Pajhwok Services

Photo Service

SMS News Service

Pajhwok combines its expertise and experience in news reporting with a telecom firm and thus reach a wider audience in an 
effective way.

To subscribe: 
English News Update : Send 83 to 824
Dari News Update : Send 84 to 824
Pashto News Update : Send 85 to 824

Election Coverage

Special Mining Page

Afghan Peace Process Special Page

Addvertise With Pajhwok

Daily Newsletter

Sending Time (GMT / Kabul time)

Suggest a Story

Pajhwok is interested in your story suggestions. Please tell us your thoughts by clicking here.

DAB chief fails to satisfy Senate on afghani’s fall

DAB chief fails to satisfy Senate on afghani’s fall

Nov 17, 2015 - 19:32

KABULinfo-icon (Pajhwok): Central bank chief Khalil Siddique on Tuesday told the Meshrano Jirgainfo-icon or upper house of parliament that the increase in US dollar’s value, the decline in investments and domestic products, insecurity, migrationinfo-icon and capital flight were major reasons behind the depreciation of the afghani.

When new Afghan currency was printed in 2002, the afghani protected its value against the US dollar for a long time and at that time one dollar equaled 48 afghanis.

But during the last two years, the afghani experienced unprecedented decline and one dollar was accounted for 67.60 afghanis in Kabul open market on Tuesday.

According to Siddiqui, last year’s controversial presidential election caused a major setback to the country’s economic progress and worried most investors in Afghanistaninfo-icon.

He said the boom in US economy increased dollar’s value and insecurity in Afghanistan proved a major factor behind the country’s economic downfall.

He said the current currency crisis was mostly related to the increase in dollar’s value caused by the improvement in US economy and Afghanistan was not in a position to stop it.

The central bank chief said they had dollars to inject in the market and restore the afghani to its previous position, but the step would not be in the interest of Afghanistan and it would be a cosmetic rehabilitation of the currency.

He said people should not be worried about the current decline of the afghani, asserting that the central bank had $35 billion reserves.

Senate Chairman Fazal Hadi Muslimyar said the house was not satisfied by Da Afghanistan Bank chief’s explanation and referred the issue to the house complaints commission for necessary steps.



Related Article

Download “Pajhwok” mobile App, on your smartphone to read and access latest news, features, interviews, videos and photos about Afghanistan.



Twitter Update