The Kabul times, Afghanistan Trustable News Agency.
EconomicNational

Increasing Afghani value against U.S. dollar

Afghan money exchangers union in Kabul, the capital, says that the value of Afghan currency has increased against the U.S. dollar in recent days. According to money exchanges in Kabul, currently, one U.S. dollar is exchanged to nearly 85 Afghani. It is the first time the value of the Afghan currency has increased in the past two years. Last week one dollar was 86 Afghani but today one dollar is exchanged for 85 Afghani. The Afghani currency appreciated by 5.5 percent against the U.S. dollar on Sunday 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 85.23 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. The country’s central bank injects weekly 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 of exports and crackdown on dollar trafficking is the main reason for the increase in value of Afghan currency against other currencies. 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, the 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. The Islamic Emirate has recently imposed new restrictions on those carrying foreign currency out of the country via a directive from the office of the prime minister of the Islamic Emirate following a report that millions of dollars were being smuggled to outside. Based on the directive of the country’s Prime Minister office, the order spelled out new currency limits clearly for the first time and laid out new punishments up to a year in prison. While a $5,000 limit was already in place, the new edict added that the amount people could take via road border crossings. It is good news that the country’s currency has kept its value against foreign currencies particularly the U.S. dollar. Afghan economic experts believe increasing the value of the Afghan currency will put positive impact on economic development in the country. According to the experts, the Afghan currency has shown a lot of resistance against foreign currencies during the past year. Shukria Kohistani

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The Kabul times, Afghanistan Trustable News Agency.