AFN to KZT

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 (؋)

KZT - Kazakhstani Tenge (₸)

Kazakhstani Tenge

The Tenge has been used as the currency for Kazakhstan since it replaced the Russian Ruble on 15 November 1993. The term Tenge means “a set of scales” in the Turkic languages. The Tenge is divided into into 100 tïın (тиын).

The Kazakhstani Tenge is the currency in Kazakhstan (KZ, KAZ). The Kazakhstani Tenge is divided into 100 tiyn. The exchange rate for the Kazakhstani Tenge was last updated on January 31, 2019 from The International Monetary Fund. The KZT conversion factor has 6 significant digits.

Economy

• Kazakhstan’s economy is highly dependent on crude oil prices. Continuous increases in the price of crude oil lead to GDP growth rates of nearly 10% for much of the 2000s.
• The 2008-2009 financial crisis has revealed weaknesses in the center of the country's economy, leading to a 19.81% GDP decline in 2008. Four major banks were rescued by the government in late 2008 and housing prices have dropped dramatically.
• Major exports of Kazakhstan include wheat, textiles and livestock. Kazakhstan is also a major exporter of uranium.

History

• Kazakhstan is one of the last countries in the Commonwealth of Independent States (CIS) — the former Soviet Republics — to introduce a national currency.
• In 1991, a "panel" of the designers was created to introduce a new national currency.
• On November 12, 1993, a decree of President of Kazakhstan, "On the introduction of the national currency of the Republic of Kazakhstan" was published leading to the introduction of the Kazakhstan Tenge on November 15, 1993. As such, November 15 is celebrated the "Day of the national currency of the Republic of Kazakhstan."
• In 1995, a Kazakhstan Tenge printing factory was opened. The first consignment of Kazakhstan Tenge was printed abroad in the United Kingdom. The first coins were minted in Germany.

More information about KZT - Kazakhstani Tenge (₸)