01/10/2022: Transition to digital currency
Gibraltar announced the introduction of a digital currency pegged 1:1 to the Gibraltar pound, making it one of the first jurisdictions to do so.
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.
15/08/2019: Commencement of polymer £50 issuance
Polymer £50 banknotes were introduced, replacing the older paper £50 notes.
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.
26/06/2018: New £100 banknote issued
A new £100 banknote featuring the image of Sir Joshua Hassan, first Chief Minister of Gibraltar, was issued.
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.
08/11/1997: 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.
06/11/1988: Introduction of polymer banknotes
Polymer banknotes were introduced in Gibraltar, enhancing durability and counterfeit resilience.
15/02/1971: Currency tied to British pound
The Gibraltar pound became pegged to the British pound at a rate of 1:1, ensuring stability and ease of trade.
23/06/1969: Currency switch to decimalization
Gibraltar switched from the pound shilling pence system to a decimalized currency, with 100 pence equal to 1 pound.
07/03/1927: Introduction of Gibraltar pound
The Gibraltar pound was first introduced as the official currency of Gibraltar, replacing the Spanish peseta.