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Fluctuation in Afghan currency temporary: DAB

Fluctuation in Afghan currency temporary: DAB

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May 25, 2015 - 16:59

KABULinfo-icon (Pajhwok): Da Afghanistaninfo-icon Bank (DAB) on Monday said fluctuation in Afghan currency had externalinfo-icon reason and was temporary, asking people not to be worried about.

After the new Afghan currency was printed 12 years ago, it saved its steady price against dollars between 48 to 52 Afghanis.

In the last two years, however, Afghan currency has lost its value against foreign currencies, while two days back one dollar was exchanged for 60.60 afghanis.

Khan Afzal Hodawal, DAB acting president, told journalists in Kabul there were no domestic or technical reasons when Afghanis lost value against dollars in the last two weeks.

He said it had external reasons because dollar had edged up against not only afghanis but other currencies as well.

He said recent wave of insecurity in the country in the last two weeks also had its impact on exchange rate.

Reduction of foreign and international community’s aid to Afghanistan, he said, was another reason.

He said if the fluctuations had domestic reasons and prices of necessity goods edged up then the central bank had reserve the right to interfere.

Hodawal said the central bank had $7 billion in reserves. He urged the traders to take into consideration people’s interest in such circumstances and not to raise the prices. “Some traders exploit the situation and raise the prices of goods that they had imported a month back,” he noted.

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