Afghan Sarrafs concerned about increased dollar smuggling out of Afghanistan

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The increased dollar money smuggling out of Afghanistan has drawn concern from the Sarai Shahzada Money Exchange Dealer Association, which claims that it will have a detrimental effect on the already fragile Afghan economy.

The association’s spokesman, Abdul Rahman Zeerak, told the media on Saturday, October 29, that dollar smuggling undermines the economy and should be prevented by the appropriate authorities.

“Smuggling money out of the country is against the law and should be taken into consideration,” Zeerak said. “On the one hand, it harms our economy, on the other side, it weakens the value of the Afghan currency.”

In the meantime, the Taliban government’s Ministry of Economy asserts that its officials are working to stop the smuggling of dollars.

According to Darya Khan Bhair, an expert on economic affairs, the withdrawal of foreign currency, particularly the dollar, from the country raises prices in the country’s markets while also having a negative impact on the decline of the Afghani value in relation to other foreign currencies.

The cost of imported items will also rise, according to some economists, if the smuggling of dollars is not stopped.

“Dollar smuggling from Afghanistan, while the country is experiencing a large balance of payments deficit, can have serious impacts on the exchange rate and the stability of domestic prices, because we are an importing country,” says Mir Shakib Mir, an expert on economic affairs.

This comes as the Taliban authorities claimed to have prevented the smuggling of money from Afghanistan. “The Islamic Emirate has stopped money from being smuggled outside for the past year and does not allow people to smuggle foreign currency from Afghanistan,” said Bismillah Habib, the Taliban Interior ministry’s deputy spokesperson.—Khaama News Agency

 

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