The Afghani is the currency of Afghanistan. It is subdivided into 100 pul. The first Afghani (ISO 4217 code: AFA) was introduced in 1925, replacing the Afghan rupee. 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 silver. Between 1979 and 1982 and again from 1992, the Afghani's value floated. Prior to the U.S. invasion of Afghanistan, warlords, political parties, foreign powers and forgers each made their own Afghani banknotes, with no regard to standardization or honouring serial numbers. In December 1996, shortly after the Taliban took control of Afghanistan's institutions, Ehsanullah Ehsan, the chairman of the Taliban's Central Bank, declared most Afghani notes in circulation to be worthless and cancelled the contract with the Russian firm that had been printing the currency since 1992. Ehsan accused the firm of sending new shipments of Afghani notes to ousted president Burhanuddin Rabbani in northern Takhar province.

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