Afghan central bank to auction $12mn to stabilise local currency

Kabul : The Afghan central bank said on Wednesday that it has put $12 million in auction as part of efforts to stabilise the local currency, afghani.

The Da Afghanistan Bank’s (DAB) decision was made amid tumbling afghani against foreign currencies, especially the US dollar, in the money exchange markets, reports Xinhua news agency.

The exchange rate of $1 was 88 afghani last week, but it rose to 88.77 afghani on Tuesday.

In similar efforts, the central bank had auctioned $12 million a couple of weeks ago.

However, observers believe that afghani would continue to lose against foreign currencies unless local and foreign companies invest in the war-torn and impoverished country to create job opportunities for the Afghans.