KABUL (SW) – In the wake of the rampant devaluation of the afghani currency against the US dollar, officials of the Islamic Emirate of Afghanistan have announced new measures to lift the value of the local currency.
Ahmadullah Wasiq, a deputy spokesman for the Islamic Emirate, wrote on Twitter today that efforts are underway to increase the value of the afghani against the dollar and that the situation will change soon.
“After serious attention from the government and economic departments, action has been taken and the value of the afghani currency is expected to increase soon,” Waseiq said.
The central bank, Da Afghanistan Bank has also issued a statement emphasizing that it will use various means to stabilize the value of the afghani against the dollar. The bank said in a statement that currency fluctuations, which would hurt people’s purchasing power, would be avoided as much as possible.
“The central bank hopes that with the joint efforts of all relevant bodies, we will be able to work to improve the exchange rate of the afghani currency as much as possible and achieve an effective result,” the statement said.
But, a number of economists believe that the Islamic Emirate is unable to control the country’s monetary markets.
Mohammad Ali Mashal, an economist, told Salam Watandar that the smuggling of USD abroad and its scarcity had increased the value of the dollar. According to him, the Islamic Emirate has not been able to stop the smuggling of dollars abroad.
Following the unprecedented fall in the value of the afghani against the dollar, the Council of Ministers of the Islamic Emirate yesterday instructed the Economic Commission to take immediate measures to stabilize the local currency against foreign currencies.
ENDS
