Syrian Pound in Eritrean Nakfa

SYP Syrian Pound

Country of application:
Syria

Coin denominations in circulation:
5, 10, 25, 50 lbs.

Denominations of banknotes in circulation:
10, 100, 200, 500, 1000, 2000 lbs.

History reference:
The Syrian pound, sometimes the currency of Syria, is issued by the Central Bank of Syria. In 1920, the Syrian Arab Kingdom was created, but the independent state was only a few months old, after whi...ch its territory was occupied by the French army. In this regard, the Egyptian pound was replaced by the Syrian pound, which was pegged to the French franc at a ratio of 1:20 (1 franc to 20 Syrian pounds). In 1926, the French mandated territory was divided into Lebanon and Syria and the Bank of Syria was renamed the Bank of Syria and Lebanon. It is interesting that the Syrian 10 pounds coin in terms of its characteristics and size completely coincides with the 20 Norwegian kroner coin.

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).