Wednesday, June 12, 2024

Taliban’s Central Bank Injects $12 Million to the Market to Maintain the Currency Value

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’s caretaker administration holds an auction to sell approximately 12 million dollars to maintain the Afghani currency’s value against the US dollar.

The Central Bank will hold a foreign currency auction on Tuesday, 19 July, according to the Central Bank’s newsletter, inviting banks, money exchange dealers, and other competent parties including qualified money service companies to participate.

The Taliban’s Central Bank also released another 12 million dollars into the market yesterday, even though food prices have risen due to the Afghani currency’s depreciation against other currencies.

Currently, Kabul’s exchange rate for a US dollar is 89 Afghanis. Before the Taliban took control, the US dollar’s value against the Afghani currency was less than 80.

During the first few months of the Taliban’s control in Afghanistan, the value of the Afghani currency fell relative to the US dollar, with 120 Afghanis being traded for one dollar.

Increased inflation rates, according to a report by the International Committee of the Red Cross (ICRC), are negatively affecting hundreds of thousands of unemployed, destitute Afghans and their families.

Even basic supplies are now out of reach for the majority of people due to the increase in the cost of staple foods.

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