Afghanistan’s currency fell to a record low on Tuesday after the Taliban fighters took over the country's capital. The Afghani has been on a decline for the past four days and was down to 83.5013 per dollar. A year back, it was hovering in the mid 70’s to a dollar.
To make matters worse, Ajmal Ahmady, Acting Governor of Afghanistan’s Central Bank also left the country along with other ministers and officials.
In a series of tweets, Ahmad said the central bank was able to stabilize the volatility in the currency until last Thursday. The following day the central bank said it had no more dollar shipments while on Saturday, the central bank had to supply less currency to the markets leading to more panic.
“Currency spiked from a stable 81 to almost 100 then back to 86,” he tweeted. “I held meetings on Saturday to reassure banks and money exchangers to calm them down.”
Ahmady was among the last officials getting on a military plane even as thousands made futile attempts to leave. With the Taliban taking over, a ripple effect was felt in neighbouring Pakistan too. The sovereign dollar bonds due 2031 for Pakistan dropped 1.8 cents on Monday.
On Friday, it was told that there would be no more dollar shipments, and by Saturday the central bank had to supply less currency to the markets, which led to more panic, he wrote in twitter thread.
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