US dollar depreciates from 130afs to 102afs

KABUL (Pajhwok): Sara-i-Shahzada Money Changers’ Union in capital Kabul says the value of one US dollar has depreciated from 130 afghanis to 102 afghanis following a joint meeting with officials of the Da Afghanistan Bank (DAB).

Until Monday evening, one US dollar was exchanged for 130 afghanis at Sara-i-Shahzada Money Exchange Market in Kabul, prompting citizens to complain.

However,the following day, the central bank officials held meetings with the Sara-i-Shahzada Money Changers’ Union to re-stabilize the afghani, and the value of one US dollar was set 112 afghanis as of Tuesday evening following some decisions from DAB.

Haji DadgolHazratzai, deputy head of Sara-i-Shahzada Money Changers’ Union, told Pajhwok Afghan News that they had a meeting with DAB officials on Tuesday evening.

“At the meeting, we presented some proposals to the central bank and the bank promised to act on the regard,” he added, without providing further details.

He said the main reason for the rise in the value of US dollar in recent days was due to shortage of the greenback and its high demand in the market.

He added that smuggling of US dollars from Afghanistan abroad was another reason behind the afghani depreciation, but the central bank promised to prevent it.

Some technical problems that existed with international and US banks have been largely resolved and there is hope that these problems will be completely resolved in the near future to pave way for all monetary deals processed through DAB, he said.

However, he did not provide more details about the technical issues.

Given the UN commitment to provide $20 million a week in aid to Afghanistan by March 2022, the US dollar would further depreciate against the Afghan currency in future, Hazratzai concluded.

mds/ma