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| November 11, 2002 | Monday | Ramazan 5, 1423 |
Afghani falls sharply at forex market
PESHAWAR, Nov 10: Afghanistan’s old currency Afghani, still legal tender, touched its lowest-ever rate in the exchange markets in the city on Sunday which serve Afghan refugees and traders in Afghanistan, a news report said.
Money-changer Mohammed Qaher said 100,000 old Afghanis which used to fetch Rs130 or Rs140 two months ago was being traded on Sunday for just Rs70, according to the Afghan Islamic Press (AIP) agency.
The AIP said that the Afghan authorities closed the exchange market in Jalalabad on Sunday because of the turmoil in the market.
Mr Qaher blamed the Afghan government for the steep depreciation, saying the government did not keep its promise of exchanging one US dollar for 40 new Afghani notes that it introduced in September but has not distributed widely.
“The government itself is not prepared to give dollar for 40 new Afghanis,” he said.—DPA
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