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Afghani Loses Three Zeros - 2002-09-03


Currency dealers in Kabul say the value of Afghanistan's currency, the Afghani, is plunging due to concern over the introduction of new denominations.

The dealers say one dollar was being sold for up to 52-thousand Afghanis today (Tuesday), compared to 40-thousand on Monday.

The dealers blame the drop on people exchanging their old Afghanis for U-S dollars, fearing they will miss the deadline for the changeover to the new denominations.

The government has yet to announce when it will distribute the new money. Afghanistan's central bank governor, Anwarulhaq Ahadi, says people will have plenty of time to exchange old Afghanis for new ones.

The new currency cuts three zeroes off each bill's value, simplifying transactions. Experts say the new currency could also help bring stability back to war-torn Afghanistan -- if it is distributed effectively and wins the public's acceptance.

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