Editor in Chief: Moh. Reza Huwaida Tuesday, November 13th, 2018

State Bank to Inject $150m Into Foreign Reserves

State Bank to Inject $150m Into Foreign Reserves

KABUL - Officials from the state-owned Central Bank of Afghanistan, Da Afghanistan Bank, said the bank has planned to inject over $150 million USD into the country’s foreign exchange reserves to ensure the stability of Afghan currency.
Currently, Afghanistan foreign exchange reserves is estimated to $ 7.5 billion USD.
Meanwhile, economic commentators have said that over the past fifteen years, the government has not been able to use the country’s foreign exchange reserves for the expansion of domestic production and economic development.
They said that the government used foreign exchange reserves only to secure the stability of national currency in the money markets.
“Our net reserves have crossed $7.4 billion or something. This is equal to the value of ten months of imports,” said Khalil Sediq, governor of the Central Bank of Afghanistan.
“The important thing behind the increase in foreign exchange reserves is that it ensured the stability of the currency, it also creates a balance. If we know that our foreign exchange reserves have increased, then the value of Afghan currency should also keep its stability,” said economic analyst Sayed Massoud.
According to the economic experts, increasing the level of domestic production and reducing the level of imports from abroad are among key factors that can help to increase foreign exchange reserves of the country.
They called on the government to define a comprehensive strategy to make that foreign exchange reserves are used properly. (Tolonews)