LONDON: Afghanistan's central bank has ordered banks to pay out remittances in local currency only, the latest move to preserve scarce US dollars, say sources familiar with the matter.
Western Union Co's agent banking partners in Afghanistan received a directive from the country's central bank in the last few days to pay out remittances in afghani only, said a source close to a money exchange provider. Further controls are expected to hasten the afghani's depreciation against the dollar, exacerbating inflation in a country where more than a third of the population lives on less than US$2 a day.
"With the restrictions we are predicting the dollar will reach more than 100 afghanis to the dollar."Banks were told by the central bank last week to restrict withdrawals by corporate customers to local currency only, capped at around 20per cent of each customer's weekly operating costs, said the banker.
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