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.
According to the Bank’s announcement, the redemption program will commence on 18 November and continue until December the 30th on all working days as well as on the Saturdays of each week. Working hours in all banks on each day will be from 8:00 to 11:00 a.m. and from 2:00 to 4:00 p.m.
Cash deposits without any upper limits will be made from 18th to 21th November; from the 23rd to 28th November; and from 30th November to 1st of December only. Cash deposits in excess of 20,000 cannot be made thereafter. In as far as places of exchange are concerned, the Bank’s announcement specifies:
1. Redemption of old Nakfa currencies in Asmara, Massawa, Assab, Mendefera, Keren, Barentu, and Tesenai shall be carried out at the Commercial and Housing banks in these cities.
2. Redemption of old Nakfa currencies in Adi-Keih, Dekemhare, Aqordet and Afabet shall be made at the Commercial Bank in these cities.
3. Redemption of old Nakfa currencies in Ginda, Nakfa and Dubaruwa shall be carried out at the Housing Banks in these cities.
All government Ministries and institutions, the Army, and PFDJ bodies will carry out redemption functions on behalf of the Banks for their respective members. Administrative Regions are also empowered to carry out these functions to their members and to rural residents where there is no Bank presence.
All these redemptions will be for cash amounts that do not exceed 20,000 Nakfa.