AFN to NIO

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.

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NIO - Nicaraguan Córdoba (NIO)

Nicaraguan Córdoba

The Cordoba is the official currency of Nicaragua. The currency was named after the Francisco Hernández de Córdoba, the founder of Nicaragua. The Cordoba is divided into 100 centavos.

The Nicaraguan Cordoba Oro is the currency in Nicaragua (NI, NIC). The symbol for NIO can be written C$. The Nicaraguan Cordoba Oro is divided into 100 centavos. The exchange rate for the Nicaraguan Cordoba Oro was last updated on May 24, 2019 from Yahoo Finance. The NIO conversion factor has 5 significant digits.

Economy

• Nicaragua’s main source of economic stability is the agricultural sector. The country is considered the least developed country in Central America and is the second poorest country in the Americas in terms of nominal GDP.
• Nicaragua’s annual GDP has gone down to almost 3% in 2009, as a result of reduced export demands, lower prices for agricultural exports, and low remittance growth in the world markets, mainly between Central America and the United States.
• Remittances are the major source of income for Nicaragua. Remittances correspond to 15% of the total country’s GDP.
• Apparel and textile exports are responsible for approximately 60% of Nicaragua’s annual GDP, and its advantage in the industry will probably increase due to minimum wage increases during the Ortega administration.
• In 2004, Nicaragua secured a $4.5 billion reduction in its foreign debt under the Heavily Indebted Poor Countries.
• Nicaragua’s economic status depends on international assistance to meet its internal and external debt fund obligations, but foreign donors have restricted funding after the electoral fraud in November 2008.
• In October 2007, the IMF approved a new poverty reduction and growth facility intended to support the Nicaraguan government’s economic growth plan.

History

• In March 20, 1912, the first Cordoba currency was introduced, replacing the Peso at a fixed rate of 1 Cordoba = 12 ½ Peso. It was initially equal to the US Dollar.
• On February 15, 1988, the second Cordoba was introduced; it was equivalent to 1,000 of the first Cordoba.
• On April 30, 1991, the third Cordoba, known as the Cordoba Oro, was launched with 5,000,000 = 1 second Cordoba.

More information about NIO - Nicaraguan Córdoba (NIO)