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Dipping Iranian toman affects some Farah residents

Dipping Iranian toman affects some Farah residents

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Jul 08, 2018 - 15:45

FARAH CITY (Pajhwok): A number of residents of western Farah province have suffered losses as a result of a drop in the Iranian toman’s value.

However, importing goods remained unaffected as they have converted tomans into dollars and strike business deals in the US currency.

Most of transactions in Farah, Nimroz and Herat provinces are made in the Iranian toman. In March, 1,000 tomans acounted for 17.5 afghanis but today 1,000 Iranian tomans are equal to nine afghanis.

Abdur Rahman, a resident of Farah City, told Pajhwok Afghan News that he had converted 720,000 afghanis into the Iranian currency three months back when 1,000 tomans accounted for 16 afghanis.

He converted the currency, hoping the value of the Iranian toman would soar. Unfortunately, the toman has been in a free fall since renewed US sanctions on Iran. He claimed suffering a 270,000 afs loss.

Mohammad Naser, a shopkeeper in Farah City, also said he had suffered losses due to the fall in toman’s value. He had converted 700,000 afghanis into tomans in March.

He kept the tomans for several months, thinking the currency would regain its value. But it did not happen and he has lost 350,000 afghanis so far.

Many other Farah residents suffered similar losses as a result of the Iranian currency’s fall.

Haji Askar Gumnam, the Farah chamber of commerce and industry head, agreed the falling toman value had affected some ordinary people, moneychangers and wholesalers in the province.

However, he said traders importing goods from Iran were less affected because they had converted the tomans into US dollars when the Iranian currency started dipping.

Now Iranian manufacturers sell their products to Afghan traders for US dollars. But Gumnam said wholesalers sold their goods for toman as deals in the Iranian currency were a common practice in Farah. This has harmed wholesalers.

Mariam Faizi, a lecturer at the Ghurjistan University in Farah, called the government’s monetary policy on the use of foreign currencies such as the Pakistani rupee in the eastern part of the country and toman in western Afghanistaninfo-icon a matter of concern.

She asked the government to develop a programme for the prevention of transactions in foreign currencies and promote the use of the afghani all over the country.

mds/mud

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