Afghanistan’s Central Bank Burns $120 Million in Old Currency
The Taliban-led Central Bank of Afghanistan announced on Friday that it had burned $120 Million in Old Currency. The bank said the notes, which were collected from Kabul and the southeastern region of Gardez, were no longer fit for circulation.
The bank’s governor, Hidayatullah Badri, urged citizens to keep banknotes in good condition to prevent them from becoming damaged. He said that the use of cash in the market and the lack of use of electronic payment systems and credit cards were contributing to the early deterioration of banknotes Badri said that the bank was working to improve the quality of its banknotes and to make it easier for citizens to use electronic payment systems.
The burning of the damaged banknotes is a sign of the economic challenges facing Afghanistan. The country is in the midst of a severe economic crisis, which has been exacerbated by the Taliban’s takeover in August 2021. The crisis has led to a shortage of cash and a rise in inflation.
The Taliban has said that it is committed to improving the economy of Afghanistan. However, it has faced a number of challenges, including the withdrawal of foreign aid and the imposition of sanctions by the United States and other countries.