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Afghanistan’s central bank chief upbeat over stable AFN
The monthly average exchange rate between AFN and US dollar was recorded at AFN 72.0 per 1 USD.
The acting head of Da Afghanistan Bank (DAB) says that the value of the afghani (AFN) against the US dollar has remained stable compared to that of other currencies in the region.
Hadayatullah Badri said in a Supreme Council of Da Afghanistan Bank meeting this week that the liquidity situation in banks has improved because "people's deposits in the Islamic banking sector have increased by 4 percent compared to the previous quarter."
Issues that were also discussed at the meeting included the effective implementation of monetary policies, the state of the banking sector, efforts to develop Islamic banking, the mechanization of exchange activities and people's access to financial services.
Last month, the UN’s World Food Program (WFP) reported that following political changes in August 2021, inflation surged in Afghanistan, peaking at 18.3 percent in July 2022.
However, it subsequently plummeted into deflation, reaching -9.0 percent in March 2024.
Similarly, food inflation decreased from +26 percent in June 2022 to -13.8 percent in March 2024.
The persistent deflation is reflecting a fall in food prices and weak consumer demand.
However, WFP stated: “While deflation supports low food prices, limited number of job opportunities and low wages will continue to weaken household purchasing power.”
Exchange Rate:
The monthly average exchange rate between AFN and US dollar was recorded at AFN 72.0 per 1 USD.
After its surge in January 2022, the value of AFN started to consistently appreciate against the US dollar during the year 2023 and remains relatively stable, hovering around AFN 70-74 per USD since November 2023.
Factors such as US dollar auctions by the Da Afghanistan Bank, ban on foreign currencies for domestic transactions, increased remittances, and UN dollar shipments significantly contribute to the stability of AFN, WFP reported.
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Eleven people have been killed in a shooting at a shrine in Afghanistan’s northern Baghlan province, local sources said on Friday.
The incident took place at 9 pm on Thursday at the shrine of Sayed Padsha Jan in Shahr-e-Kuhna of Nahrin district.
A local resident said the dead were residents of Nahrin district and wanted to spend the night at the shrine.
Asadullah Mustafa Hashemi, the provincial information and culture director, confirmed the incident but did not provide details on how it happened or the number of casualties.
Provincial police spokesman said they had not received any information about the incident yet.
Deputy Minister of Foreign Affairs of Turkmenistan Serdar Muhammetdurdiyev on Thursday met with Chinese special envoy for Afghanistan, Yue Xiaoyong, the Foreign Ministry of Turkmenistan announced.
During the meeting, the sides discussed priority vectors of strategic interstate cooperation built on a long-term, mutually beneficial basis, as well as exchanged views on the implementation of previously reached agreements.
It was noted that personal contacts between the leaders of the two countries play a key role in intensifying the interstate dialogue, which give a strong impulse to further development and expansion of Turkmen-Chinese ties.
It was emphasized that Turkmenistan considers multilateral international platforms for maintaining stability in Afghanistan as an important factor in promoting sustainable improvement of socio-economic state of the neighboring country. The sides exchanged views on the preparations to the 5th meeting of Foreign Ministers of Afghanistan's Neighboring States to be held in Turkmenistan.
The interlocutors reaffirmed that Turkmenistan and China will continue to provide all-round support for the economic restoration of Afghanistan.
The U.S. House Of Representatives has passed a legislation on evacuation of Afghans who assisted Americans during the 20-year war in Afghanistan.
“The passage of the CARE Authorization Act of 2024 further underscores the commitment made by the U.S. government to safeguard those who served shoulder-to-shoulder with our personnel during the twenty-year mission in Afghanistan,” Congresswoman Dina Titus said in a statement.
“The State Department has made it clear: There is no deadline for the crucial job of protecting Afghan allies. By authorizing the Coordinator for Afghan Relocation Efforts at the State Department, we can more effectively relocate and resettle those who have qualified to immigrate to the U.S. as a result of their service to this country.”
In 2022 the State Department established a specialized office called the Coordinator for Afghan Relocation Efforts (CARE) to streamline and coordinate the ongoing relocation and resettlement process for eligible Afghans from Afghanistan and Pakistan to the United States.
The CARE Authorization Act of 2024 will formally authorize the CARE office at the State Department for three years and grant important authorities to advance its mission. These include an extension of authorities to enter into personal services contracts as well as measures to streamline the transfer of funds to and from other agencies involved in the Afghan relocation mission.
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