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Taliban auction $10m as local currency falls

AT News

KABUL: The Taliban government has announced an auction of $10 million on the open market in an attempt to slow down the plummeting value of Afghani currency.

Da Afghanistan Bank said on Monday that the Central Bank will auction $10 million on Tuesday. It asked private lenders and forex traders to take part in the bidding process in which bidders will be required to pay afghani current in exchange for dollars.

This comes as the afghani hit a two-decade low against the U.S. dollar, with $1 trading for 95 afghanis.

Earlier this week, Human Rights Watch called for easing financial sanctions on Afghanistan. It urged the U.N. and international financial institutions to adjust existing restrictions and sanctions affecting the country’s economy and banking sector.

“Afghanistan’s economy and social services are collapsing, with Afghans throughout the country already suffering acute malnutrition,” said John Sifton, Asia advocacy director at Human Rights Watch.

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