When the price increases, we cannot find dollars,” he said. dollars at a rate of 105 afghanis, but then bought at 113 afghanis to the dollar as the currency began to slide and he worried it might fall further. Wednesday wasn’t a good day for trader Said Nadir. #Afghan currency rates freeIn the bedlam of the Herat Money Exchange market, traders frantically check the ever-changing currency rate on their mobile phones as they jostle through the crowd shouting out prices and waving wads of cash.Ī taser-wielding guard keeps the entrance free from the crush, the sound of its sharp clicks enough to send money changers scurrying past into the exchange. “I’m not selling because people have no money. “My business has fallen to zero,” he said. Shopkeeper Jafar Agha said the price of a large container of cooking oil was about 700 afghanis three months ago (roughly $8 at the time), but now costs about 1,800 afghanis (around $18). A combination of the coronavirus pandemic, a severe drought and the Taliban takeover have left many without jobs, and the currency’s sliding value has been pushing up food prices. Since then, international envoys have warned of a looming economic meltdown and humanitarian catastrophe.Īccording to the United Nations’ World Food Program, 22.8 million of Afghanistan’s 38 million people already face acute food insecurity, and malnutrition in the country is increasing. 23 from the International Monetary Fund, but the IMF blocked the release because of a “lack of clarity” about the country’s new rulers. The consequences have been dire for a country heavily dependent on foreign aid.Īfghanistan was also slated to access about $450 million on Aug. But the market remains volatile, and the devaluation is already impacting Afghans.Īfghanistan’s economy was already troubled when the international community froze billions of dollars’ worth of Afghanistan’s assets abroad and stopped all international funding to the country after the Taliban seized power in mid-August amid a chaotic U.S. dollar in the space of a day earlier this week, before recouping somewhat. The afghani lost more than 11% of its value against the U.S. HERAT, Afghanistan (AP) - The value of Afghanistan’s currency is tumbling, exacerbating an already severe economic crisis and deepening poverty in a country where more than half the population already doesn’t have enough to eat.
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