AFN to TOP

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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TOP - Tongan Paʻanga (TOP)

Tongan Paʻanga

The Pa’anga is the currency of the Tonga and is governed by the National Reserve Bank of Tonga. The Pa’anga is not convertible and is pegged to a basket of currencies including the Australian Dollar, New Zealand Dollar, US Dollar, and the Japanese Yen.

The Tongan Pa'Anga is the currency in Tonga (TO, TON). The symbol for TOP can be written PT or T$. The Tongan Pa'Anga is divided into 100 seniti. The exchange rate for the Tongan Pa'Anga was last updated on May 24, 2019 from Yahoo Finance. The TOP conversion factor has 5 significant digits.

Economy

• The manufacturing sector of Tonga consists of handicrafts and a few other small-scale industries, all of which account for only about 3% of GDP.
• Commercial business activities also are on a small scale and are dominated to a large extent by the same large trading companies found throughout the South Pacific.
• Tonga’s economy is characterized by a large no monetary sector and a heavy dependence on remittances from the half of the country's population that lives abroad, chiefly in Australia, New Zealand, and the United States.
• Much of the monetary sector of the economy is dominated, if not owned, by the royal family and nobles. This is especially true of the telecommunications and satellite services.
• Most of the small business activity, particularly retailing on Tongatapu, is now dominated by recent Chinese immigrants who arrived under a cash-for-passports scheme that ended in 1998.

History

• The Pa’anga was introduced on April 3, 1967. It replaced the Pound at a rate of 2 Pa’anga = 1 Pound.
• In September, 1974, the country's first commercial trading bank, the Bank of Tonga, opened.
• Until February 11, 1991 the Pa’anga was pegged to the Australian Dollar at par. Since then, it has been pegged to a basket of currencies and has steadily declined.

More information about TOP - Tongan Paʻanga (TOP)