Wednesday, February 28, 2024

Taliban sells $10 million at Currency Exchange Auction

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 Taliban caretaker administration’s Central Bank of Afghanistan announced that an auction to sell $10 million will take place on Sunday.

To maintain the Afghani currency’s purchasing power in relation to the US dollar, the Central Bank of the Taliban’s caretaker administration has organized an auction for Sunday, October 2, in which it will sell approximately $10 million.

According to a statement from the Central Bank of Afghanistan, also known as Da Afghanistan Bank (DAB), financial institutions such as banks, money exchange dealers, and other qualified parties are invited to participate in the auction.

In the DAB statement, it is also outlined that the auction winners have a duty to fulfill their obligations, and settle their accounts.

Due to the Afghani currency’s previous depreciation against the dollar and other foreign currencies, dollar packages were previously auctioned for sale.

Since the dollar was injected into the market last year, the dollar rate has remained largely aligned.

In the Afghan capital of Kabul, one US dollar is currently equivalent to 88.5 Afghanis. Before the Taliban came to power, the US dollar had a value of less than 80 in Afghani currency.

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