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Afghani reverses to 7-year old value against US dollar

Afghani reverses to 7-year old value against US dollar

author avatar
12 Nov 2023 - 17:43
Afghani reverses to 7-year old value against US dollar
author avatar
12 Nov 2023 - 17:43

KABUL (Pajhwok): Afghani currency appreciated back to its seven year old value — 67.60 — against US dollar in the market on Sunday, according to market sources.

Ahmad Shah one of the moneychangers in Sarai-i-Shahzada, told Pajhwok Afghan News at 11:00 am on Sunday one US dollar was accounted for 67.60 afs.

On February 28, 2018, one US dollar was accounted for 67.60 afs.

The depreciation of Afghani continued than and that which reached to 130 afs against one US dollar after the fall of Republic regime in the country.

According to money changers the sale of dollars by the Central Bank and surge in international humanitarian aid were the causes behind the appreciation of Afghani.

In addition, they said that halt to the use of foreign currencies in east and southeastern provinces also help in the appreciation of the local currency.

Residents hailed the appreciation of Afghani and expressed their concern at the soaring prices of essential food items. They complained by Afghani depreciation the prices soar but when the local currency appreciated the prices never reduce.

Rohullah, the resident of Qala-i-Zaman Khan, said: “It is good that Afghani value has appreciated but the prices are still very high.”

“People are poor and many people get support from foreign countries so the prices should also be controlled.”

Today (Sunday, November 12, 2023) the wholesale price of 49-kilogram of Indian sugar is 3,200 afs, 49-kilogram  of Pakistani rice 2,650 afs, 49-kilogram of Kazakh flour 1,700 afs, one kilogram black tea 400 afs and one kilogram of green Indonesian tea is 350 afs.

The price of one litre petrol is 76 afs, one litre diesel is 67 afs and one kilogram gas is 60 afs.

In April 2018, the wholesale rate of 50-kilogram of Kazakh flour was 1,150, 49-kilogram of Indian sugar 2,190, 49-kilogram of Pakistani rice 1,850, 16-litre Malaysian cooking oil 1,100 afs, one kilogram of green tea 190 afs and one kilogram of black African tea 320 afs.

The price of one litre of petrol was 46 afs, one litre of diesel was 42 afs and one kilogram of gas was accounted for 48 afs.

Kabul Municipality Spokesperson Niamatullah Barakzai said that price list is controlled every week and since the value of Afghan had appreciated against dollar so this point will be discussed in the next week price list.

He said: “It is possible that once rates could dropped very low for one or two days, but then return to its stable position, all these matters are considered and discussed by the commission from a technical point of view and from the rates point of view.”

Haseeb Noori, Da Afghanistan Bank (DAB) Spokesperson, said: “Being the Central Bank of the country it was DAB duty to ensure the value of Afghan is kept intact and not allow any risk to threaten the local currency, the DAB was able to implement logical currency policy, the reason of enhanced Afghani value was due to increase in the demand for Afghani.

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