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Sliding afghani’s value worries Herat residents

Sliding afghani’s value worries Herat residents

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Jun 06, 2019 - 12:44

HERAT CITY (Pajhwok): Residents of western Herat province are concerned about the depreciating afghani against dollar and say the growing value of the greenback has created huge problems for the masses.

Currently one US dollar is accounted for 79.50 afghanis in Herat and there is increase in the prices of commodities as a result of the devaluation of afghani.

Salim Shah, a resident of Herat City, said the depreciation of afghani against foreign currencieshad resulted in increased prices of essential commodities.

“When a costumer makes arguments while purchasing goods, we tell them that Afghanistaninfo-icon produces nothing and most of the things are imported from outside and we have no option but to increase the prices in order to earn something,” he said.

Maroof, another resident of Herat, said “Everything we sell are imported from outside and we don’t have domestic products therefore the prices go up.”

Not only citizens are concerned about the depreciation of afghani, but money exchangers and vendors are also worried about the increasing value of dollar.

“Over the past two weeks, the dollar rate has not been stable,rendering money exchangersunable do business freely because if afghani continues to devaluateand our business suffers a lot,” he said.

Mohammad Gul Mahmoodi, deputy head of the Herat Money Exchangers Union, blamed the depreciation of afghani on political instability and people had lost confidence in government.

Secondly, the private banking sector in the western region is another reason because they refrain from disseminating cash among people.

Emal Hahour, spokesman for Da Afghanistan Bank, said: “Besides insecurity, political and internal challenges, dollars are smuggled to neighboring countries which hampers the value of local currency.”

He said Iran and Pakistaninfo-icon were biggest trading partners of Afghanistan as over $6 billion goods were imported from the two countries.

nh/ma

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