Afghanistan's central bank announces auctioning of USD 10 million to prevent fall of country's currency

Kabul [Afghanistan], November 17 : Da Afghanistan Bank, the central bank in the country, has announced the auctioning of USD 10 million to prevent the plummeting move of the country's currency Afghani, reported local media.
Private banks and forex traders have been asked by the central bank to participate in the bidding. The bidders will be paying Afghani for the number of dollars they buy in the auction, reported Khaama Press citing a statement of Da Afghanistan Bank.
Afghani has hit the lowest level against the US dollar in the past twenty years currently, with 1 USD trading for 95 Afghani.
The auction will not be beneficial as the dollars will be trafficked abroad and will have less impact on the value of the country's currency, said economic analysts expressing concerns over the central bank's decision.
The announcement comes amid calls from the Taliban leaders to the international organisation to unfreeze the assets of Afghanistan.
Human Rights Watch has asked the United Nation to ease financial restrictions on Afghanistan as people are suffering from critical malnutrition, unemployment, and high prices of food and fuel, according to Khaama Press.