4 July 2026.

The Bank of Eritrea ordered all individuals, businesses and institutions to deposit all their nakfa holdings to their commercial bank accounts by the 31 July 2026. Those not having a bank account must open one immediately to comply with this directive.

The hoarding of local cash is forbidden and subject to severe penalties not yet specified. No permitted amount has been specified. 

Since Eritrea has a cash economy with no ATM’s and no infrastructure for credit or debit card usage it is difficult to see how this rule may be enforced.

Presently individual bank withdrawals are limited to ERN5,000 (=USD333) per month.

This sudden change is seen as an attempt of the state to tighten control over the cash supply.

Source: Agence de Presse Africaine.

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