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The currency of Afghanistan. Introduced in 1925, it was formerly pegged to the Indian rupee and the U.S. dollar. It briefly floated between 1978 and 1982, and it became a floating currency permanently in 1992. During the political instability of the 1990s, the afghani experienced rampant inflation, primarily because each warlord issued his own afghani. After the U.S.-led invasion in 2001, the Afghan government began issuing a new afghani, which has brought a certain amount of stability to the currency. See also: AFN, AFA.
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