AFN to MVR

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 (؋)

MVR - Maldivian Rufiyaa (MVR)

Maldivian Rufiyaa

The Rufiyaa is the official currency of the Maldives. The Monetary Authority of Maldives determines the rate vs. the US Dollar and controls the issue of currency. The name Rufiyaa is derived from the Hindi word rupiyaa or Sanskrit rupya. The Rufiyaa is divided into 100 laari.

The Maldives Rufiyaa is the currency in Maldives (MV, MDV). The symbol for MVR can be written Rf. The Maldives Rufiyaa is divided into 100 lari. The exchange rate for the Maldives Rufiyaa was last updated on May 24, 2019 from Yahoo Finance. The MVR conversion factor has 4 significant digits.

Economy

• The economy of the Maldives is based on shipping, fishing, and tourism.
• Tourism is the largest commercial activity in the Maldives, accounting for 28% of the GDP. At least 60% comes from the foreign exchange trade.
• Fishing is the second most important factor in the economic success of the Maldives.
• Economic reforms have increased imports and opened export opportunities to the private sector.
• Government manufacturing and agricultural programs play only a minor part in the economic success, because there is limited cultivable land and a lack of domestic labor.

History

• Cowry shells were the very first form of currency used in the Maldives.
• Larin were imported and used as a currency for trading in the 17th and 18th centuries. During at this period, larin were also used as currency in India, the Persian Gulf, Ceylon, and in far eastern countries.
• Sultan Ibrahim Iskandar introduced the first coins during his reign. The coins were cast in the capital city of Male.
• In 1947, the Ceylonese Rupee joined the coins in circulation; this change was also initiated by the Sultanate. Rufiyaa banknotes were introduced, with a value equal to the Rupee.
• In 1960 coins denominated in laari, valued at 1/100th of a Rufiyaa, were introduced.

More information about MVR - Maldivian Rufiyaa (MVR)