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Currencyshrinks: Central Bank Governor faces heat amid monetary conundrum

AT News Report-KABUL: The members of parliament accused the Central Bank Governor of failing in keeping Afghani (Afghan Currency) stable against foreign currencies, especially the US dollar.

They asked the parliament speaker on Saturday to summon the Central Bank Governor to answer their questions regarding what they said “neglecting” to keep the value of Afghani stable.

Lawmaker, Monawar Shah Bahadori, called lack of implementation of monetary policy as the cause of devaluation of Afghani against the US dollar.

“The Central Bank has failed to keep the value of Afghani against the foreign currencies in the monetary market which has put negative impacts on the daily transactions and people’s lives,” said Bahadori.

Afghani has been unprecedentedly falling in the recent weeks, reaching at its lowest level as one US dollars is dealt 73 Afghanis.

The devaluation of Afghani has affected prices of the essentials particularly foodstuff as most of the food items are imported.

The Central Bank Spokesman, EmalAashoor, said the financial institution had adopted a good policy to prevent the fall of Afghani, but added that there were regional and international elements behind the Afghani devaluation.

“Our neighboring countries have also hands behind the fall of Afghani against dollar, based on the reports we have received, large amounts of dollars are smuggled to the neighboring countries every day,” he said.

Economic expert, Taj Mohammad Akbar said that the value of currency in a country is directly related to the exports from that country. He added that the fall of Afghani would cause more joblessness and problems, asking the government to take practical steps for prevention.

The Central Bank believes that the price of US dollar has gone up against most of other currencies in the world and Afghani was not exempted.

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