Eritrean Nakfa in Tanzanian Shilling

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).

TZS Tanzanian Shilling

Country of application:
Tanzania

Coin denominations in circulation:
50, 100, 200, 500 shillings.

Denominations of banknotes in circulation:
1000, 2000, 5000, 10,000 shillings.

History reference:
The Tanzanian shilling is the currency of Tanzania. The Tanzanian shilling has been in use since 1966, when it replaced the East African shilling at par or at a 1:1 ratio. Prior to the introduction o...f the Tanzanian shilling, other currencies circulated in Tanzania, including the East African florin, East African rupee, East African shilling, Zanzibar rupee, Zanzibar rial and German East African rupee. Banknotes issued in 2003 began to be used in February of the same year, and money of the 2010 sample was officially put into circulation in January 2011.