Da Afghanistan Bank held press conference on Afghani-USD exchange rate

Nov, 23, 2015- Da Afghanistan Bank’s governor H.E Khalil Sediq said that Da Afghanistan Bank has pursued the managed floating exchange rate regime and carefully monitor the foreign exchange market. After analysis of the market as per DAB’s policy and plans, we conduct the currency auction to curb severe fluctuations in Afghani exchange rate. At the same time, International Monetary Fund (IMF) has recognized Afghanistan’s adopted monetary and financial policy and considered it appropriate for this country.

Referring to fall of Afghani exchange rate against US dollar, H.E Khalil Sediq stated that Afghani is not the only currency plummeted against US dollar, but a wide basket of global currencies have also depreciated versus dollar. In the space of a year, Russian Ruble fells 44%, Tajikistani Somoni 31%, Turkish Lira 27.49%, Uzbekistani Som 12.48%, Turkmenistan’s Menat 27.50%, Australian dollar 22.34%, Afghani 14.55%, Euro 14%, Iranian Toman 12%, Indian Rupee 8%, Chinese Yuan 6% and Pakistani Rupee fell 5%. This is while these countries are in a better state in terms of security and there is no imposed war there, so compared to these currencies and despite recent unrest, Afghani stands at optimum level.

With the implementation of robust and practical economic strategies of government, Mr. Sediq expected the year 1395 HS will be a gainful year and lead to increase in public trust on investments which may prevent devaluation of Afghani in the future.

In the closing moments, the governor urged the people of Afghanistan in particular the mass media to keep their trust on Afghani and avoid any concern and baseless rumor in this respect.