27 October 2017

Eritrea: Bank of Eritrea Issues Legal Notice

Asmara — Bank of Eritrea has issued Legal Notice No. 129/2017 to limit the amount of Nakfa holdings for travelers exiting Eritrea.

The Legal Notice that was issued at the Gazette of Eritrean Laws on 25 October, indicated that the maximum amount, conditions and purpose for which travelers exiting Eritrea may be allowed to hold has not so far been legally fixed and that has become necessary to set the maximum amount in order to ensure the proper use of the National Currency within the country.

According to the Legal Notice, the Nakfa holding limit for travelers exiting Eritrea shall be a maximum of Nakfa 1000 (One thousand) and travelers below age 18 are not entitled to hold any amount of Nakfa.

The Legal Notice also elucidates that Nakfa held by any traveler in excess of the 1000 (one thousand) maximum limit shall be confiscated and where the amount of Nakfa exceeds 5000 (five thousand) the traveler commits an offence and shall be liable in accordance with the relevant provisions of the Penal Code.

Bank of Eritrea further states that the Regulations have been entered into force immediately after it was published in the Gazette of Eritrean Laws on 25 October.

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