Afghani rebounds, stablizes at 94 AFN to the US dollar

The Afghani (AFN) has rebounded in recent weeks to a stronger 94 AFN to the US dollar, after its recent plunge which at one stage saw the currency fall to a low of 130 AFN to the dollar.

According to Islamic Emirate of Afghanistan (IEA) spokesman Inamullah Samangani, the stronger AFN comes on the back of efforts by government to stabilize the currency.

In mid-December, the Afghani went into freefall until it reach a record low of 130 AFN to the dollar. However, the IEA put immediate measures in place to curb the downward spiral of the country’s currency.

This included the establishment of a commission, led by Abdul Salam Hanafi, the country’s deputy prime minister. The commission’s task was to coordinate with relevant institutions to crack down on the smuggling out of the country of US dollars, curb counterfeiting operations and eliminate other destructive factors that were influencing the currency’s value.

Now, with the strengthening and stabilizing of the Afghani, the Afghanistan Chamber of Commerce and Investment has issued a statement urging traders and sellers to reduce prices and maintain fairness in their business dealings given the financial problems Afghans are dealing with.