Afghani appreciates 17pc against US dollar in past year

KABUL (Pajhwok): The value of Afghani has been well protected in the past year against foreign currencies while restrictions on customers’ deposits in commercial banks have been reduced, an official said on Thursday.

Sediqullah Khalid, first assistant director of the Da Afghanistan Bank (DAB), told reporters that the activities of all commercial banks in the country were conducted on the basis of Islamic Sharia Law.

He said the value of Afghani appreciated against the US dollar by 17 percent.

In the last year, the DAB has been able to maintain the value of the Afghani against foreign currencies by implementing reasonable monetary policies.

The Bank of Afghanistan has taken significant steps for the development, safety and stability of the banking sector. In this regard, the DAB continued to operate, and at present, all the operations of commercial banks are carried out without interest in the light of Islamic Sharia.

Ihsanullah Masour, head of the DAB Monitory Department, said currently, weekly withdrawals in individual bank accounts have increased from 70,000 afs to 150,000 afs and also in dollar accounts, withdrawals from dollar accounts have increased from $1,000 to $2,000.

He said now 500,000 afs could be withdrawn from individual bank accounts, but this level was previously 250,000 afs, and $6,000 could be withdrawn from dollar accounts, but previously this level was $3,000.

Ahmad Zahir Nazarzai, head of the DAB Non-Banking NGOs, said last year a law was developed and approved for moneychangers and cash service providers.

During this period, more than 149 licenses have been granted to moneychangers and financial services companies, and more than 309 operating licenses have been granted to money changers nationwide..

The DAB talks about maintaining the value of the Afghani against foreign currencies in the past one year, while Pajhwok’s findings showed that DAB has maintained the value and stability of the Afghani during the past year through injecting $594 million in 40 auctions.