KABUL (SW) – Rampant circulation of outdated and torn Afghani currency notes has led to the citizens in Kabul demanding the authorities to take swift action.
Ahmad, a resident of Kabul, who had old currency notes in his hand and wanted to use it to buy the things he needed, said that no one was willing to take the outdated notes. “The 20 Afghanis note that I wanted to give to the taxi driver, he looked at the money and said what can he do with it? Even when I gave him a new 500 Afghanis note, he gave me the same old money in change.”
Asadullah, another resident of Kabul, said: “We want the central bank to take back the old money and supply new money in the market. There is almost no new money, and if it there is some five percent of the old notes, people have stored it.”
These Kabul residents want the central bank to collect worn out banknotes from the markets and replace them with new banknotes.
On the other hand, officials at the Da Afghanistan Bank (DAB) say that the process of collecting old banknotes from the markets is time-consuming.
Hasibullah Noori, the DAB spokesperson, said that the bank is trying to implement the bank payment system to prevent premature wear of banknotes. He added: “The central bank is working to promote electronic payments and now it has prepared a national card plan that people can use in all banks and big stores to use ATM machines and pay for various expenses.”
A number of experts in economic issues consider the use of cash in the markets, lack of electronic payment system, and the improper storage of money at home as the main factors for the early wear of banknotes.
Mohammad Rafiq Sadeqyar, an expert on economic issues, wants the central bank to hold awareness programs for better money management. “A person who damages money does not usually have a pocket vault. People should be educated and then a series of laws should be established through Kabul Bank and the Ministry of Finance so that people can participate in keeping their money safe.”
According to the statistics provided by the DAB, it has collected and destroyed seven billion afghanis worth of worn out banknotes from the markets last year.
