Kabul, December 14, 2008 : .In the face of the continuing humanitarian crisis in Afghanistan the national currency, afghani has seen a dramatic drop in value against the US Dollar.
This led to an increase in prices for essential goods like fuel and food.According to Da Afghanistan Bank figures, Monday’s afghanitrade was at 112.00 for one US Dollar.
According to Xinhua, Sunday’s exchange rate was 106.12, compared with 103.66 a single day earlier.This is a record-breaking devaluation.
The afghani was trading at around 76 per one dollar at the start of 2020 and at 77 this January, 81 July, and 90 mid-August.
The US has frozen assets worth more than $9 billion belonging to Afghanistan’s central bank.This was in addition to a stop in funding by the World Bank or the International Monetary Fund.
According to economists and banking analysts, this is the most that the Afghani has lost value against a foreign currency in recent times, TOLO News reports.
They said currently inflation has reached to 12 to 14 per cent, and the persistence of this situation will destabilise the economy of the country.
According to them, this situation can damage small and medium investments in the country and will halt business activity.
Shopkeepers said some wholesalers on Monday closed their markets as the news about the rapid increase of the dollar value spread throughout the city.
ksk/
#Economic #woes #Afghanistan #currency #Zen
