Afghanistan: Residents fear economic crisis as local currency depreciates

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Fears of an economic crisis loom in Afghanistan, as seen in the Afghan city of Jalalabad, as the country’s currency, the afghani, suddenly dropped by 2 percent in one day.

Residents were seen crowding currency exchange offices and markets to exchange their banknotes or buy goods before the afghani depreciates more.

“As we import most things from abroad and we pay in US dollars, it means when the Afghan rupees come down everything will get more expensive, said economic analyst Taj Mohammad Tamkeen. “The reason for the Afghan currency’s drop in value is the lack of international aid and political problems in the country.”

Aziz Ahmad, a shopkeeper, added, “we are facing this kind of problems because the US dollar is high and the Afghan currency is down. There are no customers, now that everything is expensive people are not able to buy anything in the markets.”

The local currency began to recover from its steep fall against the US dollar in late October after the government of Saudi Arabia announced up to $4.2 billion in financial support, shoring up the central bank’s foreign exchange reserves and improving sentiment in the currency market. A week later, however, the rupee snapped its rising streak and began to depreciate, with a sudden drop of 2 percent in a single day on Tuesday.

SOUNDBITES:

SOT, Taj Mohammad Tamkeen, economic analyst (Pashto): “As we import most things from abroad and we pay in US dollars, it means when the Afghan rupees come down everything will get more expensive. The reason for the Afghan currency’s drop in value is the lack of international aid and political problems in the country.”

SOT, Aziz Ahmad, trader in Jalalabad city (Pashto): “When the US dollar is high, it affects our economy. Now we are facing this kind of problems because the US dollar is high and the Afghan currency is down. There are no customers, now that everything is expensive people are not able to buy anything in the markets.”

#Afghanistan

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