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Afghanistan's currency has emerged as one of the best performing currencies in the world in the second quarter of this year. The price of afghani increased by nine percent during this period. This information has been confirmed in a report by the US media Bloomberg. It is considered a great achievement for a poverty-stricken country.
In August 2021, the Taliban seized power in Afghanistan. Through which nearly two decades of war and conflict came to an end. However, international organizations ended their activities in Afghanistan soon after the former rebel group took power.
The United States also froze Afghanistan's central bank's reserve funds at the Federal Reserve in New York. In these incidents, the Taliban faced a lot of economic pressure. As of March 2021, one US dollar was worth 77.30 Afghani (Afghan currency). A day before the Taliban took power, the exchange rate for one dollar reached 88 Afghanis.
The Taliban takeover situation worsened so much that in November 2021, the value of one US dollar reached 130 Afghanis. But after that, Afghani started to turn around again. This is the first time that the value of Afghan currency has appeared in the list of best.
Citing Bloomberg, international media say that the increase in foreign aid and trade activities with neighboring countries has made the Afghani the world's best-ranked currency in the current quarter (July-September).
Due to currency controls, direct transactions and remittances, the value of the Afghani rose to 9 percent. This is 3 percent higher than the Colombian currency, the peso. As such, it is the third best currency in the world this year. Colombia and Sri Lanka are at the top of this list.
It has also been said that this year the quality of Afghani has increased to 14 percent. Afghanistan's Afghani is in a stronger position than the Bangladeshi taka, according to global currency market rates on Tuesday (September 26). Where 77 Afghani equals one dollar, there is 110 taka in Bangladeshi currency.
Foreign currency transactions in Afghanistan are now done through money changers. They are called Saraf. Due to the foreign embargo, all currency now enters the country through Afghanis. Even the country does not have any foreign exchange operations.
The Taliban, which came to power two years ago, have taken several steps to strengthen Afghanistan. These initiatives include banning the use of the dollar and the Pakistani rupee in local transactions.
Besides, restrictions have been imposed on bringing US dollars from outside the country. The Taliban has also outlawed online commerce. If you do not obey these laws, the Taliban government has also provided prison terms.
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