Wednesday, February 28, 2024

Taliban Injects $12M to Market to Preserve Currency Rate

Immigration News

Saqalain Eqbal
Saqalain Eqbal
Saqalain Eqbal is an Online Editor for Khaama Press. He is a Law graduate from The American University of Afghanistan (AUAF).

The Central Bank of the Taliban government announced that it will hold an auction to sell approximately $12 million to maintain the value of the Afghani, the currency of Afghanistan.

According to the Central Bank’s newsletter, a foreign currency auction will be held on Sunday, October 30. Banks, money exchange dealers, and other competent parties, including licensed money service businesses, are all invited to participate.

Even though food costs have increased as a result of the Afghani currency’s decline versus other currencies, the Taliban’s Central Bank previously sold another $12 million into the market.

A US dollar is currently worth 88 Afghanis in Kabul. The US dollar was worth less than 80 to the Afghani currency prior to the Taliban taking power.

The Afghani currency lost value in relation to the US dollar during the first few months of the Taliban’s rule in Afghanistan, with 120 Afghanis being exchanged for every dollar.

According to research by the International Committee of the Red Cross (ICRC), rising inflation rates are having a severe impact on hundreds of thousands of unemployed, impoverished Afghans and their families.

Due to the rise in the price of basic consumables, even basic necessities are now out of reach for the majority of people.

The Central Bank of Afghanistan, also known as Da Afghanistan Bank (DAB), has auctioned several million dollars in the open market virtually every week to maintain the stability of the Afghani rate throughout the more than a year that the Taliban have dominated Afghanistan.

The Taliban government, however, has not made any formal statements regarding the source of this money, which is still unknown.

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