Afghanistan Economy
Afghanistan economy under stress: Value of Afghani drops, prices of essential commodities spike
Kabul: The drop in the value of Afghanistan's currency, Afghani, against the US dollar has left the already crippled economy of the country in trouble.
Amid falling value of the currency, prices of essential commodities, including food and fuel, have hiked sharply in recent weeks.
The Money Exchanger's Union in Sarai Shahzada, Afghanistan’s biggest money exchanging market, said on Monday that one US dollar was exchanged for 123 Afghani, while on Sunday it was 110 Afghani, and a month ago it was below 90, reports Tolo News.
The exchanger's union told the news portal some people have played a role in the increase of the dollar price by spreading rumors, and were pushed out of the market on Sunday.
On Monday, the market’s “Boli” section, which is the main section for determining the value of currencies and also where big money exchange transactions occur, was closed.
“A number of people who in fact are not money exchangers have come here and are promoting fake rates. I hope the situation gets better in the coming days,” Sayed Ali Sadat, a member of the money exchangers' union, told Tolo News.
“This is the first time that the Afghani has lost its value to this level. We are in contact with the central bank and are calling for the bank to intervene in the currency market,” Haji Zirak, a member of the union, told the news portal.
Afghanistan witnessed a political change in mid-August when the Taliban took control over the government.
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