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.
02/03/2020: COVID-19 impact
The outbreak of the COVID-19 pandemic resulted in economic disruptions, affecting the Ukrainian Hryvnia and causing volatility in the currency markets.
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.
05/02/2015: Currency devaluation
Due to the economic crisis, the Ukrainian Hryvnia experienced a significant devaluation, leading to a sharp increase in prices and financial hardships.
22/01/2015: Dollarization policy imposed
Eritrea imposed a dollarization policy, making the US dollar the predominant currency for most transactions.
20/02/2014: Ukrainian revolution
The Ukrainian revolution began, leading to political instability and economic challenges, impacting the value and stability of the Ukrainian Hryvnia.
01/07/2008: Exchange rate flexibility
Ukraine implemented a flexible exchange rate system, allowing the Ukrainian Hryvnia to fluctuate based on market forces rather than being pegged to a fixed rate.
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.
01/10/2004: Banknote redesign
New banknotes of the Ukrainian Hryvnia were issued with enhanced security features and updated designs, aimed at combating counterfeiting.
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.
02/09/1996: Currency reform
A currency reform was conducted, introducing new banknotes and coins of the Ukrainian Hryvnia, addressing issues of inflation and stabilization.
02/09/1992: Introduction of the Ukrainian Hryvnia
The Ukrainian Hryvnia (UAH) was introduced as the national currency, replacing the Soviet ruble, marking Ukraine's economic independence.