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Afghani depreciation sends food prices soaring

Afghani depreciation sends food prices soaring

Jul 07, 2011 - 17:59

KABULinfo-icon (PANinfo-icon): The depreciation of the Afghani against other major currencies has sent the prices of flour and other daily-use commodities soaring during the past week in Kabul, retailers said on Thursday.

This week the buying rate of one US dollar was 48.00 afs; 1,000 Pakistani rupees cost 560afs. Last week, a greenback cost 47.70 afs and 1,000 Pakistani rupees cost 555afs, the head of moneychangers’ union at the Shahzada Money Market, Mohammad Amin Jan Khosti, told Pajhwok Afghan News.

He linked the devaluation to the resignation of central bank's governor, Abdul Qadir Fitrat, who had cited threats to his life as a reason behind his resignation and departure to the US.

Another reason, Khosti said, was the scheduled drawdown of US troops from Afghanistaninfo-icon.

The decline sent prices of food items soaring, said Food Traders Union head Fazl Rahman. A 50-kilogram sack of Pakistani flour sold for 1027afs in contrast to last week's price of 960afs. A 5-kg tin of Spin Ghar ghee was sold for 440afs as opposed to its previous rate of 400afs. The rate of 50-kg Brazilian sugar increased to 2300afs from last week's rate of 2130afs, he said.

A 50-kg bag of rice was up from 2,300afs to 2,470afs, a kilogram of African black tea from 185afs to 195afs and the same amount of Indonesian green tea from 155afs to165afs, he said.

One litre of petrol was priced at 61afs and the same amount of diesel cost 59afs, while a litre of petrol was sold at 59afs and the same amount of diesel cost 58afs last week, said a worker at a filling station in the fourth Macroryan area, Hashmatullah.

The rate of one kg of gas also jumped from 45afs to 50afs, a gas seller in Thaimani neighborhood, Obaidullah, said.

Abdul Baseer, a jeweller in the upscale Lisa-i-Maryam neighbourhood, said the price of one gram of Arabian gold remained the same as last week and was sold for 2,000afs and the same amount of Iranian gold for 1,600afs.


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