08/04/2020: COVID-19 impact on currency circulation
Due to the COVID-19 pandemic, circulation of nakfa banknotes decreased as people relied more on digital transactions.
18/03/2020: COVID-19 Pandemic Impact
The COVID-19 pandemic caused a sharp decline in the value of the ringgit, as global markets experienced volatility and economic slowdown.
25/02/2019: Introduction of new nakfa banknotes
Eritrea introduced new banknotes in denominations of 5, 10, 20, 50, and 100 nakfa.
30/10/2018: Currency devaluation
Eritrea devalued the nakfa by 14%, reducing its official exchange rate to 1 USD = 15 ERN.
12/08/2015: Ringgit Depreciation
The Malaysian ringgit experienced a significant depreciation against major currencies due to falling oil prices and global economic uncertainties.
22/01/2015: Dollarization policy imposed
Eritrea imposed a dollarization policy, making the US dollar the predominant currency for most transactions.
14/11/2005: Currency redenomination
The Eritrean nakfa underwent a redenomination where old nakfa notes were replaced with new nakfa notes in a ratio of 1:1,000.
21/07/2005: Removal of Currency Peg
The Malaysian government removed the fixed exchange rate peg to the US dollar, allowing the ringgit to float freely based on market forces.
08/11/1997: Introduction of the Eritrean nakfa
The Eritrean nakfa was introduced as the official currency of Eritrea, replacing the Ethiopian birr.
08/11/1997: Currency exchange rate fixed
The Eritrean nakfa was fixed at an exchange rate of 1 USD = 10 ERN.
02/07/1997: Asian Financial Crisis
The Malaysian ringgit was heavily affected by the Asian financial crisis, leading to a currency devaluation and introduction of capital controls.
12/06/1985: Currency Pegged to the US Dollar
The Malaysian ringgit was pegged to the US dollar at a fixed exchange rate of RM2.50 per USD to stabilize the economy.
29/08/1975: Change to Malaysian Ringgit
The Malaysian dollar was renamed as the Malaysian ringgit, with the currency symbol RM, to reflect the country's independence and identity.
12/06/1967: Introduction of the Malaysian Dollar
The Malaysian dollar was introduced as the official currency of Malaysia, replacing the Malaya and British Borneo dollar.