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Moneychangers strike: Traders incur millions of dollars loss

Moneychangers strike: Traders incur millions of dollars loss

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Feb 10, 2018 - 18:28

KABULinfo-icon (Pajhwok): Traders incurred millions of dollars losses during four days of the ongoing nationwide strike by money exchangers, the Afghanistaninfo-icon Chamber of Commerce and Industries (ACCI) said on Saturday.

The money exchangers council called a countrywide strike on February 7 against restrictions imposed on them by the central bank.

The central bank has restricted money changers from lending money to traders, accumulating or transferring money from one province to another.

According to money changers, under the central bank regulation, ‘exorbitant fines’ are imposed on them and traders must inspect the money moneychangers bring to find out where they have earned it.

Khan Jan Alokozai, ACCI deputy head, told Pajhwok Afghan News that the protest had harmed traders who were 90 percent dependent on moneychangers. He said traders did not trust banks and restrictions on moneychangers would bring down businesses.

The trader representative said the protest had a negative impact on imports and exports as well and traders had lost millions of dollars as a result, but he did not give any exact figure for the losses.

Alokozai said he would discuss the complaints of moneychangers in the High Economic Council.

Qazi Mir Ahmad, one of the striking money changers, said their strike was serving a big blow to traders.

He said they would continue their protest against the central bank restrictions and would withdraw their capital and move abroad if their legal demand was not met. He said the new policy had rendered many money changers unemployed.

But the central bank emphasized on the regulation. Amil Hasho, spokesman for the central bank, said the banking law and the anti-terror financing law required such measures which  would be enforced.

He said in accordance with the Constitution, money changers could not accuomate money and give loans.

mz/ma

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