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Dilawari ties afghani’s fall to illicit cash transfers

Dilawari ties afghani’s fall to illicit cash transfers

May 18, 2013 - 17:56

KABULinfo-icon (PANinfo-icon): Da Afghanistaninfo-icon Bank (DAB) Governor Noorullah Dilawari on Saturday linked the afghani’s decline to unlawful cash transfers from the country and a global economic slowdown.

Summoned by the lower house to explain reasons for the local currency’s fall, Dilawari said the US dollar had been witnessing a worldwide increase in its value. Against other currencies, however, the afghani remained stable, he insisted.

The greenback had risen 62.5 percent against the Pakistani rupee, 31.48 percent against the Indian rupee, 19.5 percent against the euro 17 percent against the Russian rouble, he explained.

In relation to the afghani, the dollar has gone up by 17 percent, mainly due to the international economic crisis that has hit hard a number of countries, according to the central bank chief.

On Saturday, one US dollar accounted for 55.20 afs, compared with less than 50 afs two years back. In recent months, the greenback has retained its value at 55 afs in the skittish Kabul market.

Illegal transfers of money were another reason for driving up the dollar’s value against the afghani, he said, indicating people’s concerns regarding the post-2014 situation.

“When I join the bank a year ago, an amount of $4.6 billion dollars was sent abroad trough Kabul airport. In a new fiscal law, we have made clear that no one can transfer abroad more than id="mce_marker"0,000 at a time.”

The DAB governor dispelled the impression the afghani had tumbled due to the release of more currency notes to the market. “We issue specific amounts of currency each year based on market needs.”

But Finance and Budget Commission head Amir Mohammad Yar tied the afghani’s weakness to improper policies of Da Afghanistan Bank. The local currency was being smuggled to Iran, Pakistaninfo-icon and other countries, he alleged.

Yar believed Dilawari was not a suitable choice to head DAB and asked him to stand down. But other lawmakers called him a competent banker in the current situation.



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