Historic Eritrean nakfa South Korean Won

Eritrean nakfa south korean won history for January 2024. The highest quote for this month is 89.584 (17/01/2024) and the lowest 88.797 (17/01/2024). The difference between high and low is 0.88.

ERN KRW average rate for January 2024 is 87.76337, the change between 01/01/2024 and 31/01/2024 is -2.69 %.

01 January 20241 ERN = 85.84 KRW
02 January 20241 ERN = 85.84 KRW
03 January 20241 ERN = 86.89 KRW
04 January 20241 ERN = 86.90 KRW
05 January 20241 ERN = 87.01 KRW
06 January 20241 ERN = 87.29 KRW
07 January 20241 ERN = 87.20 KRW
08 January 20241 ERN = 87.25 KRW
09 January 20241 ERN = 87.05 KRW
10 January 20241 ERN = 87.69 KRW
11 January 20241 ERN = 87.43 KRW
12 January 20241 ERN = 87.18 KRW
14 January 20241 ERN = 87.26 KRW
15 January 20241 ERN = 87.12 KRW
16 January 20241 ERN = 87.57 KRW
17 January 20241 ERN = 88.89 KRW
18 January 20241 ERN = 89.19 KRW
19 January 20241 ERN = 88.88 KRW
22 January 20241 ERN = 88.47 KRW
23 January 20241 ERN = 88.95 KRW
24 January 20241 ERN = 88.71 KRW
25 January 20241 ERN = 88.25 KRW
26 January 20241 ERN = 88.66 KRW
28 January 20241 ERN = 88.70 KRW
29 January 20241 ERN = 88.82 KRW
30 January 20241 ERN = 88.47 KRW
31 January 20241 ERN = 88.15 KRW

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.

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.

22/01/2015: Dollarization policy imposed

Eritrea imposed a dollarization policy, making the US dollar the predominant currency for most transactions.

27/10/2008: Global Financial Crisis

The Korean Won faced significant volatility during the global financial crisis, as global markets tumbled and investor confidence wavered.

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.

01/01/1998: Establishment of IMF Program

South Korea agreed to an International Monetary Fund (IMF) bailout package, which stabilized the value of the Korean Won and initiated economic reforms.

03/12/1997: Asian Financial Crisis

The Korean Won experienced a sharp depreciation during the Asian Financial Crisis, causing severe economic hardships and requiring international assistance.

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.

27/02/1980: Declaration of Martial Law

Amidst political turmoil, President Chun Doo-hwan declared martial law, causing economic instability and impacting the value of the Korean Won.

22/06/1962: Introduction of the Hwan

To combat inflation, the South Korean government introduced the Hwan as the new currency, replacing the old Korean Won.

27/07/1953: Armistice Agreement

Following the Korean War, the Armistice Agreement was signed, stabilizing the region and aiding in the recovery of the Korean Won.

15/08/1945: Liberation from Japanese Rule

Upon the end of Japanese colonial rule, the Korean Won was introduced as the official currency of South Korea.
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