Tuesday, March 21, 2023

DAB to Auction $15 Million to Stabilize Afghan 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.

Da Afghanistan Bank (DAB) on Tuesday announced that it will auction another $15 million on Wednesday as part of the efforts to stabilize the value of Afghan currency.

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

As per the announcement of Da Afghanistan Bank, 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 U.S. dollars to further strengthen the value of Afghani against foreign currencies, the USD in particular.

The exchange rate of one USD is announced at 89.2890 Afghanis as of Tuesday, December 17, 2023.

This comes as Afghanistan’s Central Bank on December 14 announced that a $40 million fresh aid package had been shipped to the country. This cash aid arrived in Kabul after weeks of silence and rumors that the international community had intentionally ended the aid package in response to the latest restrictions by the Taliban authorities barring women from university education and working for non-government aid organizations.  

According to the central bank, 22 $40 million and 30 $32 million aid packages have been dispatched to Afghanistan so far. After the return of the Taliban to Power in August 2021, the international community’s cash aid packages reach a total of $1.833 billion.

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