The Problem of Old Money still Exists

A number of citizens complain that worn-out money causes many problems in the market. This is while seven months ago, the Central Bank of Afghanistan announced the printing of 100 million new banknotes and their distribution to banks.

Mirza Hussain, one of the shopkeepers in Kabul City, said: “A few months ago, the government announced that new money will be available to people soon, but so far there is no news of this money.” We ask the Islamic Emirate to distribute it because the old money make problems.

Abdul Haseeb, one of the residents of Kabul, also complains about this problem. He says: “If new money is printed, then why is it not offered to the market?” Every day we have arguments with the shopkeepers because of the old money.

This problem has also caused a lot of trouble for money changers. One of the money changers said in this regard: “We have so many problems with old money because this money has passed their life and they cause us controversy with people every day. Think, if we buy the new money from the exchange, we have to pay 600 difference.”

Meanwhile, some economic experts said that most transactions in Afghanistan are done by cash so, it’s the government’s responsibility to collect old money, for this reason, Afghan banknotes become worn out and defaced over time.

Abdul Jabar Sapai said: “Old and worn-out money should be collected from the market, but in order to get out of this problem, it is necessary to work on a system that no longer requires the use of money in physical forms, like other countries that credit cards are used in transactions.”

Officials of the central bank confirm the problem of worn-out money, but they say that new money will be offered into the market according to the plan and monetary policies.

Hasibullah Noori, the spokesperson of the Central Bank, said in a conversation with Killid Radio: “Distributing new banknotes is a continuous process that will be offered into the market based on demand and reasonable monetary policies. But again, we are trying to speed up this process and soon people will see new banknotes in the market.”

While there are complaints about the circulation of old money in the market, according to articles 39 and 42 of the Central Bank Law, worn-out money is removed from the market and burned.

Translated by: Sadaf Yarmal