Afghanistan’s currency, the Afghani, has risen 9% in the past few months, making it one of the world’s most successful currencies. This increase is due to charitable support and increased trade with Asian neighbours.
The government has told Afghans not to use US dollars and Pakistani rupees for local purchases and made it tougher to send foreign currency out of the country in the past two years.
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Despite these measures, Afghanistan dislikes its economy, society, and laws, which could make it hard for the Afghani to stay strong. Due to strict rules on using foreign currency, experts believe this rise in the currency is temporary.
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Despite a recent improvement, Pakistan’s currency, the rupee, is 22% weaker than it was at the start of the year. In Afghanistan, people mostly use cash transformers for foreign currency, and Kabul’s Sarai Shahzada market is important.
People send money into Afghanistan through the Hawala system since the country has financial challenges and uses informal methods to manage them. Despite rising interest in the Afghani due to strict cash and exchange rules, experts expect it to stay at a similar level through the end of the year.
Afghanistan’s state bank has increased the amount of cash organisations and individuals can withdraw. Despite Afghanistan’s recent improvement, the World Bank reports many challenges in the country, including insufficient positions, high prices, and falling expenses.
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