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Thursday, February 29, 2024

Afghanistan’s currency performs best this quarter: Report

The afghani, the currency of Afghanistan, has increased by an astonishing 9% over the past six months, ranking it as one of the best-performing currencies globally. This surge is due to a number of factors, such as receiving a lot of humanitarian aid and increasing trade with Asian nations nearby.

The administration in control for the past two years has taken steps to improve the lives of Afghans, such as advising people against using US dollars and Pakistani rupees for local purchases and making it more difficult to send money abroad.

Afghanistan still has significant issues with its economy, society, and politics despite the actions done, which may make it difficult for the Afghani to remain strong for a very long time. Due in large part to the stringent regulations governing the use of foreign currency, analysts believe that this currency increase will only last a short time.

However, despite recent improvements, Pakistan’s currency, the rupee, has been depreciating and is currently 22% less valuable than it was at the beginning of this year. In Afghanistan, people mostly employ money changers to exchange foreign currency, and Kabul’s Sarai Shahzada market is a key location for this.

Due to Afghanistan’s financial difficulties and reliance on unofficial methods of managing money, people send money there using a system known as the Hawala. The demand for the Afghani has increased due to stricter regulations on foreign currency and increased trade, but experts predict that demand will remain stable for the remainder of the year.

Afghanistan’s central bank has increased the maximum amount of cash that individuals and businesses are permitted to withdraw. However, despite recent improvements, there are still many issues in Afghanistan, including a lack of jobs, high prices, and a downward trend in prices, according to the World Bank.

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