Fall In Afghani Value Against Dollar ‘Unprecedented’

The value of Afghani against dollar has dropped by three percent in the local foreign exchange market over the past three months despite that the Central Bank has injected at least $850 million into the currency market since the beginning of this year.  

Central Bank injects $16 to $20 million into the currency market every week to protect the value of Afghani against other currencies, the Central Bank spokesman Aimal Ashur said.

But, a member of the union of money exchangers said the weekly injection of dollar into the currency market has dropped to $30 million which has left a negative impact on Afghani’s stability.

On Tuesday, May 21, the exchange rate for one dollar was AFs81 which according to money exchangers is “unprecedented”.

“Previously, we had more than $80 million worth foreign exchange in the currency market in a week, but now it has dropped to $30 million,” said Amin Jan Khosti, member of money exchangers union.

Kabul residents said the ordinary Afghans are paying the price for the unprecedented rise in the value of dollar against Afghani.

“We call on government to control the market because the people are faced with many problems,” said Ajmal, a Kabul resident.

“The government is not paying attention to this matter. The value of dollar is rising unprecedently,” said Mohammad Sami Mohmand, a Kabul resident.

According to Central Bank officials, Afghani’s value is “more stable” this year compared with the last year.

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