Officials from Da Afghanistan Bank, the Central Bank, on Saturday said the country’s foreign exchange reserves have reached to more than $7.8 billion which puts Afghanistan in a better status among the neighboring countries in terms of having a better monetary backup.
The amount was around $7.6 billion last year, according to the Central Bank.
In 2018, Afghanistan’s revenues from currency exchange reached $100 million which has been unprecedented in the recent years, the Central Bank governor Khalil Sediq said.
“Our status in terms of foreign exchange reserves is better compared with a number of neighboring countries which have a larger population,” said Sediq.
The CEO of the International Chamber of Commerce office in Kabul, Abdul Qadir Bahman, suggested that the money collected at the Central Bank should be circulated as it will bring more profits to the country.
He also proposed that the money should be invested in the creation of an agricultural loan bank or in something else that can bring more money to the country’s treasury.
“This is good news, but this money should not remain unused,” he said. “In the current situation, it is a need to work with this money and launch an economic activity for more profits.”
Experts say the financial status of a country is deemed stable if its foreign exchange reserves can respond to expenses for importing goods for the duration of three to six months.
In Afghanistan, however, still, around 50 percent of the development budget comes from foreign support.