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Afghan central bank to pump $850mn into the economy

in Afghan Business

Afghan central bank to pump $850mn into the economy

Afghanistan’s Central Bank, Da Afghanistan Bank (DAB), plans to pump USD85mn into the local economy in a bid to stabilize the national currency and assist the banking sector.

DAB’s acting governor Khan Afzal Hudawal said the funds for capital injection would come from the international community and would be released in the next quarter.

This comes as Afghani currency is sharply declining against the US dollar. The Afghani currency has dropped to over 60AFN in the last few weeks against the US dollar.

The announcement for capital injection emerged out of the Bank’s High Council session which also approved the Bank’s working agenda for the next 100 days.

The Bank’s 100-day agenda includes stabilizing the national currency, curtailing money laundering and improving monitoring of banking operations.

In the meantime, the International Monetary Fund (IMF) will provide USD 150mn to support Afghanistan’s foreign reserves, which are currently at around USD 7bn.

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