Bank of Eritrea has issued Legal Notice No. 129/2017 to limit the amount of Nakfa holdings for travelers exiting Eritrea.
The Legal Notice that was issued at the Gazette of Eritrean Laws on 25 October, indicated that the maximum amount, conditions and purpose for which travelers exiting Eritrea may be allowed to hold has not so far been legally fixed and that has become necessary to set the maximum amount in order to ensure the proper use of the National Currency within the country. Continue reading Bank of Eritrea Issues Legal Notice→
The media and the anti-Eritrea groups and “professional dissidents” must be experiencing a dry spell-the main topic for the flying goats today is the Eritrean currency redemption program. The FUDists-those who insist on spreading Fear, Uncertainty and Doubt about Eritrea and its government have now converted from “human rights” and “democracy” activists to economists and currency and market “experts”.
Ever since the Government of Eritrea issued the Declaration on 5 November 2015, these “activists” and arm chair quarterbacks, who never bear the brunt of the illicit campaigns conducted from their safe havens in the West, have been offering their unsolicited advice to the people of Eritrea. Continue reading The Nakfa – More than a Currency Name→
The Nakfa - More than a currency name. It's our national symbol too.
The National Bank of Eritrea recently issued a legal notice No. 124/2015 that all Nakfa currency notes in circulation must be exchanged for new government-issued notes. This decision by the country’s central financial institution is expected to have a major positive impact on the economy.
The nationwide currency replacement program is not meant to change the value of the money, as the exchange will be on a one-to-one basis. Instead, it was aimed at stimulating the economy by regulating circulation of the national currency. Continue reading Meet the New Eritrea Nakfa Bank Notes→
The Bank of Eritrea has issued the timelines and other relevant information for the commencement and termination of redemption of the Nakfa currency notes in circulation in accordance with Article 3 (1) of Legal Notice no.124/2015.
The National Bank of Eritrea issued a legal notice No. 124/2015 to replace all denomination of the existing Nakfa currency notes with a new legal tender Nakfa currency notes.
The unprecedented step that aimed at stimulating the economy first by regulating the circulation of the national currency is expected to effectively curb the rampant money laundering practices, illegal hoarding of large bills and circulation of counterfeit notes among others that are all contributing in strangulating the economy by skyrocketing the inflation and foreign currency exchange rates. Continue reading Eritrea Issued Legal Notice to Regulate New Currency→