Eritrean Nakfa in Iranian Rial

ERN Eritrean Nakfa

Country of application:
Eritrea

Coin denominations in circulation:
1, 5, 10, 25, 50 cents, 1 nakfa.

Denominations of banknotes in circulation:
1, 5, 10, 20, 50, 100 nakfa.

History reference:
The Eritrean nakfa is the national currency and fiat money of the State of Eritrea, a state in East Africa. Nakfa was introduced in 1997 when it replaced the Ethiopian Birr after the War of Independe...nce. The country went through seven years of stabilization, reconstruction and development before the start of a new border war with Ethiopia in 1998. In mid-2018, a turning point took place in the external environment of Eritrea. Ethiopia signed a peace treaty with Eritrea in July 2018. Eritrea has begun to normalize relations with neighboring countries. In November 2018, the UN Security Council lifted sanctions on Eritrea. The current account surplus will remain high in 2020, driven by Eritrean remittances from abroad (12% of GDP) and mining exports (25% of GDP).

IRR Iranian Rial

Country of application:
Iran, Afghanistan, Iraq

Coin denominations in circulation:
1,000, 2,000, 5,000 Iranian rial.

Denominations of banknotes in circulation:
5,000, 10,000, 20,000, 50,000, 100,000, 500,000 Iranian rial.

History reference:
The rial was the currency of Persia from 1798 to 1825 and of Iran since 1932. The rial first became the derivative currency of Iran (at that time Persia) in 1798. Rials were introduced as coins with ...a denomination of 1250 dinars (bargaining unit) or 1/8 fog (basic unit). In 1825, the rial ceased to be issued and until 1932 the currency of Iran was the Persian fog. The peculiarity of Iranian coins is that they are dated according to the Solar Hijri. Compared to the Gregorian calendar, there is a lag of 622 years. So, 1390 p. Hijri correspond to the year 2011 of our calendar. In addition, the coins of the Shah period are dated both according to the Hijri and according to the so-called Monarchic solar year, which is ahead by 559 years.