English | دری

1-5 Afghani notes not acceptable in the market

in Afghan Business

1-5 Afghani notes not acceptable in the market

Afghani notesA number of Herat residents have expressed concerns about the decline in the circulation of 1-5 Afghani banknotes in the market.

They have accused the banks in Herat of negligence towards the control of money in the market.

Meanwhile, bank officials said that following the monetary developments in 1390 and introduction of coins to the market, many people started to believe that 1-5 Afghani banknotes are not tradable in the market.

“Banknotes from 1-1000 Afghanis are acceptable in the market. Those refusing to accept banknotes below 10 Afghani will be prosecuted,” said Anwar Shah Yousufi, Head of Banks in the western zone.

He further added that a group of individuals are involved in purchasing banknotes below 10 Afghanis at a lower price and selling them back to banks and other places at higher rates.

According to Mr. Yousufi, some of these individuals have been identified by the control team and have been punished.

Mr. Yousufi cited the fast depreciation rate of 1-10 Afghani banknotes as another concern, adding that millions of depreciated Afghani notes have been burnt by the central bank officials in Herat.

Meanwhile, a number of financial analysts believe that the increasing number of non-licensed moneyexchangers involved in the trade of banknotes has become a major concern for the financial institutions.

The analysts further added that the poor quality of paper used in making Afghani notes is also a reason for the fast depreciation rate of Afghani.

The Central Bank had previously announced that they were working on issuing licenses to roadside moneyexchangers.



Related Articles

Afghanistan’s first satellite starts formal operation

(By Ahmadshah Ghanizada) Afghanistan’s first satellite which was deployed into the orbit earlier this year has formally started its operations.

Afghanistan to receive $878mn for development projects from ADB

The Asian Development Bank (ADB) has pledged to provide USD 878mn for development projects in Afghanistan. The announcement was made

Leading Afghan female entrepreneur Kamela Sediqi appointed as Deputy Minister of Commerce

Kamela Sediqi, a leading Afghan female entrepreneur, is appointed as the new deputy minister of Commerce. Abdul Salam Rahimi, Director-General

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.