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25m Old Banknotes Collected Since Feb. 1: DAB

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Wednesday, February 15, 2017

Kabul (BNA) Da Afghanistan Bank (DAB) on Monday announced collecting 25 million old banknotes since February 1 and the process would continue until March 21, but moneychangers believed the period given was too short.
Moneychangers said collection of all old banknotes in one month would be impossible.
DAB on February 1 said banknotes that were stuck back together with sticky tape or glue, painted with colors or stamped or their colors changed would be invalidated with the beginning of the new solar year 1396. DAB’s deputy head Mohammad Qasim Rahimi told a press conference here that around 500 branches of the government and private banks had been tasked countrywide with collecting such banknotes from people. The process of exchanging the bills was underway and so far 25 million worth old banknotes had been collected since February 1, he said.
He said the bills were no longer usable and would be torched in front of the media after March 21.
The DAB torched and exchanged 3.3 billion old banknotes every year, Rahimi said, asking people to be careful in protection of their money.
However, moneychangers in Kabul said the time given for collection of old banknotes was too short.
The moneychangers believe it was impossible for DAB to collect all old notes in the next one month.
Haji Zirak, a member of Moneychangers Union in Kabul, said: “We have been criticizing the DAB decision since it was announced.”
He deemed impossible collecting all old banknotes in the next one month because neither banks nor moneychangers had the capacity to do so, asking the central bank to push back the deadline.
Meanwhile another Moneychanger Ahmad Tamim said the central bank had promised them extension in the time if failed to complete the mission until March 21.

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