AFN to LBP

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 (؋)

LBP - Lebanese Pound (LBP)

Lebanese Pound

The Lebanese Pound is the official currency of Lebanon, signified by £ or L£. The Pound is also known as the Lira in Arabic or the Livre in French, and all notes and coins are written and referred to in both languages. The Pound is sub-divided into 100 piastres, although over time inflation has rendered the piastre obsolete. The Pound is pegged to the US Dollar at 1 USD = 1,507.5 LBP.

The Lebanese Pound is the currency in Lebanon (LB, LBN). The symbol for LBP can be written L L. The Lebanese Pound is divided into 100 piastres. The exchange rate for the Lebanese Pound was last updated on May 24, 2019 from Yahoo Finance. The LBP conversion factor has 5 significant digits.

Economy

• International emigration has created "commercial networks" throughout the world leading to $8.2 billion dollars of remittances in 2009. The money sent by Lebanese expatriots to their relatives represented 20% of the country's economy.
• Lebanon has the highest proportion of skilled labor between Arab states.
• To boost the economy and increase foreign direct investment, the Lebanese government has created an agency to promote domestic investments, IDAL, the Investment Development Authority of Lebanon in 1994. It was established to promote Lebanon as a key investment destination, and the attraction of providing and maintaining investments in the country.
• In 2001, Law No.360 Investment was enacted to strengthen the mission of the organization, providing a framework for regulating investment activities in Lebanon, and providing local and foreign investors with a series of incentives and services business support. In addition to its role as investment promotion agency, IDAL was given the active promotion and marketing Lebanese exports including but not limited to agricultural and agro products.

History

• The Ottoman Lira was used before World War I. After the fall of the Ottoman Empire, the currency became the Egyptian Pound in 1918.
• After seizing control of Syria and Lebanon, the French replaced the Egyptian pound with a new currency in Syria and Lebanon, the Syrian Pound, which was linked to the French Franc at a value of 1 Pound = 20 Francs.
• Lebanon issued its own coins and banknotes from 1924 from 1925.
• Lebanon's first banknotes were issued by the Bank of Syria and Greater Lebanon (Banque du Liban) in 1925. Denominations ran from 25 girsha through to 100 pounds. In 1939, the bank's name was changed to the Bank of Syria and Lebanon.
• In 1939, the Lebanese Pound officially separated from that of Syria, although it was still linked to the French Franc and remained interchangeable with Syrian money.
• In 1941, after the defeat of France by Nazi Germany, the Lebanese Pound was linked instead to the British Pound Sterling at a rate of 8.83 Lebanese Pounds = 1 Pound Sterling. A link to the French Franc was restored after the war, but was abandoned in 1949.

More information about LBP - Lebanese Pound (LBP)