The Kabul times, Afghanistan Trustable News Agency.
NationalReport

Concerns rise over smuggling U.S. dollar to Pakistan

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Afghans particularly money changers and traders by expressing concern over increasing smuggling of U.S. dollars out of Afghanistan say smuggling U.S. dollar from Afghanistan to Pakistan has created lots of problems as the people of Afghanistan are facing with various economic problems.
According to money changers and traders, smuggling the U.S. dollar out of Afghanistan can directly put negative impact on both Afghanistan’s economy and Afghani currency.
They say the afghani currency will lose its value against foreign currencies in case the situation continues.
Increasing unemployment rate, increase in prices of key staples in the country’s markets, reduction in afghani currency’s value in the country’s markets and the weak economy of families are considered as losses of continued U.S. dollar smuggling.
The people of Afghanistan are facing with worst economic situation and the country’s economy will further collapse in case the Islamic Emirate (IEA) does not prevent from U.S. dollar smuggling out of the country.
On the other hand, smuggling foreign currencies out of Afghanistan will result in reduction in domestic products and increasing unemployment and help money laundering in the country. Besides, smuggling foreign currencies out of the country will cut down the impetus for investment inside the country.
Since the Islamic Emirate (IEA) takeover in mid-August 2021, Afghanistan has been facing with shortage of cash and the value of afghani has reduced against the U.S. dollar. Although the IEA has received $953 million cash assistance from the United Nations so far, there’s still shortage of cash money in the country.
Afghanistan Central Bank ‘Da Afghanistan Bank’ has not commented on increasing smuggling of the U.S. dollar out Afghanistan so far. Based on reports, smuggling of the U.S. dollar out of Afghanistan has increased recently, but the IEA has recently said they have prevented from smuggling more than $50,000 to Pakistan.
Money changers in Kabul say after Pakistan implemented restrictions on selling and purchasing the U.S. dollar in the country’s exchange markets, smuggling of U.S. dollar out of Afghanistan has increased. Afghan money changers by expressing concern over the increasing smuggling U.S. dollar out of Afghanistan say millions in Pakistani rupees are changed to U.S. dollar and then smuggled to Afghanistan on daily basis.
“Smugglers are importing Pakistani rupees into provinces bordering Pakistan, purchase U.S. dollar and smuggle it back to Pakistan,” said Fawad, an Afghan money changer in Kabul.
He said that with continued smuggling U.S. dollar out of Afghanistan the country’s economy will experience collapsing and the afghani will further lose its value in exchange markets.
Meanwhile, Afghan economists by expressing concern over increasing smuggling of U.S. dollar out of the country blamed some groups who want to somehow harm the country’s economy. They are asking the country’s central bank to take serious action against those smuggling U.S. dollar out of the country. Amiri

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The Kabul times, Afghanistan Trustable News Agency.