MONITORING (SW) – Sudden drop in the value of the US dollar against the afghani following a steady spike in its value has irked currency traders in Kabul.
While the dollar has depreciated significantly against the afghani in the past four days, some money changers are concerned and say it may be the work of mafia networks behind currency speculation.
Abdul Rahman Zirak, a spokesman for the money changers’ association at Kabul’s Sara-e-Shahzada, said he was concerned about the sudden fall in the value of the dollar, but denied the role of mafia groups in the rise in the value of the afghani.
He said a gradual rise in the value of the afghani against the dollar would have been to the advantage of money changers. “In any case, it is harming our countrymen and there is no possibility that the mafia has done this for its own benefit.”
Economic analysts say the influx of dollars for humanitarian aid into the country’s markets, the recent announcement by the United States that institutions and other organizations can enter into agreements with all Afghan banks and institutions, and other similar measures have led to the rise in the value of the afghani.
Saifudin Saihoon, a university lecturer and economist, says there may be some factors that have contributed to the rise in the value of the afghani.
But, he added that the rise in the value of the afghani would not last long.
“There may be people in the market who have the opportunity to raise dollar’s value and make a profit in the current situation, but the market is and will be free to determine it. It is natural to take advantage of such conditions and there were always the factors and elements that tried and collected a certain amount of money at that. ”
Abdul Nasir Rashtia, another economist, says the recent interactions with the international community, the Oslo summit and the change in the political situation as a whole have played a role in boosting the value of the afghani.
However, he said that given the economic and political situation in Afghanistan, the move would be short-lived. According to him, although the smuggling of dollars has been stopped to some extent, but over the past 20 years, Afghanistan’s economy has been driven by the mafia and the market will be run by the mafia in the future as well.
We tried to get Da Afghanistan Bank’s opinion on this, but to no avail.
Meanwhile, officials at the Afghanistan Chamber of Commerce and Industries (ACCI) said the fall in the value of the dollar against the afghani was in the country’s interest and that prices of all food and other commodities had dropped significantly since yesterday.
ENDS
