World News | Kabul Residents Face Difficulties Due to Rising Prices, Weakening Afghani
Get latest articles and stories on World at LatestLY. Many Kabul residents are facing difficulties as the prices of goods have risen while the Afghani has weakened against the dollar, local media reported on Tuesday.
Kabul [Afghanistan], October 19 (ANI): Many Kabul residents are facing difficulties as the prices of goods have risen while the Afghani has weakened against the dollar, local media reported on Tuesday.
"A number of Kabul residents have complained about the rise in prices of goods in Kabul's markets as the value of the Afghani has fallen against the dollar in recent days," Tolo News reported.
The dropping in value of Afghanis against the dollar has greatly reduced business in the markets. Currently, one dollar is exchanged for about 90 Afghanis in the Kabul market.
According to the money exchangers, recently the smuggling of dollars has also caused problems in the markets, the publication reported.
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Kabul residents have urged Afghanistan's central bank to take steps to control the currency markets and to pave the way for more robust business.
"It's problematic when the value of the dollar rises in the currency markets, then the price of the goods increases too," Tolo News quoted Esmatullah, a resident as saying.
In the meantime, several money exchangers in Kabul believed that lack of cash in banks is the reason that the Afghan currency dropped.
"In the currency markets, the shortage of dollars is the reason behind Afghanis dropping dramatically," Tolo News quoted Mirwais, a money exchanger as saying.
At the same time, Afghanistan annually imports goods which cost 8.5 billion dollars and to buy these goods they use dollars.
"Afghanistan is one of those countries that relies on other countries' imports and we need dollars to buy goods and that is why the Afghani is losing its value in currency markets," said Haji Zirak Zirak, the spokesperson of the money exchangers union in Kabul, the publication reported. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)