December 15, 2021
1 min read

More Woes as Afghan currency drops value

At the beginning of 2020, the afghani had traded at some 76 for one dollar, and at 77 in this January, 81 in July and 90 in mid-August…reports Asian Lite News

Amid the ongoing humanitarian crisis in Afghanistan, the national currency, the afghani, has recorded an alarming drop against the US dollar leading to a sharp increase in the prices essential items like food and fuel.

The afghanitraded at 112.60 for one US dollar on Monday, according to figures provided by Da Afghanistan Bank, the country’s national bank.

More Woes as Afghan currency drops value

On Sunday, the exchange rate was 106.12 while the rate was 103.66 a day before, a continued record devaluation, reports Xinhua news agency.

At the beginning of 2020, the afghani had traded at some 76 for one dollar, and at 77 in this January, 81 in July and 90 in mid-August.

After the Taliban’s takeover in August, the Afghan economy has suffered from the US freezing of over $9 billion in assets belonging to the Afghan central bank, and a halt in funds by the World Bank and the International Monetary Fund.

According to economists and banking analysts, this is the most that the Afghani has lost value against a foreign currency in recent times, TOLO News reports.

ALSO READ: Humanitarian situation worsens in Afghanistan

They said currently inflation has reached to 12 to 14 per cent, and the persistence of this situation will destabilise the economy of the country.

According to them, this situation can damage small and medium investments in the country and will halt business activity.

Shopkeepers said some wholesalers on Monday closed their markets as the news about the rapid increase of the dollar value spread throughout the city.

Previous Story

Ominous Omicron hits markets

Next Story

India’s Leena Nair named Global CEO of Chanel

Latest from Afghanistan

UN flags looming Afghan meltdown

Funding gap, mass deportations and economic stagnation threaten to overwhelm fragile Afghan support systems….reports Asian Lite News The United Nations has issued an urgent appeal to the international community to address what

Afghans Flood Home, UN Sounds Alarm

UNHCR head in Afghanistan, Arafat Jamal, said that the country is not well prepared to receive this influx of returnees…reports Asian Lite news The UN High Commissioner for Refugees (UNHCR) has raised

Trump Slams Afghan Exit as ‘Most Embarrassing’

 Over seven months into his second presidential term, Trump has not yet announced any official or detailed policy on Afghanistan….reports Asian Lite News  US President Donald Trump has once again strongly criticised

Afghan Food Crisis Worsens

Afghanistan continues to top the list of countries drawing global humanitarian concern following recent political changes…reports Asian Lite News The World Food Programme has sounded a fresh alarm over Afghanistan’s deepening humanitarian
Go toTop

Don't Miss

US special envoy urges OIC to ‘press’ Taliban for inclusive govt

The US special envoy has discussed the humanitarian situation as

‘Indefensible’: US Envoy Slams Taliban’s Year-Long Education Ban on Girls

The Taliban’s Ministry of Higher Education announced on December 20