Sunday, June 23, 2024

Fresh $40 Million Cash Arrives Kabul, DAB to Auction $16 Million on Wednesday

Immigration News

Nizamuddin Rezahi
Nizamuddin Rezahi
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 a $40 million cash aid package reached Kabul, and DAB will auction $16 million on Wednesday aimed at stabilizing the local currency.  

Afghanistan’s central bank welcomed the aid, as part of the United Nation’s humanitarian cash aid, and called on the international community for more cooperation across fields.

According to the central bank, this is the 60th aid package that has been dispatched to Afghanistan. Since the return of the Taliban to power in August 2021, the international community’s cash aid has reached nearly $2 billion.

The central bank has stated that the government appreciates the international community’s support in shipping cash into the country aimed at helping vulnerable families during these difficult times. The central bank is trying its best to strengthen private banking and other sectors respectively.  

Meanwhile, Afghanistan Central Bank will auction $16 million on Wednesday, as part of the continuous efforts to stabilize Afghani against foreign currencies in the local markets.

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.

Despite the massive criticisms the ruling regime receives from the people of Afghanistan and the international community regarding the strict 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.

Compared to the Pakistani Rupee and Iranian Rial, Afghani has remained quite strong over the past year and a half. Many financial and economic experts relate the stable value of Afghani to the inflow of USD to Afghanistan under the umbrella of humanitarian cash aid.

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