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Afghanistan Currency


The Afghani (sign: Afs;
Pashto: ﺍﻓﻐﺎﻧۍ;
Persian ﺍﻓﻐﺎﻧﯽ; code:
AFN) is the currency of
Afghanistan. It is
nominally subdivided
into 100 pul ( ﭘﻮﻝ),
although there are no
pul coins in circulation.
Original Afghani
The first Afghani (ISO
4217 code: AFA) was
introduced in 1925. In
addition to being
subdivided into 100 pul,
20 Afghani were equal
to the amani. The rate
of conversion from the
rupee is sometimes
quoted as 1 Afghani =
1.1 rupee, based on
the silver contents of
the last rupee coins and
the first Afghani coins.
The Afghani initially
contained 9 grams of
Except during World War
II Afghanistan's foreign
exchange rate has been
freely determined by
market forces.
However, for some
periods, a dual exchange
rate regime existed in
Afghanistan: an official
exchange rate which
was fixed by the
Afghan Central Bank,
and a free market
exchange rate which
was determined by the
supply and demand
forces in Kabul's money
bazaar called Saraye
Shahzada. For
example, in order to
avoid the seasonal
fluctuations in the
exchange rate, a fixed
exchange rate was
adopted in 1935 by the
Bank-e Milli, which was
then responsible for the
country's exchange rate
system and official
reserves. Bank-e
Millie agreed to
exchange the Afghanis
at 4 Afs against 1
Indian Rupee in 1935.
After the
establishment of Da
Afghanistan Bank as
the Central Bank of
Afghanistan, such a
preferential official
fixed exchange rate
continued to be
practiced. Although Da
Afghanistan Bank tried
to keep its official rate
close to the Saraye
Shahzada's exchange
rate, the gap between
the official and free-
market exchange rates
widened in the 1980s
and during the civil war.
Since 2002, Da
Afghanistan Bank has
adopted a floating
exchange rate regime
and has let the
exchange rate to be
determined freely by
market forces.

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