AFN to CUP

AFN - Afghan Afghani (؋)

Afghan Afghani

The Afghan Afghani (AFN) was introduced in 2003 as the new currency for Afghanistan. Two distinct rates were established: the government issue of 1000 and the northern alliance of 2000. Prior to 2003 the currency was the Afghanistan Afghani (AFA). There is no stock market. Money lending as well as foreign exchange is done through money bazaars.

The Afghan Afghani is the currency in Afghanistan (AF, AFG). The symbol for AFN can be written Af. The Afghan Afghani is divided into 100 puls. The exchange rate for the Afghan Afghani was last updated on May 24, 2019 from Yahoo Finance. The AFN conversion factor has 3 significant digits.

Economy

• Afghanistan relies on foreign aid, trade, and farming from bordering countries.
• The country and international concerns are focusing on improving infrastructure by creating jobs, promoting development of housing, and investing in education.
• International groups contributed over $2 billion to help Afghanistan’s dying economy.
• Afghanistan's agricultural products include wheat, wool, nuts, mutton, opium, lamb skin, and sheep skin.
• Afghanistan exports mainly nuts, fruit, carpets, and cotton.
• Imports include textiles, petroleum products, and capital goods.

History

• The first Afghani (AFA) was introduced in 1925. Before this time period the Afghan Rupee was the official currency.
• From the year 1925 to the year 1928 Afghani treasury notes were introduced.
• In 1975, all Afghanistan banks were nationalized.
• In 1981, the Afghani was pegged to the United States Dollar at 1 USD = 50 Afghanis.
• Afghanistan was taken over by Taliban rulers in 1996. The Taliban central bank declared the Afghanistan Afghani worthless and the bank cancelled the contract they had with Russia for printing their money. The country's currency was devalued against the US dollar to a rate of 1 USD = 43 Afghani.
• In 2002, the new Afghan Afghani currency (AFN) was introduced. In October, 2003 Afghanistan started using AFN as the official currency in local trade.
• In 2005, Afghani coins replaced the 1, 2, and 5 Afghani banknotes.
• Since 2005 the Afghanistan economy has grown at a steady pace.

More information about AFN - Afghan Afghani (؋)

CUP - Cuban Peso (CUP)

Cuban Peso

The Cuban Peso (CUP) is one of the two currencies used in Cuba. The other currency is called the Cuban Convertible Peso. Since 1994, the Cuban Peso has been in limited use. It is known as the National Peso. Retails stores and other businesses mainly use the Cuban Convertible Peso. The Convertible Peso is ~25 times more valuable than the National Peso.

The Cuban Peso is the currency in Cuba (CU, CUB). The symbol for CUP can be written Cu$. The Cuban Peso is divided into 100 centavos. The exchange rate for the Cuban Peso was last updated on May 24, 2019 from Yahoo Finance. The CUP conversion factor has 2 significant digits.

Economy

• Cuba’s economy is run by the state and seen as a planned economy.
• The majority of the labor force works for the government. The unemployment rate is 1.7%.
• Services account for 74% of the total GDP.
• Top industries are tobacco, petroleum, steel, cement, pharmaceuticals, construction, nickel, agricultural machines, and sugar.
• Export products are tobacco, shellfish, coffee, citrus, and medical products.
• Import products are chemicals, equipment and machinery, food, and petroleum.
• Cuba recently started attracting world class pharmaceutical and biotechnology industries.
• 80% of Cuba’s food is imported.
• Tourism is growing rapidly, however the retail sector in Cuba is poorly run.
• Netherlands is the largest importer of Cuban products.

History

• The peso was introduced in 1857, replacing Reales at 1 Peso = 8 Reales.
• In 1869, banknotes were subdivided into centavos.
• In 1881, the Cuban peso was pegged to the US Dollar at par.
• In 1915, the first coins were distributed.
• In 1960, the Peso was pegged to the Soviet Ruble and the USD peg became redundant.
• In 1991, the Soviet Union dissolved and the Peso started losing value against the USD.
• From 1993 to 2004, Cuba used the Peso for non-luxury items and staples; the Convertible Peso and the USD were mainly used in the tourism trade and for luxury items.

More information about CUP - Cuban Peso (CUP)