Tuesday, May 21, 2024

Afghanistan Central Bank to Auction $17 Million to Stabilize Local Currency

Immigration News

Nizamuddin Rezahi
Nizamuddin Rezahihttps://www.khaama.com
Nizamuddin Rezahi is a journalist and editor for Khaama Press. You may follow him @nizamrezahi on Twitter.

Afghanistan Central Bank has announced that it will auction $17 million on Wednesday as part of the efforts to keep the value of Afghan currency (Afghani) against foreign currencies.

Da Afghanistan Bank (DAB) also known as the Central Bank of Afghanistan has asked qualified private banks and exchange companies to participate in the auction, aimed at keeping the value of Afghani stable against foreign currencies, United States Dollar, in Particular.

The winners of the auction are obliged to liquidate their accounts by the end of the day. As per the announcement, partial settlement of transactions is not allowed and the winners of the auction are obliged to transfer the payable amount to the central bank in cash within a certain time.

This is the second time in a week the central bank is auctioning US dollars to keep the value of Afghani against foreign currencies stable.

The exchange rate of one USD is announced by 90 Afghanis as of today, February 6, 2023. The central bank sold $16 million yesterday aimed at stabilizing the value of the local currency against the US dollar.

Since the return of the Taliban to power in August 2021, the value of Afghani has remained more or less stable, which is considered a positive sign for the war-torn country with an economy mostly dependent on foreign aid.

Despite the massive criticisms the ruling regime receives from the people of Afghanistan and the international community regarding gender-based policies, the de facto authorities have been able to manage the economy and keep the value of the local currency stable. This positive sign highlights that efforts are underway to find solutions to the financial and economic challenges the country is currently faced with.

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