Time Period: 1890-1926 (AH:1308-1343 / SH:1269-1305)
Currency: Afghan Rupee
Transition
-
Sub-units
Rupee / 60 Paisa / 10 Dinar
ISO4217
none (informal: AFR)
Timeline
around 1890
(AH1308) Emir's decree declared the silver Rupee of Kabul as the nation-wide standard and the establishment of a central mint in Kabul - Silver coin issuance in units of the Rupee began in 1890 (AH1308) - Gold coin issuance began in 1891 (AH1309), denominated "Tilla" at a nominal value of 10 Rupees but were traded at bullion as no fixed gold-to-silver ratio had been established.
around 1919
(SH1298) Start of issuance of paper money by the Treasury to substitute the circulating silver; did not circulate widely due to lack of public acceptance
1928-1929
(AH1347-1349) Restoration of the Rupee standard under the government of Habibullah Kalakani (the Usurper) instead of the Afghani that was introduced two years earlier
Valuation Regimes
1890-1926
Metallic currency based on circulating silver coins, additional gold coins without fixed rate against silver. Base weight was the Kabul mishkal / 24 nokhud at 4.6 grams.
Rate Arrangements
??.??.1890
Metallic
Rupee: 8'280.00mg AG fine; Gold bullion "Tilla": 4'140.00mg AU fine
Rupee at 2 Kabul mishkal of 0.900 silver; Tilla at 1 Kabul mishkal of 0.900 gold
Time Period: 1926-2002 (AH:1343-1423 / SH:1305-1381)
Currency: 1st Afghan Afghani
Transition
10 : 11
Sub-units
Afghani / 100 Pul
ISO4217
AFA
Timeline
14.03.1926
SH:23.12.1304
Law on the creation of the new currency; effective 21.03.1926 (SH:01.01.1305)
around 1926
Start of issuance of the new coinage dated AH1304; unknown if the earlier Rupee coins were demonetized or disappeared gradually
09.05.1933
SH:19.02.1312
Establishment of the privately owned Afghan National Bank (Bank Millie) out of the Afghan Stock Company (Sherkate Sahami), founded in 1930 (SH1309)
26.10.1935
SH:04.08.1314
Law on the issuance of paper money by the Ministry of Finance, facilitated by the Bank Millie; effective immediately (?), and issuance began in 1936 (SH1315)
around 1936
(AH1315) Start of issuance of bullion coins without denominations in units of 8, 4 grams 900 gold
11.09.1939
SH:19.06.1318
Law [No. 11] on the establishment of the Bank of Afghanistan as state-owned central and commercial bank; effective by royal assent [No. 5280/1317] of 07.02.1940 (SH:17.11.1318). - 03.03.1958 (AH:13.08.1377): Law on the separation of the central and commercial bank functions; effective 16.06.1961 (AH:01.01.1381)
Valuation Regimes
1926-1935
Metallic currency based on circulating silver and gold coins. Due to debasing of silver, gold was rather traded as bullion.
1935-1940
Fixed rate against Indian Rupee as set by Bank Millie (National Bank).
1940-1949
Variable rate around the former fixing against the Indian Rupee, the base currency informally switched to the US Dollar.
1949-1993
Fixed official rate against US Dollar, economic activities mostly at either special rates for certain goods or at effective market ("bazaar") rates.
1993-1996
Central Bank switched from the inoperative official rate to the variable "commercial export rate". Paper money was (supposedly) issued by rivalling factions in the civil war.
1996-2002
Central Bank re-introduced the official fixed rate. Economic activities mostly at effective market ("bazaar") rates. The effective rate strongly inflated in the late 1990s and in particular after the US-led invasion.
Rate Arrangements
21.03.1926
Metallic
Afghani: 9'000.00mg AG fine; Gold bullion "Amani": 5'400.00mg AU fine
Afghani at 10 grams 0.900 silver; Amani (nominally of 20 Afghani) at 6 grams 0.900 gold
26.10.1935
Fixed
Indian Rupee at 1 : 4
-
??.??.1940
Fixed
US Dollar at 1 : 13
+1.8%
??.04.1947
Fixed
US Dollar at 1 : 13.44
-3.3%
23.12.1948
Fixed
US Dollar at 1 : 14.17
-5.2%
01.10.1949
Fixed
US Dollar at 1 : 16.80
-15.7%
24.10.1956
Fixed
US Dollar at 1 : 20
-16.0%
23.03.1963
Fixed
US Dollar at 1 : 45 - [Gold parity] 19.75mg AU fine
-55.6%
21.03.1979
Fixed
US Dollar at 1 : 50.60
-11.6%
12.08.1993
Variable
initially: US Dollar at 1 : 1'400 - Commercial Rate
-96.4%
07.12.1996
Fixed
US Dollar at 1 : 4'750
-
Time Period: 2002- (SH:1381-)
Currency: 2nd Afghan Afghani
Transition
1 : 1'000
Sub-units
Afghani / 100 Pul
ISO4217
AFN
Timeline
04.09.2002
SH:13.06.1381
Currency law; effective 07.10.2002
07.10.2002
Start of currency exchange: - 07.10.2002: Start of issuance of the new banknotes and coins - 02.01.2003: Demonetization of the former currency - Partial confiscation in the territories held by the Northern Alliance: the currency exchange occured at the reduced rate of 1 : 2'000 on grounds of the (supposed) wide-spread counterfeiting.