Despite the challenging situation in Afghanistan, the Afghan national currency has become one of the most profitable in the world, as concluded by Bloomberg agency following an analysis of the Afghani exchange rate.
According to their data, the Afghan currency appreciated by approximately 14% in 2022, with an additional 9% increase in the final quarter of 2023. The agency attributes this growth to several factors. First and foremost, it's the financial policies implemented by the Taliban, the radical group now in control of Afghanistan. They have prohibited financial transactions in US dollars and Pakistani rupees within the country, imposed penalties for exporting US currency outside Afghanistan, and banned online currency trading, with violators facing various penalties, including imprisonment. Additionally, consistent humanitarian aid deliveries and increased trade with Asian neighbors have contributed significantly to Afghanistan's currency strength.
However, Bloomberg emphasizes that the country's overall situation is deteriorating. Unemployment is on the rise, with two-thirds of rural residents struggling to afford basic necessities. Afghanistan is experiencing deflation due to inflation, and experts predict that the unstable economic, political, and social conditions will eventually slow down the Afghani exchange rate's growth. It is expected to stabilize at the current level by the end of 2023. Furthermore, Afghanistan risks losing a significant portion of global aid due to the Taliban's repressive measures against women, which continue to escalate.
On September 15, Mohammad Yunus Rashid, the Deputy Minister of Youth Affairs in the Taliban-led government, acknowledged that at least 1.5 million educated young Afghans are currently unemployed.
Since coming to power in 2021, the Taliban has suspended girls' education in secondary schools and higher education institutions, prohibited women's presence, including female faculty members, in universities, and mandated the removal of women from all national and international non-governmental organizations. These actions have drawn criticism from various countries and international organizations, including the UN.
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Based on materials from TASS