Central Bank Auctions $10 Million To Protect Afghani Value
The Central Bank of Afghanistan (CBA) has announced that it will raise about $ 10 million tomorrow (Tuesday, Scorpio 25) to preserve the value of the Afghan currency through bidding.
Da Afghanistan Bank calls on commercial banks, exchange offices and money service companies to participate in this bid
The move comes a day after the Afghan national currency falls against the US dollar
The Afghan currency market has been rising and falling in recent days. Yesterday, while 1 Afghani was at $ 95, today it is at $ 92.
“Unfortunately, one US dollar cost 95 AFN yesterday. But today it reached 92 AFN again. This is an issue on the markets. The shortage of US dollars in Afghan markets is the main reason for the sharp drop in value,” said Abdul Rahman Zirak, a spokesman for Afghan’s biggest currency market Sarai Shahzada.
Zirak added that US dollars are being smuggled to neighboring countries which has also led to a shortage of dollars in Afghanistan.
“Unfortunately, nowadays millions of dollars are being smuggled to Pakistan and Iran so that they could sell at a higher price for greater profit. For instance, people sell dollars at a higher price and buy Pakistani rupees at a lower price and then transfer them to Afghanistan,” Zirak noted.
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