Country Information

 

The Nakfa, denoted by EFN, is the official currency of Eritrea. Divided into 100 cents, the currency was introduced in 1997 in place of the Ethiopian Birr. During the Italian colonization (from 1895 until World War Two), the currency used in Eritrea was the Italian lire.

Banknotes come in denominations of 1, 5, 10, 20, 50 and 100 Nafka. Coins come in 1, 5, 10, 25 and 50 cents as well as 1 Nafka. Coinage is made entirely of stainless steel, and each coin has a different milled edge instead of consistent milling for all denominations.

Sovereign Ratings for Eritrea

Eritrea is not rated.

Moody's Rating
Baa3
S&P Rating
BB+

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What does it look like?

Political Structure

Since the Eritrean constitution has not been put into effect yet, the unicameral Eritrean parliament, the National Assembly, is entirely populated by members of the People's Front for Democracy and Justice. The assembly is made up of 150 seats and was formed in 1993 shortly after independence. They worked together in choosing the current president, Isaias Afewerki. Between 1993 and now, national elections have been periodically scheduled and cancelled.

Prominent Figures

President: Isaias Afewerki 
Eritrean National Bank Governor: Tekie Beyene

Unique Characteristics

In 2001, the Eritrean government closed down all of the nation's privately owned print media, making information on Eritrean domestic politics scarce. In addition, outspoken critics of the government have been allegedly arrested and held without trial. The U.S. State Department has also declared Eritrea a Country of Particular Concern for its record of religious persecution.

Key Economic Factors

Economic Overview: Since becoming independent of Ethiopia on May 24, 1993, Eritrea has undergone the economic experiences of a small and desperately poor country. The Eritrean economy is primarily based on subsistence agriculture, with 80% of the population involved in farming and herding. The Ethiopian-Eritrean war from 1998 to 2000 severely damaged Eritrea's economy. Erratic rainfall and the delayed demobilization of agriculturalists from the military kept cereal production well below normal (in turn holding down growth between 2002 and 2004). Eritrea's future lies in overcoming social problems such as illiteracy, unemployment, and low skills.

Industries: Food processing, beverages, clothing and textiles.

Import commodities: Machinery, petroleum products, food and manufactured goods.

Export commodities: Livestock, sorghum, textiles, food and small manufactures.

Import partners: Italy, UAE, Germany, UK and Korea.

Export partners: Sudan, Ethiopia, Japan, UAE and Italy.

Exchange Rates

ERN
AUD
CAD
EUR
JPY
GBP
USD
1 ERN
=
10.0890.0860.066.8540.0480.067
1 AUD
=
11.23610.9680.67177.0110.5450.749
1 CAD
=
11.6121.03310.69379.5850.5630.774
1 EUR
=
16.7461.491.4421114.7780.8121.117
1 JPY
=
0.1460.0130.0130.00910.0070.01
1 GBP
=
20.6331.8361.7771.232141.41411.376
1 USD
=
14.9991.3351.2920.896102.7980.7271

Travel

FLIGHTS from WASHINGTON to ERITREA Price
Asmara Starting from
$993

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