KABUL (SW): The Vice President of the Da Afghanistan Bank (DAB) has cited four main reasons behind the recent drop in value of the afghani against the U.S. dollar.
In conversation with Salam Watandar, the DAB Vice President Waheedullah Nosher said one of the main reasons is the overall appreciation in the value of dollar against currencies of most countries. He said the dollar has surged by 16.5 per cent against the Iranian tuman, 5.9 per cent against Pakistani rupee and 3.6 percent against the afghani this year in value.
Highlighting other reasons, the DAB Vice President said the ever widening gap between the imports and exports is badly affecting the value of the afghani. Waheedullah Nosher went on to say the different government entities pumped plenty of cash into the economy last year with up to 68 per cent utilization of the development budget.
The DAB Vice President said many foreign currencies are circulating in the market, which also puts the afghani under pressure.
Waheedullah Nosher, however, stressed that the afghani would soon rebound to its original value.
The falling price of afghani has led to price hikes of many basic commodities such as wheat, rice and cooking oil.
ENDS
