Saturday, December 2, 2023

Afghani surges 4.4% against US Dollar: Central Bank

Immigration News

Fidel Rahmati
Fidel Rahmati
Fidai Rahmati is the editor and content writer for Khaama Press. You may follow him at Twitter @FidelRahmati

On Wednesday, Afghanistan’s central bank officials announced that the Afghani (AFN) had experienced a noteworthy strengthening of 4.4 per cent against the US dollar over the last year.

This positive development follows a substantial 10.4% decline in the value of Afghani during the previous year.

Hidayatullah Badri, serving as the acting head of the central bank, Da Afghanistan Bank, highlighted this progress while presenting the national accountability report. He revealed that bank customers nationwide can now withdraw up to $600 weekly and $2,000 monthly from their respective bank accounts.

Badri emphasized, “The officials of Da Afghanistan Bank have adeptly upheld the integrity of the Afghan currency by implementing prudent policies. The bank has been dedicated to enhancing banking services and is actively fostering the growth of Islamic banking within the country.”

According to reliable sources within the central bank, the average inflation rate within the country has notably decreased from 12% to a commendable 6%.

“Da Afghanistan Bank has effectively managed its operations within the constraints of limited currency reserves and successfully met the currency requirements of the market,” remarked Ahmad Javad Sadad, the head of monetary policy at Da Afghanistan Bank.

Da Afghanistan Bank officials have initiated comprehensive evaluations of banking institutions, currency exchanges, and financial entities to standardise the banking sector.

Ahmed Zahir Nasirzai, who heads the department responsible for non-banking financial institutions, announced a pivotal shift in exchange companies’ operations.

“Exchange companies will now conduct their transactions for citizens through electronic systems, adhering to international standards,” Nasirzai stated.

Additionally, officials from Da Afghanistan Bank unveiled plans for an ongoing initiative to collect and replace worn-out banknotes throughout the country. This move responds to repeated grievances voiced by citizens regarding the prevalence of worn and dilapidated banknotes circulating within the markets.

However, a recent evaluation of Afghanistan’s central bank, financially supported by the United States, has revealed significant concerns. The assessment, conducted by a US watchdog, highlights the lack of autonomy that the bank maintains from the Taliban administration, along with insufficient measures to prevent money laundering and the financing of terrorism.

According to the latest quarterly report presented to the US Congress by the US Special Inspector General for Afghanistan Reconstruction (SIGAR), critical deficiencies have been identified in the central bank’s management, referred to as Da Afghanistan Bank (DAB).

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