AFN to IRR

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 (؋)

IRR - Iranian Rial (﷼)

Iranian Rial

The Iranian Rial is issued by the Central Bank of the Islamic Republic of Iran. 100 dinar make up a Rial; however, dinar are not used in accounting because of the very low value of the Rial.

The Iranian Rial is the currency in Iran (Islamic Republic of Iran, IR, IRN). The symbol for IRR can be written Rls. The Iranian Rial is divided into 10 rials to a toman. The exchange rate for the Iranian Rial was last updated on January 18, 2019 from The International Monetary Fund. The IRR conversion factor has 6 significant digits.

Economy

• Iran has the eighteenth largest economy in the world in purchasing power parity (PPP). Over half of Iran’s GDP comes from the service sector, over a third from industry and manufacturing, and around 10% from agriculture.
• Iran's economy is a mixture of central planning, state ownership of oil and other large concerns, village agriculture and small-scale private trading and service companies.
• Iran has significant oil and gas reserves, and about 45% of government budget revenues come from exports of these commodities. The continued rise in world oil prices has eased some of the financial impact of international sanctions against the country.
• Price controls, subsidies, and other rigid government policies weigh down the economy, and corruption is widespread. The government has introduced some measures to improve efficiencies, such as reducing state subsidies on food and energy. However, the economy continues to suffer from inflation, unemployment and sluggish growth.

History

• The Iranian Rial first appeared as a coin, from 1798 to 1825. The name derived from the Real, the currency of Spain at the time.
• The Rial was reintroduced in 1932, divided into one hundred (new) dinars. It replaced the toman (which is the term still used today by Iranians when they discuss money).
• The value of the Iranian Rial declined precipitously after the Islamic revolution of 1979 because of capital flight from the country (estimated at $30 to $40 billion).
• The value of the Iranian Rial is stable, thanks to tight control by the central bank, which manages demand through state ownership of oil export earnings, and oversight of monetary flows. The bank does allow the rial to weaken in nominal terms to improve the competitiveness of non-oil exports.

More information about IRR - Iranian Rial (﷼)