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Central Bank to sell $300m to balance Afghani

By Farhad Naibkhel-KABUL: The Central Bank announced Sunday that it would put $200-300 million on sell in a couple of weeks to prevent the Afghani currency from dropping against foreign currencies in the market.

“In order to prevent the drop of Afghani value against foreign currency particularly the US dollar, the Central Bank plans to put on sell $200-300 million in the market at the current month,” said the Central Bank Governor Khalil Sediq.

He said that the Central Bank monetary policy was on right track and had been set in accordance to the current situation and economic standards of the country for last year.

He said that monetary policy had no role in the drop of Afghani value in the past one year.

He termed insecurity, economic challenges, political issues, drawdown of foreign troops, decrease in the activities of the NGOs and investment as well as immigration problems as the main factors behind the drop of Afghani in the past one and half year.

“Although Afghani lost values by 21 percent in the past one and half year, but still inflation is near to zero percent.”

He highlighted that the Central Bank regularly monitors circulation in the currency market and makes utmost efforts to keep it under control.

Comparing the loss of currency values in other countries such as Kazakhstan, Tajikistan, Brazil and Turkmenistan, Afghani’s value is still stable, he noted.

He said that Afghani currency value had a 21 percent drop against the US dollar, while Kazakhstan’s currency had an 84 percent lost, Tajikistan 45 percent, Brazil 41 percent and Turkmenistan currency lost value by 23 percent it is value in the past one year.

Mr. Sediq beside aforementioned issues termed drawdown of requirements and purchasing process as other objective behind losing of Afghani value in the country.

It is pertained to mention that DAB informs of selling of $300 within coming weeks, while in the past one and half year Afghani currency lost it is value by 21 percent against dollar. One dollar was exchanged for 49-50 one and half year ago, while currently the exchange rate of one dollar is 69 Afghani.

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