DAB auctions $594m this year to keep afghani stable

KABUL (Pajhwok): Da Afghanistan Bank (DAB) or central bank has auctioned $594 million so far this year to keep the afghani stable against foreign currencies.

DAB says it has always tried to maintain the value of the afghani by using various tools of monetary policy.

While economic experts also believe the auction of dollars has helped maintain the monetary stability.

Pajhwok Afghan News findings show DAB auctioned $594 million in 40 times since the beginning of 1402 solar year that ends on March 21.

DAB spokesperson Hasibullah Noori told Pajhwok: “The central bank always tries to protect the value of the afghani by taking advantage of various tools of monetary policy and reach the primary goal of stable prices”.

Economic analysts say DAB managed to keep the value of the afghani stable against foreign currencies in the past year.

Auctioning dollars in the markets of Afghanistan has helped to maintain the monetary stability of the country.

Abdul Nasir Rashtia, an analyst of the Economic Council, told Pajhwok that weekly auction of dollars helped maintain the country’s monetary stability.

He cited curbing dollars smuggling to neighboring countries, banning transactions in foreign currencies throughout the country, the circulation of the afghani and the increase in Afghanistan’s exports behind the afghani’s stability against foreign currencies.

“I think DAB’s monetary policies led to maintaining the value of the Afghani against foreign currencies.”

Another economic affairs expert Qais Mohammadi told Pajhwok that DAB had been able to keep the value of afghanis stable against foreign currencies during the past one year.

He also said the auction of dollars in the market kept the afghani stable against many foreign currencies.

DAB auctioned 978.5 million US dollars 71 times in order to maintain the value and stability of the afghani in 1401 solar year.

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