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Afghani continues losing value against US dollar

Afghani continues losing value against US dollar

Nov 19, 2015 - 18:30

KABULinfo-icon (Pajhwok): The Afghan currency continued to lose its value against the American dollar during the outgoing week, sending food prices soaring in capital Kabul, market sources said on Thursday.

Mohammad Rahim, a money changer in Sara-i-Shahzada, said the buying rate of one US dollar was 68.40 afghanis during the outgoing week against last week's 66.70afs.

The afghani also lost it value against the Pakistani currency as this week 1,000 Pakistani rupees accounted for 636 afghanis against last week’s 621afs.

The moneychangers linked the decrease in the Afghan currency value to growing insecurity, migrationinfo-icon to foreign countries and the dwindling international aid.

Afghanistaninfo-icon Central Bank (ACB) head Khalil Seddiq about the fall of Afghan currency had said: “In addition to other problems, businessmen show little interest in investments due to last year’s election crisis.” He said there was a 40 percent decline in investments in the country.

He added the increase in Afghan forces operational costs during the current year, decreased domestic productions, the fleeing of 146,000 Afghan youth from abroad in one year, and the flight of two billion US dollars were other reasons contributing the afghani’s depreciation.

However, he said the dollar’s appreciation against the afghani was not a matter of concern because Afghanistan has currently $35 billion in reserves.

The rates of most food items went up during the outgoing week after the afghani further depreciated.

Food Traders Union head Fazal Rahman said the price of 49 kilograms of Pakistani flour bag  jumped from 1,440afs to 1,460afs and the same quantity of Pakistani sugar from 1,840afs to 2,120afs.

He added a 16-litre Shayesta ghee tin was sold for 1,020afs against last week’s 950afs and the rate of 24.5 kilograms of Pakistani rice increased from 1,650afs to 1,720afs. He linked the hike in food prices to reduced imports and the decline in the Afghan currency’s value.

Ahmad Javed, a tea wholesaler in Kabul Market, sold a kilogram of Madina green tea for 210afs and the same quantity of African black tea for 240afs, the same prices as of last week’s.

But a retailer in Dahan-i-Bagh area, Ahmad Omaid, sold a 49-kg bag of flour for 1,580afs, a 49-kg sack of sugar for 2,270afs and a 24-kg bag of rice for 1,900afs.

He sold a 16-litre Shayesta ghee tin for 1,200afs, a kilo of African black tea for 270afs and the same quantity of Madina green tea for 250afs -- higher than wholesale prices.

Obaidullah, a worker in a filling station in Qala-i-Fatullah area, sold one litre of petrol for 49afs and the same quantity of diesel for 42afs. Last week, one liter petrol was sold for 48afs and diesel for 41afs.

A liquefied gas seller in Kolola Pushta area, Mohammad Sharif, sold a kilogram of gas for 65afs, registering no changes in the commodity’s price.

Mohammad Fawad, a jeweller in Temor Shahee area, said one gram of Arabian gold cost 2,150afs and the same quantity of the Russian variety 1,700afs.



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