Afghan currency strengthens slightly overnight against US dollar

Sara-e- Shahzadah, Afghanistan’s largest currency exchange market, announced early Thursday that the Afghani had gained some traction and climbed to 95 AFN against the US dollar overnight.

This comes after the AFN was trading at 105 Afghanis to the dollar at close of business on Wednesday.

Meanwhile, the Afghanistan Central Bank, Da Afghanistan Bank, has said the fourth package of UN cash aid has arrived in Afghanistan.

According to statement, the assistance amounts to $19.2 million and has been deposited with the Afghanistan International Bank (AIB).

The previous cash aid package of $19.2 million arrived in Kabul on Sunday.

Da Afghanistan Bank added that efforts have been made to facilitate principled ways to prevent “poverty and misery” for the Afghan people, and that the country’s banking system and foreign exchange needs will be resolved soon.

“Da Afghanistan Bank has always sought to keep the value of the Afghan currency stable against foreign currencies,” the statement said.

Central Bank officials also said the leadership of this institution is trying to stabilize the Afghani.

This comes after the AFN slipped to a dismal 130 Afghanis to the US dollar this week.

Islamic Emirate of Afghanistan (IEA) officials have however been taking steps to stabilize the currency and on Tuesday banned the use of foreign currencies for commercial transactions in the country.

Mawlawi Abdul Salam Hanafi, deputy prime minister, who is heading up a commission to curb the currency’s freefall, said at a press conference that the AFN would stabilize on the back of steps being taken.

“We have ordered clerics, local officials and security forces to prevent the use of foreign currencies [being used] in Afghanistan,” said Hanafi.

Mawlawi Hanafi warned that the authorities would take serious action against anyone found to be using, hoarding or smuggling foreign currencies.