Eritrean Nakfa in Qatari 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).

QAR Qatari Rial

Country of application:
Qatar

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

Denominations of banknotes in circulation:
1, 5, 10, 50, 100, 500 riyals.

History reference:
The Qatari rial has been the national currency and money of the State of Qatar from 1973 to the present. It replaced the riyal of Qatar and Dubai, after Dubai became part of the UAE. Until April 28, ...1959, the Indian rupee was in circulation in the country, until it was replaced by the Persian Gulf rupee issued for the countries of the Persian Gulf. The Gulf rupee was pegged to the Indian rupee and when the Indian rupee depreciated in 1965, the value of the Gulf rupee fell and then Qatar along with other Gulf countries decided to issue their own currency.