Tag Archives: Bank Regulation

Bank of Eritrea Issues Legal Notice

Re: Nakfa holding limits for travelers exiting Eritrea

To proper regulate circulation of the National currency within the country. Travelers exiting Eritrea are now allowed to hold 1,000 Nakfa max.

BY SHABAIT

Bank of Eritrea has issued Legal Notice No. 129/2017 to limit the amount of Nakfa holdings for travelers exiting Eritrea.

The Legal Notice that was issued at the Gazette of Eritrean Laws on 25 October, indicated that the maximum amount, conditions and purpose for which travelers exiting Eritrea may be allowed to hold has not so far been legally fixed and that has become necessary to set the maximum amount in order to ensure the proper use of the National Currency within the country. Continue reading Bank of Eritrea Issues Legal Notice

Eritrea Issued Legal Notice to Regulate New Currency

NIP IN THE BUD. A major and unprecedented step to regulate the economy.

By TesfaNews,

The National Bank of Eritrea issued a legal notice No. 124/2015 to replace all denomination of the existing Nakfa currency notes with a new legal tender Nakfa currency notes.

The unprecedented step that aimed at stimulating the economy first by regulating the circulation of the national currency is expected to effectively curb the rampant money laundering practices, illegal hoarding of large bills and circulation of counterfeit notes among others that are all contributing in strangulating the economy by skyrocketing the inflation and foreign currency exchange rates. Continue reading Eritrea Issued Legal Notice to Regulate New Currency