Tuesday, July 23, 2024

DAB to Auction $15 Million by Saturday to Stablize Afghani Currency

Immigration News

Fidel Rahmati
Fidel Rahmatihttps://www.khaama.com
Fidai Rahmati is the editor and content writer for Khaama Press. You may follow him at Twitter @FidelRahmati

Afghanistan Central Bank will auction 15 million USD on Saturday to stabilize Afghani against foreign currency.

The Central Bank has called on qualified banks and money exchange businesses to participate in the auction, stressing that the successful bidders must pay their accounts by the end of the day.

The bank also stated that partial settlement of transactions is not permitted and that the auction winners must make a single, timely cash delivery of all amounts owed to Da Afghanistan Bank.

This is the second auction since Sunday to further strengthen the value of the Afghani currency against the foreign.

Since the Taliban took back control of the country in August 2021, the value of the Afghani has stayed comparatively stable, which is seen as a positive development for the war-torn country with an economy that depends heavily on foreign aid.

According to several experts, one of the main reasons contributing to Afghani’s stable value in the market could be the inflow of dollars to the country in the form of foreign humanitarian aid which partially meets market demand.

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