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- The Ethiopian Empire was dominated by barter system (traditionally composed of Arab Muslim and Ethiopian Muslim caravans), and a strong trade culture nourished the business within the feudal system. In medieval times, Harar became the spot of commerce which import-export bypassed through Zeila port operated by Muslim merchants; delivering commodities to the highland inhabitants through convergent of Aliyu Amba that connects Shewa and Arsi provinces. Since the reign of Emperor Menelik II, modernized banking institutions and currency introduced including Maria Theresa thaler in 1890 and Harar currency but barter system continued in the early 20th century until the Italian occupation in 1936. The first bank, was established by fifty years concession from National Bank of Egypt in 1905, served as monopoly. In 1932, by compensation of Emperor Haile Selassie, the bank renamed "Bank of Ethiopia". After an occupation of Ethiopia by Italy, the National Economic Council embarked state development plan in 1954/55, consisting of policy making body headed by Emperor Haile Selassie to improve agriculture and industry productivity, literacy and well-being, and standard of life. The First Five-Year Plan (1957–1961), The Second Five-Year Plan (1962–67) and the Third Five-Year Plan (1968–73) projected to develop agro-industry and manufacturing sectors and employ skilled manpower in the country. Between 1960 and 1970, Ethiopia enjoyed an annual 4.4% growth rate in per capita and growth domestic product (GDP). There was an increase of manufacturing growth rate from 1.9% in 1960/61 to 4.4% in 1973/74, with wholesale, retail trade, transportation, and communication sectors increased from 9.5% to 15.6%. (en)
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