AFN to SAR

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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SAR - Saudi Riyal (SR)

Saudi Riyal

The Saudi Riyal is the name given to the official currency of Saudi Arabia. The Riyal has been the currency for the country since before the name Saudi Arabia existed. The Riyal was also used as the currency for The Kingdom of Hejaz from 1916-1925. The Riyal is currently pegged to the US Dollar at a rate of 1 USD = 3.75 SR.

The Saudi Arabian Riyal is the currency in Saudi Arabia (SA, SAU). The Saudi Arabian Riyal is also known as the Saudi Arabian Rial. The symbol for SAR can be written SRls. The Saudi Arabian Riyal is divided into 100 halalat. The exchange rate for the Saudi Arabian Riyal was last updated on Today from The International Monetary Fund. The SAR conversion factor has 6 significant digits.

Economy

• Saudi Arabia’s economy is highly dependent on the petroleum industry, with ~45% of GDP and 90% of exports derived from the oil sector. It is estimated that Saudi Arabia controls roughly 20% of the world’s total oil reserves.
• The current Saudi government is attempting to reduce its dependence on oil and stimulate growth in other industries by privatizing several key public functions — telecommunications and electricity.
• The Saudi stock market index, known as the Tadawul , is the largest stock market in the Middle East.
• Saudi Arabia is one of the fastest growing countries in the world. Per capita income is expected to rise from ~USD$15,000 in 2006 to >$33,000 in 2020, due in part, to the establishment of six new “economic cities.

History

• The Riyal has been the currency of Saudi Arabia since before its name change (from Kingdom of Hejaz) in 1925. Its original value was tied to the Ottoman 20 kuruş, but used the term ghirsh (or qirsh or قرش in Arabic).
• In 1925, coins were introduced for ¼, ½ and 1 ghirsh. ¼, ½ and 1 riyal coins followed shortly thereafter, and were introduced in 1927. These coins were still identified as the currency of the Kingdom of Hejaz.
• The first coins issued as the currency of Saudi Arabia were introduced in 1935. These coins replaced the ¼, ½, and 1 riyal Kingdom of Hejaz coins.
• In 1937, the ¼, 1/2, and 1 ghirsh Hejaz coins were also replaced by Saudi Arabian equivalents, and in 1946, 2 and 4 ghirsh coins were introduced.
• The first “banknotes” were introduced in 1953 by the Saudi Arabian Monetary Authority (SAMA). Haj Pilgrim Receipts were actually receipts that were intended to be used in pilgrim foreign exchange transactions, but eventually became widely used for larger transactions.
• In 1961, SAMA replaced Haj Pilgrim Receipts with regular banknotes in values of 1, 5, 10, 50, and 100 riyal. Pilgrim Receipts were officially phased out in 1964.
• In 1963, the ghirsh was replaced by a new sub-division, the halala, with 1 halala = 1/100th of a riyal. At introduction, a 1 halala coin was issued, but 5, 10, 25, and 50 halala coins followed in 1972. The ghirsh is no longer commonly used in Saudi Arabia.
• In 1986, the Riyal was pegged to the IMF’s Special Drawing Rights. In 2003, the Riyal was officially pegged to the US Dollar at 1 Riyal = 3.75 USD.

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