$150m must be delivered to Afghan market

KABUL (TOLOnews): A member of the Afghanistan Trust Fund, Shah Mohammad Mehrabi, said that $150 Million should be delivered to the markets monthly in Afghanistan to stabilize the Afghan currency.
“Use of this fund should be done for the sole purpose of price stability to defend the value of Afghani. This process can be independently monitored and audited with an option to terminate in the event of misuse. Through this process, purchasing Afghani will increase,” he said.
Mehrabi, who is also member of Da Afghanistan Bank said that the trust fund was established in Swiss banks to preserve the Afghanistan’s Central Bank’s Assets. He said that the fund will go to Afghanistan.
“The $3.5 billion that are set aside for the benefit of Afghan people had to be protected… and to do so, the fund for Afghan people was established,” Mehrabi said. The Afghanistan Chamber of Commerce and Investment (ACCI) said that the Afghan assets should be in the custody of other banks.
“These are the assets of the people of Afghanistan. Thus should be managed by Afghanistan. These assets should enter the Afghan economy,” said Khanjan Alokozai, a member of the ACCI. “This is legally difficult and is even impossible,” said Sayed Masoud, an economist.
However, some other economists welcomed the establishment of the trust fund in Switzerland.
“One of the reasons that this trust fund was established was to transfer the assets from the US and for them to be preserved under the monitoring of 63 banks—of which Da Afghanistan Bank also is a part,” said Seyar Qureshi, an economist.
The United States established a fund to assist the people of Afghanistan, known as the “Afghan Fund,” through the Departments of the Treasury and of State, in cooperation with international partners including the government of Switzerland and Afghan economic experts.