Worn banknotes; the serious challenge of the Afghan market

Banknotes used in current trading market in Afghanistan are severely worn out and have created many challenges for the citizens. Due to long time has passed since the last batch of new banknotes were printed and distributed, the banknotes that have been used in the trading market in recent years have become old, worn out and almost unusable. Although the 1000 and 500 Afghani banknotes are in a relatively better condition, the 10- 100 Afghani banknotes are experiencing a very critical and unfortunate situation, because due to the abundance of use in the market, they generally face serious wear and tear. Despite the fact that the validity order has been issued to all these currencies by the responsible departments and except for a few very acute and serious cases, other existing currencies have been declared valid, the process of exchanging these currencies in the market and among citizens has created many challenges. The money offered to the people by banks generally has defects and wear and cannot be easily accepted.

By spending an hour in city’s shopping market, one can easily understand what problems people are facing in terms of money. By boarding any car/passenger vehicle, from the beginning to the end of the journey, there are several inappropriate encounters between passengers and drivers over the money that is supposed to be exchanged in the fare payment process. Both parties mostly refuse to accept and receive old banknotes and they have a valid reason, the money they are going to receive from other party is not creditable to others and he cannot spend it elsewhere. The same story is repeated many times every day in all daily purchases and sales and large and small transactions in city and all the geography of the country. Therefore, conflicts and disputes are the most serious social harms of this problem that have arisen among people and citizens, and the continuation of the situation, it has taken on an increasing trend, because the more we go forward, the more amount of old and worn money in the market increases. At the same time, its acceptance and credibility are reduced and the process of exchanging it among people faces a fall. As a result, it increases the rate of confrontation and conflict between citizens in interactions and transactions.

But unlike other countries and societies, the banknotes distributed in the Afghan market are worn out and destroyed in a very short period of time, there are many reasons. Today, in most parts of the world, especially in developed countries, the exchange and use of physical money is decreasing drastically, and fewer transactions can be seen in which physical money is used. Large transactions at the macro business level are generally done using banking systems. Small and large daily transactions among citizens are mostly or generally done using bank credit cards and card reader machines, which has completely eliminated the need to exchange physical money.

In Afghanistan, however, the most common use of physical money is due to the recent political developments that have taken place, because the economic crisis and the lack of liquidity in the banks have created distrust towards the country’s political stability and people’s lack of trust. It has been transferred to banks and as a result, it has minimized banking transactions and increased the use of physical money in an unprecedented way.

In addition to the mentioned problem, neglect of citizens to maintenance of national currency is one of the main factors of loss and wear of banknotes. Undoubtedly, the absolute majority of people do not value the well-maintaining of banknotes and put them in their pockets in the worst possible way. It has often been seen that a number of people hold banknotes in their hands like crumpled papers; that causes it to become old and destroy very soon. Using a wallet and keeping money in it properly is rarely seen among people and most people keep their money improperly inside their pockets.

The type of money counting also has a direct effect on its wear and tear. The absence of electronic counting machines and the frequent use of wet hands to count banknotes will undoubtedly shorten their life even more.

According to these cases, in the first step, a serious necessity is felt to print and distribute new banknotes in the market so that both the problems caused by its wear and tear are solved and the market does not suffer from lack of liquidity, which requires official government actions. In the second step, people and citizens should reach a level of awareness that they act with a sense of responsibility and commitment in front of the national currency and recognize it as one of very basic national values and spend the highest effort in maintaining it in order to avoid exhaustion. It can be prevented in a short time and the occurrence of problems in this field can be prevented.