01/01/2021: Launch of a digital currency pilot program
Qatar announced the launch of a pilot program to test the use of a digital currency as part of its efforts to introduce blockchain technology in the financial sector.
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.
05/06/2017: Qatar diplomatic crisis affects the currency
Following the diplomatic crisis and blockade imposed by neighboring countries, the Qatari rial faced volatility and depreciated against major currencies.
27/05/2015: Qatari rial pegged to a basket of currencies
The Qatari rial's peg was diversified to include a basket of currencies, reducing its dependence on the US dollar.
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.
08/06/2001: Creation of the Qatar Central Bank
The Qatar Central Bank was established to replace the Qatar Currency Board and assume the responsibility of regulating the Qatari rial.
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.
27/07/1997: Qatar Currency Board established
The Qatar Currency Board was established to regulate the issuance and circulation of the Qatari rial and maintain its stability.
27/03/1976: Currency pegged to the US Dollar
The Qatari rial was pegged to the US dollar at a fixed exchange rate of 1 USD = 3.64 QAR to stabilize its value and promote trade.
24/06/1973: Introduction of Qatari Rial
Qatar officially introduced the Qatari rial as its currency, replacing the Gulf rupee at a rate of 1 rial = 1.65 rupees.