The Kabul Times.
Economic

Foreign-exchange reserves increase in Afghanistan, CB

Da Afghanistan Bank (Central Bank) officials said that over $7.8 billion foreign-exchange reserves have so far been collected in the bank, which shows increase in the country’s foreign-exchange reserves over the last few years.
Afghanistan’s revenues from currency exchange reached $100 million last year which has been unprecedented in the recent years, the Central Bank Governor Khalil Sediq said.  
“Our status in terms of foreign exchange reserves is better compared with a number of neighboring countries which have a larger population,” said Sediq. 
At the same time, International Chamber of Commerce Chief Executive Officer, Abdul Qadir Bahman, suggested that the money collected at the Central Bank should be circulated as it will bring more profits to the country. 
He also proposed that the money should be invested in the creation of an agricultural mortgaged bank or in something else that can bring more money to the country’s treasury. 
“This is good news, but this money should not remain unused,” he said. “In the current situation, it is a need to work with this money and launch an economic activity for more profits.”
According to world financial analysis, the financial status of a country is deemed stable if its foreign exchange reserves can respond to expenses for importing goods for the duration of three to six months. 
In Afghanistan, however, still, around 50 percent of the development budget comes from foreign support.
“Central Bank speaks about more foreign-exchange reserves each year. However, the reserves should be used in the country’s economic circulation,” an economic expert Saifuddin Saihoun said to The Kabul Times.
“I believe that the government of Afghanistan can prepare the ground for giving loans to traders and farmers through which our people will also earn benefits,” he added.
This comes as Central Statistics Office has recently released a report that five million Afghans are living under poverty line.
Based on the report, 51.7 percent of the country’s population was living under poverty line two years ago.
It is merit to mention that Central Bank has paved the way for short-term and long-term loans to curb these challenges and it uses foreign-exchange reserves in the country’s economic interest.
Shukria Kohistani

Related posts

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

The Kabul Times.