October 20, 2021
1 min read

Afghan currency crumbles, leaves trail of misery

Kabul residents urged Afghanistan’s central bank to take steps to control the currency markets and to pave the way for more robust business….reports Asian Lite News

 Kabul residents have complained about the rise in prices of goods as the value of the Afghani has fallen against the dollar in recent days, Tolo News reported.

The dropping in value of Afghanis against the dollar has greatly reduced business in the markets.

According to the money exchangers, recently, the smuggling of dollars has also caused problems in the markets.

Currently, one dollar is exchanged for about 90 Afghanis in the Kabul market.

Kabul residents urged Afghanistan’s central bank to take steps to control the currency markets and to pave the way for more robust business.

“It’s problematic when the value of the dollar rises in the currency markets, then the price of the goods increases too,” said Esmatullah, a resident.

In the meantime, several money exchangers in Kabul believed that lack of cash in banks is the reason that the Afghan currency dropped, the report said.

“In the currency markets, the shortage of dollars is the reason behind Afghanis dropping dramatically,” said Mirwais, a money exchanger.

At the same time, Afghanistan annually imports goods which cost $8.5 billion and to buy these goods, they use dollars.

“Afghanistan is one of those countries that relies on other countries’ imports and we need dollars to buy goods and that is why the Afghani is losing its value in currency markets,” said Haji Zirak Zirak, the spokesperson of the money exchangers union in Kabul.

ALSO READ: Karzai warns Pak against meddling in Afghanistan’s affairs

Previous Story

Sheikh Maktoum Tours Pavilions of India, Pakistan

Next Story

Kerala’s ‘young’ revolutionary turns 98

Latest from -Top News

Trump tariffs send world markets into panic

US benchmark crude oil shed $2.70 to $64.25 a barrel after major oil producers announced they plan to increase production. Brent crude, the international standard, was down $2.63 at $67.51 a barrel

EU prepares retaliation for Trump’s tariffs

The European Commission is assembling a fresh round of counter-tariffs aimed at US goods, adding to two existing lists of potential targets—one of which includes products that were hit by suspended tariffs

US, EU slam China’s war games near Taiwan

US President Donald Trump underscored the need to maintain peace in the Taiwan Strait, advocating for a diplomatic approach to cross-strait tensions while warning against the use of force The United States

£13.9 billion of R&D fund to boost innovation, jobs

Funding outlined to support transformational R&D in areas like life sciences, green energy, engineering and beyond More UK innovators like those developing treatment-transforming dementia tests or building world-leading testing facilities to power

OPEC+ accelerates oil output hikes

Despite the production boost, the group emphasised that future adjustments remain flexible and could be paused or reversed depending on market conditions. Eight OPEC+ nations have unexpectedly decided to accelerate their oil
Go toTop

Don't Miss

Hundreds of Afghan families hit by flash floods

David Beasley, executive director of the UN World Food Program

US B-52 bombers strike Taliban targets in Afghanistan

The US on Saturday asked its citizens to leave Afghanistan