AFN to KRW

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 (؋)

KRW - South Korean Won (₩)

The South Korean won is the official currency of South Korea. Its currency code is KRW and its symbol is ₩. The won’s conversion factor goes to 6 significant digits. It is a fiat currency.

The Korean Won is the official currency of South Korea. South Korea is a sovereign state in east Asia, located on the southern portion of the Korean Peninsula. The capital and largest city is Seoul, which has a population of over 10 million people.

The Korean Won is the currency in South Korea (Republic of Korea, KR, KOR). The symbol for KRW can be written W. The Korean Won is divided into 100 chon. The exchange rate for the Korean Won was last updated on Today from The International Monetary Fund. The KRW conversion factor has 6 significant digits.

Economy

• South Korea has a market economy that is ranked 14th in the world by nominal GDP and 12th by purchasing power parity (PPP), which makes it one of the G-20 major economies.
• It is a developed, high-income country and is a member of the OECD. South Korea is one of the Asian tigers and is the only developed country to date have been included in the next group of eleven countries.
• South Korea had one of the fastest-growing economies in the world from the late 1960s to 1990, and remains one of the fastest-growing developed countries in the 2000s, along with Hong Kong , Singapore, and Taiwan. The other members of the Asian tigers refer to this growth as the Miracle on the Han River.
• The South Korean economy is highly dependent on international trade. In 2010, South Korea was the sixth largest exporter and the tenth largest importer.
• On November 11 and 12, 2010 South Korea hosted the fifth G20 summit in Seoul. The two-day summit was expected to boost Korea's economy by ₩ 31 trillion, or 4% of the country’s 2010 GDP and create over 160,000 jobs, as well as improve the country's sovereign credit rating.

History

• The Won has been in use for thousands of years. During the Colonial era, the Won was replaced at par by the Yen.
• In 1945, after World War II, Korea was divided, which resulted in two different currencies for the South and North, both called Won. Both wons replaced the Yen at par.
• The first South Korean Won was subdivided into 100 jeon. The Won was initially pegged to the US Dollar at a rate of 15 Won = 1 Dollar. A series of devaluations followed, the later ones due in part to the Korean War.
• In 1946, the Bank of Joseon introduced 10-won and 100-won notes. These were followed in 1949 by 5-won and 1000-won notes.
• In 1950, a new central bank, the Bank of Korea, was established and assumed the duties of the Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10, and 50 jeon, as well as 100 and 1000 won. 500-won notes were introduced in 1952.
• In 1953, a series of banknotes were issued. although it gave the names of English in Won, the first numbers were, in fact, Hwan.

More information about KRW - South Korean Won (₩)