The Kabul times, Afghanistan Trustable News Agency.
EconomicNational

Afghani strengthens against foreign currencies

An Afghan money changer displays a 100 US dollar bill at the currency exchange market in Kabul on December 30, 2013. The Afghanistan afghani (AFN) currently stands at 56.40 against the US dollar, and 0.534 against the Pakistani rupee .

Afghani, Afghanistan’s currency, is considered a stable currency. It has kept its value against foreign currencies in the past almost two years. Afghanistan Money Exchangers Union in Kabul, the capital, says that the value of Afghan currency has increased against foreign currencies particularly the U.S. dollar in recent days. According to money exchangers in Kabul, currently, one U.S dollar is exchanged to nearly 85.60 Afghani. In recent days, the value of the country’s currency against foreign currencies has increased considerably. Last week one dollar was 87 Afghani but today one dollar is exchanged for 85 Afghani. The Afghani currency appreciated by almost 5 percent against the U.S. dollar due to the growing demand for the local currency in the market. Money Changers Union in Sari-e-Shahzada said one U.S. dollar was accounted for 85.60 AFG in the market on Sunday while in December last year, one U.S. dollar was accounted for 90 AFG. After the intervention of the Da Afghanistan Bank (DAB) by injecting dollars in the market the value of Afghani did not further declined. In the meantime, money exchangers in Sara-e-Shahzada say the U.S. dollar depreciated against Afghani because Eid-ul-Adha is approaching and people are making preparations for the religious festival, increasing the economic activity amid the hajj season. According to money exchangers, in the last few days, the Ministry of Finance sold dollars in the market and bought Afghanis to give salaries to officials and teachers, boosting the value of Afghan currency. Previously officials in the Islamic Emirate of Afghanistan (IEA) had said that based on the economic policy of the country’s central bank, the country’s currency has been among the nine most stable currencies in the world in the last year. According to the officials of the country’s central bank, based on the American publication Bloomberg assessment, fortunately, Afghani has become one of the 9 top and stable currencies as its value has increased by 5.6 percent against the U.S. dollar compared to last year. One of the reasons for the value of Afghani against foreign currencies is the recent increase in exports of Afghanistan products to foreign countries. Another reason is the injection of millions of dollars to the market by the Ministry of Finance. The country’s central bank injects in a week or two millions of U.S. dollars into the market to keep the value of Afghani stable. The country’s Ministry of Economy believes that the increase in exports and crackdown on dollar trafficking is the main reason for the increase in the value of Afghan currency against other currencies. Mohammad Daud

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The Kabul times, Afghanistan Trustable News Agency.