AFN to ILS

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 (؋)

ILS - Israeli New Shekel (₪)

Israeli New Shekel

The Israeli New Shekel (ILS) is the currency of the State of Israel and is issued by the Bank of Israel. The name “Shekel” derives from an ancient unit of weight of approximately one ounce or 12 grams.

The Israeli New Shekel is the currency in Israel (IL, ISR). The Israeli New Shekel is also known as the Israeli Sheqel. The symbol for ILS can be written NIS. The Israeli New Shekel is divided into 100 new agorot. The exchange rate for the Israeli New Shekel was last updated on Today from The International Monetary Fund. The ILS conversion factor has 6 significant digits.

Economy

• Israel has a technologically advanced market economy. It ranks highly in innovation surveys. It has a high number of startup companies, and the largest number of NASDAQ listed companies outside North America. The country joined the OECD in 2010.
• Imports include crude oil, grains, raw materials, and military equipment. Exports include cut diamonds, high-technology equipment, and agricultural products (fruits and vegetables). Sizable trade deficits are offset by tourism and other service exports, along with significant foreign investment inflows.
• The global financial crisis of 2008-09 caused a brief recession in Israel, but the economy has recovered better than most economies due to prudent fiscal policy and a resilient banking sector.
• In mid-2011, public protests arose around income inequality and rising housing and commodity prices. The government has formed committees to address some of the grievances.
• Natural gasfields discovered off Israel's coast have improved the outlook for Israel's energy security. The Leviathan field is one of the world's largest offshore natural gas finds in the past decade.

History

• The Israeli Lira was the currency of the State of Israel from August 1948. From the 1960s onwards, a debate raged over the non-Hebrew name of the currency, resulting in a law ordering the currency to be replaced by the Shekel. The government introduced the Shekel on 24 February, 1980, at a rate of 1 Shekel = 10 Lirot.
• The Shekel (like the Lira before it) suffered frequent devaluations against the US Dollar and other foreign currencies. After a period of high inflation and as a result of a 1985 Economic Stabilization Plan, the Israeli New Shekel was introduced on January 1, 1986, at a rate of 1 New Shekel = 1000 Old Shekalim.
• Since the introduction of the Israeli New Shekel, the Bank of Israel and the government of Israel have maintained careful fiscal and monetary policies, resulting in a stable currency.
• The Israeli New Shekel has been freely convertible from January 1, 2003, and is exchanged by consumers in many parts of the world. On May 26, 2008, CLS Bank International announced that it would settle payment instructions in the currency, making it fully convertible.
• Derivatives trading in the currency started on the Chicago Mercantile Exchange on May 7, 2006. This makes the Israeli New Shekel one of only a dozen currencies for which there are widely available currency futures contracts in the foreign exchange market.
• Israel has no mint to produce its banknotes, which are printed in Switzerland, or coins, which are minted in South Korea.

More information about ILS - Israeli New Shekel (₪)