• publish: 14 December 2021
  • time: 4:06 pm
  • category: Economy
  • No: 20174
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Islamic Emirate directs commission to take urgent steps to stabilize Afghan currency

The Islamic Emirate held a minister’s council meeting at the Presidential Palac on Monday to find ways to stabilize the weakening Afghan currency.

IE deputy spokesman Inamullah Samangani said in a tweet that the council directed the economic commission headed by Mawlawi Abdul Salam Hanafi to take urgent steps to stabilize the Afghani against the US dollar in coordination with all economic institutions.

“The commission was also tasked to take serious steps to prevent the smuggling of dollars, the spread of fake Afghan currency and eliminate other factors that have a negative impact on the value of the Afghan currency, and continue to urgently identify ways to stabilize the Afghan currency,” Samangani tweeted.

Meanwhile, Afghanistan’s Central Bank is meeting with money exchangers, commercial banks and business leaders on Tuesday in the hope of also finding ways to stabilize the value of the Afghani – which has fallen sharply in the last week against the US dollar.

This worrying drop in value of the Afghani against the dollar comes amid a deepening economic and humanitarian crisis and has led to a sharp increase in the price of goods, including essential items like food and fuel.

Officials from the Money Exchange Union in Sarai Shahzada, (Afghanistan’s largest money exchanging market) said on Monday the exchange rate was 123 AFN to the dollar, after sliding from 110 AFN to the dollar on Sunday.

A month ago, it was under 90 AFN to the dollar.

Union officials said part of the problem was due to rumors being spread by some money changers, who have since been let go.

On Monday, the market’s “Boli” section, which determines the value of the AFN and deals with large transactions, was closed.

Meanwhile, local media reported on Tuesday that a money changer suffered a stroke inside his shop in Farah province following the drop in value of the AFN.

According to shop owners in the area, the money changer had owed a significant amount of money to lenders and died as the AFN dropped.

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