Industry WIKI

Capital requirements (or capital adequacy requirements) refer to the set of rules and guidance that banks must observe in most current bank prudential frameworks as exist in individual jurisdictions. They form a central component of bank regulation and supervision.

Captive insurance is an alternative to self-insurance in which insured parties establish a licensed insurance company for their own use and benefit. The company focuses its service on the specific risks of the insureds and is incentivized to maintain a low profit margin, since it has no separate investors. A captive insurance company helps its sponsors finance their risks and offers them

Card money is a type of fiat money printed on plain cardboard or playing cards, which was used at times as currency in several colonies and countries (including Dutch Guiana, New France, and France) from the 17th century to the early 19th century. Where introduced, it was often followed by high rates of inflation.

The Caribbean Financial Action Task Force (CFATF) is an organization of states and territories of the Caribbean Basin that have agreed to implement common counter-measures against money laundering. CFATF has associate status within the Financial Action Task Force on Money Laundering (FATF).

The Caribbean guilder (code: XCG; abbreviation: Cg; Dutch: Caribische gulden; Papiamento: florin karibense) is the currency of Curaçao and Sint Maarten, two constituent countries of the Kingdom of the Netherlands. It is divided into 100 cents (Papiamento: sèn). Introduced on 31 March 2025, it replaced the Netherlands Antillean guilder (ANG), which ceased to be legal tender on 1 July 2025

Carlos A. Végh (born August 1, 1958) is a Uruguayan academic economist. Since 2013, he is the Fred H. Sanderson Professor of International Economics at the Johns Hopkins School of Advanced International Studies (SAIS), and holds a joint appointment with Johns Hopkins' Department of Economics. He is also a research associate at the National Bureau of Economic Research since 1998. He was t

Cash out refinancing (in the case of real property) occurs when a loan is taken out on property already owned in an amount above the cost of transaction, payoff of existing liens, and related expenses. Strictly speaking, all refinancing of debt is "cash-out," when funds retrieved are utilized for anything other than repaying an existing loan.

The Cayman Islands () is a self-governing British Overseas Territory in the western Caribbean. With a population of over 90,000, it is the most populated of all the British Overseas Territories. The 264-square-kilometre (102-square-mile) territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located south of Cuba and north-east of Honduras, betwee

The Cayman Islands dollar (currency code KYD; symbol: $ or CI$) is the currency of the Cayman Islands, a British Overseas Territory. It was introduced in 1972 to replace the Jamaican dollar. Its base unit is the dollar; each dollar is subdivided into 100 cents.

The Central African CFA franc (French: franc CFA or simply franc; ISO code: XAF; abbreviation: F.CFA) is the currency used in six independent states in Central Africa: Cameroon, the Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea and Gabon. These six countries had a combined population of 55.2 million in 2020, and their total GDP exceeded US$100 billion (as o

A wide range of countries and currency unions have explored, piloted, or deployed central bank digital currencies (CBDCs), which serve as direct liabilities of a central bank and legal tender alongside physical cash and bank deposits. National initiatives generally focus either on wholesale CBDCs for interbank settlements or retail CBDCs for use by the general public.

Central bank independence refers to the degree of autonomy and freedom a central bank has in conducting its monetary policy and managing the financial system and inflation targeting. The purpose of central bank independence is to maintain price stability, enhance the effectiveness of monetary policy, and ensure the stability of the financial system. Independent central banks have more cr

The Central Bank of Honduras (Spanish: Banco Central de Honduras) is the central bank of Honduras, established in 1950. The president of the bank is appointed by President of Honduras for a term of four years.

The Central Bank of Malaysia (BNM; Malay: Bank Negara Malaysia; Jawi: بڠک نݢارا مليسيا) is the Malaysian central bank. Established on 26 January 1959 as the Central Bank of Malaya (Bank Negara Tanah Melayu), its main purpose is to issue currency, act as the banker and advisor to the government of Malaysia, and regulate the country's financial institutions, credit system, and monetary pol

The Central Board of Indirect Taxes and Customs (CBIC), is a statutory body under the Department of Revenue, Ministry of Finance, Government of India. It oversees the administration of Indirect Taxes, including Customs duties, Excise duties, and the Goods and Services Tax (GST). CBIC's function also extends to prevention of smuggling, illicit financial activities, and regulation and cont

The Central Insurance of Iran is the financial regulatory agency in charge of regulating the Iranian insurance industry. Central Insurance was established to regulate, standardise and guide the local insurance industry.

The Central Reserve Bank of Peru (Spanish: Banco Central de Reserva del Perú; BCRP) is the Peruvian central bank. It mints and issues metal and paper money, the sol.

A central securities depository (CSD) is a specialized financial market infrastructure organization holding securities such as shares or bonds, either in certificated or uncertificated (dematerialized) form, allowing ownership to be easily transferred through a book entry rather than by a transfer of physical certificates. This allows brokers and financial companies to hold their securit

The CFP franc (French: Franc pacifique, called the franc in everyday use) is the currency used in the French overseas collectivities (French: collectivités d'outre-mer, or COM) of French Polynesia, New Caledonia, and Wallis and Futuna. The initials CFP originally stood for colonies françaises du Pacifique (lit. 'French colonies of the Pacific') but since 2022 is officially Collectivités

Checkout.com (legally incorporated as Checkout Ltd.) is a financial technology company headquartered in London, United Kingdom. It provides payment processing services, operating as a payment gateway, acquirer, and processor for enterprise clients in sectors such as e-commerce, technology, and media. In 2022, It had a valuation of $40 billion making it the most valuable European fintech

Chervonets (pl.: chervontsy) is the traditional Russian name for large foreign and domestic gold coins. The name comes from the Russian term червонное золото (chervonnoye zoloto), meaning 'red gold' (also known as rose gold) – the old name of a high-grade gold type.

Chester Howell Ferguson (July 1, 1908 – March 3, 1983) was a prominent Tampa lawyer, banker and businessman whose record of community service was long and distinguished.

A chief economist is a single-position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the planning, supervision, and coordination of the economic research.

The China Securities Regulatory Commission (CSRC) is a government agency directly under the State Council of China. It is the main regulator of the securities industry in China.

Chinese accounting standards are the accounting rules used in mainland China. As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance.

The Chinese Banking Liquidity Crisis of 2013 was a sudden credit crunch affecting China's commercial banks evidenced by a rapid rise on 20 June 2013 in the Shanghai interbank overnight lending rates to a high of 30 percent from its usual rate of less than 3%. The ensuing panic affected gold markets and stock. China's regulation of the foreign exchange market had caused a decline in inflo

Chronic inflation is an economic phenomenon occurring when a country experiences high inflation for a prolonged period (several years or decades) due to continual increases in the money supply among other things. In countries with chronic inflation, inflation expectations become 'built-in', and it becomes extremely difficult to reduce the inflation rate because the process of reducing i

In macroeconomics, the classical dichotomy is the idea, attributed to classical and pre-Keynesian economics, that real and nominal variables can be analyzed separately. To be precise, an economy exhibits the classical dichotomy if real variables such as output and real interest rates can be completely analyzed without considering what is happening to their nominal counterparts, the mone

The Clifford family was a family of bankers, merchants, and regents of English descent who were active in Amsterdam during the sixteenth through eighteenth centuries. In the first half of the 18th century, the Clifford bank was second only to Pels, the greatest merchant bank in Europe at that time. The family originated in northern England, although the surname originated in the village

Climate finance in the United States involves the mobilization of public and private funds to support efforts to mitigate and adapt to climate change, with a focus on leveraging market-based mechanisms, policy incentives, and investments in clean energy and resilience initiatives to meet domestic and global climate goals.

In insurance, co-insurance or coinsurance is the splitting or spreading of risk among multiple parties.

A co-operative wholesale society (CWS) is a form of co-operative federation (that is, a co-operative in which all the members are co-operatives), in this case, the members are usually consumers' co-operatives.

A coin is a small object, usually round and flat, used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by a government. Coins often have images, numerals, or text on them. The faces of coins or medals are sometimes called the obverse and the reverse, ref

Coin roll hunting (often abbreviated as CRH) is the hobby of searching and sorting coinage pulled from circulation for collectible coins. This is achieved through obtaining rolled coin, boxed coin, or bagged coin from banks and credit unions. A variant of this practice involves banknotes and is carried out in essentially the same fashion, normally to search for unusual (fancy) serial num

A coin wrapper, also known as a bank roll or simply a roll, is a paper or plastic container designed to hold a specific number of coins. During 19th century, newly minted coins were collected in cloth bags. Initially, coin wrapping was a manual process. Since the onset of the 20th century, coin wrapping machines have been in use. The earliest patent for a coin wrapping machine was in 190

Coldwell Banker LLC is an American real estate franchise owned by Compass, Inc., with headquarters in Madison, New Jersey. It was founded in 1906 in San Francisco, and has approximately 3000 offices in 49 countries and territories. It publishes an annual house price guide, Home Listing Report. The company is not a bank; its name refers instead to a former managing partner.

A commodity currency is a currency that co-moves with the world prices of primary commodity products, due to these countries' heavy dependency on the export of certain raw materials for income. Commodity currencies are most prevalent in developing countries (eg. Burundi, Tanzania, Papua New Guinea). In the foreign exchange market, commodity currencies generally refer to the New Zealand d

Commodity price shocks are times when the prices for commodities have drastically increased or decreased over a short span of time.

The Common Electronic Fund Transfer Switch (CEFTS) is a fully automated paperless fund transfer system which allows instantaneous fund transfers between member banks. CEFTS is a real-time interbank fund transferring method and it is a vital integral part of Sri Lanka's trusted national payment network, which is operated by LankaPay under the approval and guidance of the Central Bank of S

A company is a legal entity representing an association of legal persons with a shared objective, such as generating profit or benefiting society. Depending on the jurisdiction, companies can take on various forms, including voluntary associations, nonprofit organizations, business entities, financial entities, banks, and educational institutions. Companies have evolved to share common l

Computational finance is a branch of applied computer science that deals with problems of practical interest in finance. Some slightly different definitions are the study of data and algorithms currently used in finance and the mathematics of computer programs that realize financial models or systems.

Concept testing (to be distinguished from pre-test markets and test markets which may be used at a later stage of product development research) is the process of using surveys (and sometimes qualitative methods) to evaluate consumer acceptance of a new product idea prior to the introduction of a product to the market. It is important not to confuse concept testing with advertising testin

In the United States, a conforming loan is a mortgage loan that both meets the underwriting guidelines of Fannie Mae and Freddie Mac (the Enterprises or GSE) and that does not exceed the conforming loan limit. The most well-known guideline is the size of the loan, which for 2024 was generally limited to $766,550 for one-unit single family homes in the continental US. Other guidelines inc

Under U.S. law, a conservatorship results from the appointment of a guardian or a protector by a judge to manage the personal or financial affairs of another person who is incapable of fully managing their own affairs due to age or physical or mental limitations. A person under conservatorship is a "conservatee", a term that can refer to an adult. A person under guardianship is a "ward",

Content marketing is a form of marketing focused on creating, publishing, and distributing content for a targeted audience online. It is often used to achieve the following business goals: attract attention and generate leads, expand their customer base, generate or increase online sales, increase brand awareness or credibility, and engage a community of online users. Content marketing a

Contextual advertising (also called contextual targeting) is a form of targeted digital advertising. Contextual advertising is also called "In-Text" advertising or "In-Context" technology. In context targeting, advertisements are selected and placed by automated systems based on websites' linguistic content and the context of what a user is looking at.

The Controller-General or Comptroller-General of Finances (French: Contrôleur général des finances) was the name of the minister in charge of finances in the Kingdom of France from 1661 to 1791. It replaced the former position of Superintendent of Finances, which was abolished with the downfall of Nicolas Fouquet. It did not hold any real political power until 1665, when First Minister J

Cooperative federalism is a school of thought in the field of cooperative economics. Historically, its proponents have included J.T.W. Mitchell, Charles Gide, Paul Lambert, and Beatrice Webb (who coined the term in her book The Co-operative Movement in Great Britain).

The Copper Panic of 1789 was a monetary crisis of the early United States that was caused by debasement and loss of confidence in copper coins that occurred under the presidency of George Washington. Following the American Revolutionary War, several U.S. states began minting their own coins, largely using copper. As copper was relatively easy to counterfeit, counterfeiters in states whic

In competition law, cornering the market consists of obtaining sufficient control of a particular stock, commodity, human capital or other asset in an attempt to reduce competition.

The corporate debt bubble is the large increase in corporate bonds, excluding that of financial institutions, following the 2008 financial crisis. Global corporate debt rose from 84% of gross world product in 2009 to 92% in 2019, or about $72 trillion. In the world's eight largest economies—the United States, China, Japan, the United Kingdom, France, Spain, Italy, and Germany—total corpo

A corporation or body corporate is an individual or other entity such as a company that has been authorized by the state to act as a single entity (a legal entity recognized by private and public law as "born out of statute"; a legal person in a legal context) and recognized as such in law for certain purposes.

The cost of living in Namibia is higher than some other regional cities in the southern region of the African continent. Namibia imports about 50% of its cereal requirements. Many other items used in daily life also need to be imported. High transportation costs make prices very high and unaffordable. Monopolies in some business sectors causes higher profit booking, which also results in

Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed

A cram down or cramdown is the involuntary imposition by a court of a reorganization plan over the objection of some classes of creditors.

Cramming is a form of fraud in which small charges are added to a bill for service(s) or product(s) by a third party without the subscriber's consent, approval, authorization or disclosure. These may be disguised as a tax, some other common fee or a bogus service, and may be several dollars or even just a few cents. The crammer's intent is that the subscriber will overlook and ultimately

A credit crunch (a credit squeeze, credit tightening or credit crisis) is a sudden reduction in the general availability of loans (or credit) or a sudden tightening of the conditions required to obtain a loan from banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates. In such situations, the relationship betwe

The Thirteen Colonies made wide use of credit. Credit was used for domestic and overseas goods, as well as a method of repayment. Credit allowed colonists to defer their payments for goods and services until a later time, which was a more favourable payment option than cash or barter. Institutions accepted credit despite its risks, including that of the inability of a debtor to repay.

A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property and

A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles on a boom to bust cycle.

The Cuban peso (peso cubano in Spanish, ISO 4217 code: CUP) also known as moneda nacional (Spanish for 'national currency'), is the official currency of Cuba.

The Cultural Center of the National Bank of Greece in Thessaloniki (Πολιτιστικό Κέντρο του Μ.Ι.Ε.Τ. στη Θεσσαλονίκη) is a museum in Thessaloniki, Central Macedonia, Greece. It belongs to the Cultural Foundation of the National Bank.

A currency crisis is a type of financial crisis, and is often associated with a real economic crisis. A currency crisis raises the probability of a banking crisis or a default crisis. During a currency crisis the value of foreign denominated debt will rise drastically relative to the declining value of the home currency. Generally doubt exists as to whether a country's central bank has s

In sales, commerce, and economics, a customer (sometimes known as a client, buyer, or purchaser) is the recipient of a good, service, product, or an idea, obtained from a seller, vendor, or supplier via a financial transaction or an exchange for money or some other valuable consideration.

Customer value maximization (CVM) is a real-time service model that, proponents say, goes beyond basic customer relationship management (CRM) capabilities, identifying and capturing maximum potential from prospective and existing customers.

A debasement of coinage is the practice of lowering the intrinsic value of coins, especially when used in connection with commodity money, such as gold or silver coins, while continuing to circulate them at face value. A coin is said to be debased if the quantity of gold, silver, copper or nickel in the coin is reduced.

A debt crisis is a situation in which a government (nation, state/province, county, or city etc.) loses the ability of paying back its governmental debt. When the expenditures of a government are more than its tax revenues for a prolonged period, the government may enter into a debt crisis. Various forms of governments finance their expenditures primarily by raising money through taxatio

Debt monetization or monetary financing is the practice of a government borrowing money from the central bank to finance public spending instead of selling bonds to private investors or raising taxes. The central banks who buy government debt, are essentially creating new money in the process to do so. This practice is often informally and pejoratively called printing money or (net) mone

Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10.

In marketing, the decoy effect (or attraction effect or asymmetric dominance effect) is a phenomenon in consumer decision-making in which the inclusion of unattractive third option can change the perceived preference between the other two. This third option is asymmetrically dominated when it is inferior in all respects to one option; but, in comparison to the other option, it is inferio

In finance, default is failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity. A national or sovereign default is the failure or refusal of a government to repay its national debt.

In economics, deflation is an increase in the real value of the monetary unit of account, as reflected in a decrease in the general price level of goods and services exchanged, measurable by broad price indices.

Delay, Deny, Defend: Why Insurance Companies Don't Pay Claims and What You Can Do About It is a 2010 book by Rutgers Law professor Jay M. Feinman, and published by Portfolio Hardcover, an imprint of Penguin Group.

In monetary economics, the demand for money is the desired holding of financial assets in the form of money: that is, cash or bank deposits rather than investments. It can refer to the demand for money narrowly defined as M1 (directly spendable holdings), or for money in the broader sense of M2 or M3.

In economics, a demand shock is a sudden event that increases or decreases demand for goods or services temporarily.

Demand-pull inflation occurs when aggregate demand in an economy is more than aggregate supply. It involves inflation rising as real gross domestic product rises and unemployment falls, as the economy moves along the Phillips curve. This is commonly described as "too much money chasing too few goods". More accurately, it should be described as involving "too much money spent chasing too

Papua New Guinea's Department of Finance is responsible for the "protection of public money" in Papua New Guinea (PNG). It aims to improve "the transparency and accountability of the accounting and financial reporting and their frameworks" in the country. The department is led by a Minister of Finance. The headquarters of the department are at Vulupindi Haus, Waigani.

The Department of Finance (DOF; Filipino: Kagawaran ng Pananalapi) is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local government units, the review, approval and management of all publ

The Deutsche Bank Prize in Financial Economics honors renowned researchers who have made influential contributions to the fields of finance and money and macroeconomics, and whose work has led to practical and policy-relevant results. It was awarded biannually from 2005 to 2015 by the Center for Financial Studies (CFS), in partnership with Goethe University Frankfurt, and is sponsored by

Devils (Italian: Diavoli) is a financial thriller drama television series created by Alessandro Sermoneta, Mario Ruggeri, Elena Bucaccio, Guido Maria Brera, Daniele Cesarano, Barbara Petronio, and Ezio Abbate for Lux Vide and Sky Italy. It is based on the 2014 novel of the same title by Brera. Devils is a Lux Vide and Sky Italy production in association with Orange Studio and OCS.

The Directorate General of Customs and Excise (Indonesian: Direktorat Jenderal Bea dan Cukai abbreviated Bea Cukai or DJBC) is an Indonesian government agency under Ministry of Finance that serves the community in the field of customs and excise.

Discount policy is a policy tool used by central banks to control the money in circulation by raising or lowering interest rates.

Disinflation is a decrease in the rate of inflation – a slowdown in the relative rate of increase of the general price level of goods and services in a nation's gross domestic product over time. It is the opposite of reflation.

Dividend policy, in financial management and corporate finance, is concerned with

Dumping, in economics, is a form of predatory pricing, especially in the context of international trade. It occurs when manufacturers export a product to another country at a price below the normal price with an injuring effect. The objective of dumping is to increase market share in a foreign market by driving out competition and thereby create a monopoly situation where the exporter wi

In economics, Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector (for example, natural resources) and a decline in other sectors (like the manufacturing sector or agriculture). The term was coined in 1977 by The Economist to describe the decline of the manufacturing sector in the Netherlands after the discovery of the l

An earnings call is a teleconference or webcast in which a public company discusses its financial results for a reporting period, often providing earnings guidance for future performance. The term stems from earnings per share (EPS), calculated as net income (the "bottom line" on the income statement divided by the number of outstanding shares). Earnings calls typically accompany a press

The Eastern Caribbean dollar (symbol: $ or EC$; code: XCD) is the currency of all seven full members and one associate member of the Organisation of Eastern Caribbean States (OECS). The successor to the British West Indies dollar, it has been issued since 1965.

An economic bubble (also called a speculative bubble, asset bubble, or simply financial bubble) is a period when current asset prices greatly exceed their intrinsic valuation, being the valuation that the underlying long-term fundamentals justify. Bubbles can be caused by overly optimistic projections about the scale and sustainability of growth (e.g. dot-com bubble), and/or by the belie

The economic consequences of the Russo-Ukrainian war (2022–present) began in late February 2022, in the days after Russia recognized two breakaway Ukrainian republics and launched an invasion of Ukraine. The subsequent economic sanctions have targeted large parts of the Russian economy, Russian oligarchs, and members of the Russian government. Russia responded in kind. A wave of protests

In organizational behavior and psychology, Economic evaluation of time refers to perceiving of time in terms of money. (Other forms of evaluation of time are concerned with costs and benefits to the general community of changes in time-dependent activities.)

An economic expansion is an upturn in the level of economic activity and of the goods and services available. It is a finite period of growth, often measured by a rise in real GDP, that marks a reversal from a previous period, for example, while recovering from a recession. The explanation of fluctuations in aggregate economic activity between expansions and contractions ("booms" and "bu

Economic liberalisation in India refers to the policy changes, made mainly from 1991 onwards, that opened the Indian economy to foreign trade and investment and gave markets and private enterprises a larger role. Although some attempts at liberalisation occurred in 1966 and the early 1980s, a more comprehensive reform came in 1991.

Economic stagnation is a prolonged period of slow economic growth, typically measured in GDP per capita growth or median income growth, which is usually accompanied by high unemployment. Under some definitions, slow means significantly slower than potential growth as estimated by macroeconomists, even though the growth rate may be nominally higher than in other countries not experiencing

Edward Atkinson (February 10, 1827 – December 11, 1905) was an economist, inventor, and a founder of the American Anti-Imperialist League.

"Embrace, extend, and extinguish" (EEE), also known as "embrace, extend, and exterminate", is a phrase that the U.S. Department of Justice found to have been used internally by Microsoft to describe its strategy for entering product categories involving widely used open standards, extending those standards with proprietary capabilities, and using the differences to strongly disadvantage

The Engwall family (Swedish pronunciation: [ɛːŋːvˈǎll] ) is a prominent Swedish family descended from Jonas Engwall, an inventor and engineer. The Engwalls are noted as merchants, industrialists, scholars, bankers, politicians, activists, bureaucrats, military officials, philanthropists, economists, and diplomats.

Seiko Epson Corporation, commonly known as Epson, is a Japanese multinational corporation headquartered in Suwa, Nagano, Japan, and one of the world's largest manufacturers of printers and information- and imaging-related equipment. Its products include inkjet, dot matrix, thermal and laser printers for consumer, business and industrial use, scanners, laptop and desktop computers, video

Erik Lindahl (21 November 1891 – 6 January 1960) was a Swedish economist. He was professor of economics at Uppsala University 1942–58 and in 1956–59 he was the President of the International Economic Association. He was an also an advisor to the Swedish government and the central bank, and in 1943 was elected as a member of the Royal Swedish Academy of Sciences. Lindahl posed the questio

The nakfa (ISO 4217 code: ERN; Tigrinya: ናቕፋ naḳfa, or Arabic: ناكفا or نقفة nākfā) is the currency of Eritrea and was introduced on 15 November 1997 to replace the birr at par. The currency takes its name from the Eritrean town of Nakfa, site of the first major victory of the Eritrean War of Independence. The nakfa is divided into 100 cents.