospectus with all detail information on the company. Plus regulations on voting rights, dividend payments and trading conditions. This is also lacking.

The Eritrean government as issued bonds between 1998- 2000. These bonds were issued under the same circumstances. The bonds have never been returned and no interest has been paid. The bonds can still be used as a deposit for building houses. The government has not yet published any information on repaying the debts to mainly eritrean diaspora.

Conclusion: Although the initiative can be applauded. The selling of shares comes across as unprofessional, not transparent and the price seems to be calculated from thin air. Financially it is has nothing with investment, because it merely doesn't meet any basic requirements to be considered as a "share". If you want to buy shares, consider it as aid but not as an investment.