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Financial Transactions to be done in local currency- Afghanistan Central Bank

in Afghan Business

Financial Transactions to be done in local currency- Afghanistan Central Bank

As part of the measures taken to stabilize afghani currency, the Central Bank of Afghanistan announced that all financial transaction would be done in the local currency.

Private-sector financial institutions urged private-sector financial institutions to refrain from investment outside of Afghanistan and rather invest more locally in order to meet the domestic needs.

“There are great opportunities in Afghanistan for local investment. Why are the private banks investing abroad,” said Central Bank governor Noorullah Delawari.

Ministry of Hajj would also be required to make payments in local currency.

Dollar-based payments have resulted in weakening of the afghani. He called the current rise in dollar’s value, driven by the Hajj season, as a transitory phenomenon.

According to Mr. Delwari, 17% of investment by 17 private banks was outside of the country.



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