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With short life span, ragged banknotes seen as a teaser

Society

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With short life span, ragged banknotes seen as a teaser

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Apr 05, 2017 - 15:54

KABULinfo-icon (Pajhwok): Da Afghanistaninfo-icon Bank (DAB) has to torch banknotes worth four to five billion afghanis annually due to their improper use and people’s negligence.

The central bank says notes worth 18 billion afghanis had been in circulation across Afghanistan 15 years ago, but the amount increased to 213 billion as people’s trust in the currency rose in the recent years.

Mohammad Seddiq, a restaurant owner in Kabul, called money an asset all people should value. However, he complained the current banknotes had a poor quality compared to bills used in the past.

“This money has no quality. Even if we put them in wallet, it would become worn-out,” he remarked. Seddiq previously did not use wallet to keep his notes in. He said using old banknotes in daily transactions had become a challenge, as most of customers did not accept such bills.

But Shukria, shopping in Kabul, said: “The symbolic value of our money is very high because it is our national currency and our country’s name is written on it.” She suggested the use of a pocket wallet for currency protection and said most people did not keep banknotes properly.

Why banknotes turn old soon?

The low quality of banknotes and their improper protection by the people are seen as principal reasons for the bills turning tattered in a short period of time.

Najibullah, a capital-based moneychanger, listed the poor quality of banknote paper and people’s carelessness as major reasons for the bills get old earlier.

Another moneychanger, Hafizullah Miakhel, told Pajhwok Afghan News: “Our currency is our national identity and asset. We have to keep it properly.”

Replacing old notes

The currency notes, on which small lines appear or turn a little old due to frequent use, do not have any replacement deadline. They can be exchanged anytime at any branch of ADB.

But torn banknotes stuck together with glue, painted with colours, stamped, pale or perforated, will become invalid after August 21. According to ADB, around 225 billion banknotes were collected from February 1 to March 20.

Saifullah Saifoon, an economic expert said poor quality of banknotes, people’s unawareness about their protection, cash deals and absence of electronic banking were the main reasons of currency notes turn old earlier.

However, ADB officials said it was natural that banknotes became ragged but there was no expiry date set for them. The currency notes have an average life span of four to five years, according to bankers.

Aimal Hasher, ADB spokesman, called the protection of paper banknotes a social responsibility. He said people should be careful in keeping banknotes as their replacement cost the bank a lot.

He said the central bank was trying to raise awareness among people through media, mosques, schools, universities, trade unions and in other ways about keeping the banknotes properly.

mds/mud

 

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