Dollar’s decline in Afghanistan is steeper than its rise in Pakistan

KABUL: Afghanistan’s currency Afghani (AFN) is strengthening against the US Dollar, Afghan media reported. During the past one year, AFN has improved from trading around 87 AFN to the USD in September 2022 to trading at 76 AFN to the USD, today.

According to TOLO News, the Union of Money Exchangers of Sarai Shahzada said that the recent decline in the value of the dollar against the Afghani was brought on by both the Central Bank of Afghanistan’s regular monetary program and the implementation of large projects in the country.

US Dollar soars to unprecedented high of Rs. 330 in open market

Earlier this year, in March, Central Bank supreme council member and board member of the Afghan Trust Fund in Switzerland, Shah Mohammad Mehrabi had said that the successful utilization of monetary policy tools has maintained price stability and reduced volatility in the exchange rate.

Even within Afghanistan, now the local Afghani is being used instead of foreign currency. “To sustain Afghani stability, Da Afghanistan Bank has created a regular policy. It is constantly attempting to control the markets and not allow the Afghani to lose its value as in the past” said Abdul Rahman Zirak, a spokesman for the union.

The value of the dollar and other foreign currencies has dropped significantly over the past month against the Afghani. There has been nearly an 11 AFN drop in the Dollar price within one month. However, according to local media, the appreciation in the exchange rate is yet to reflect in the cost of food in the marketplace.