The Kabul times, Afghanistan Trustable News Agency.
EconomicNationalReport

Afghani keeps rising against foreign currencies this year

The Islamic Emirate (IEA) has been praised at the national and international level for keeping the Afghani (AFG) currency stable in the past two years. Afghanistan’s currency is now considered as the most stable currency in the region. Da Afghanistan Bank (DAB) has informed that the value of the Afghani appreciated 15.42 percent against the U.S. dollar this year compared to the past one year. The central bank’s first vice president Noor Mohammad in a video message sent to media has said that the value of the country’s currency has increased by 15.42 percent against the U.S. dollar this year comparing to the previous year. “The central bank has been able to preserve the value of afghani last year and did not allow serious losses to occur in this area,” Noor Mohammad said. Previously, the U.S.-based Bloomberg News Agency, known for providing business and economic news, had reported that trade with Asian neighbors has propelled Afghanistan’s currency to the top of global rankings. Based on Bloomberg’s report, the Islamic Emirate has unleashed a series of measures to keep the Afghani in a stronghold, including banning the use of dollars and Pakistani rupees in local transactions and tightening restrictions on bringing greenbacks outside the country. In Afghanistan, foreign exchange is now traded largely via money changers – locally called Sarrafs – who put up stalls in markets or operate from shops in cities and villages. The bustling, open-air market Sarai Shahzada in Kabul, where the equivalent of tens of millions of dollars cross hands every day. There is no limit to trading, according to the central bank. Da Afghanistan Bank, the country’s central bank, is auctioning up to $15 – 17 million almost every week to support the currency. Last September, the World Bank Afghanistan Economic Monitor provided a summary of Afghanistan’s economic developments and key economic indicators. In its report, the World Bank said that the Afghani (AFG) kept rising against foreign currencies, particularly the U.S. dollar. According to the World Bank report, the Afghani rose by 41.2 percent against the Iranian Toman, 29.3 percent against the Pakistani rupee, 7.3 percent against the U.S. dollar, 6.0 percent against the Chinese Yuan, and 4.9 percent against the Euro. It remained stable against the Indian rupee. In the meantime, the central bank has also torched worn-out banknotes amounting to more than 7.4 billion Afghanis during the past one year. The central bank’s first vice president has said that most of the new banknotes printed this year had been brought to the country and would be presented to the market according to reasonable monetary policies. The country’s central bank has torched worn-out banknotes worth 7.4 billion Afghanis across the country in the past one year. With the Islamic Emirate takeover, efforts have been made to keep the value of the Afghani stable. Today, the Afghani is known as the most valuable currency in the region. There are also hopes that the Afghani will further appreciate against foreign currencies, particularly the U.S. dollar. Mukhtar Safi

Related posts

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

The Kabul times, Afghanistan Trustable News Agency.