Sunday, 22 September 2019 01:28 GMT

Afghanistan- Afghans Lose 'Hundreds of Millions of Dollars' in Forex Trading

(MENAFN - Daily Outlook Afghanistan) KABUL - Statistics byKabul-based Money Exchangers Union indicate that the foreign exchange, orforex, trading has inflicted "hundreds of millions of dollars" ofloss to Afghans who have invested in the business since it was initiallybrought to Afghanistan in 2005.
The statistics show that"billions of dollars" have been taken out of Afghanistan under thepretext of forex trading during this period.
Forex, which market is a virtual trading placewhere dealers buy and sell currencies initially made its way among the Afghanmoney exchangers and the business community in an unfair way and soon it wasexpanded among the youths, less educated and even low-income individualsthrough a local firm, known as Vision Financial Services
'All brokers who are associated to thebusiness are not genuine; some of them are fraudsters, said Ahmad Fawad, alocal businessman who entered the forex business five years ago.
Statistics indicate that over 7,000 peoplehave been associated with the business in Kandahar over the past 14 years andmost of them suffered heavy financial losses.
'Whether accept it or not, the business isongoing across Afghanistan. It should turn into a legal business, said AbdulRahman Zeerak, member of Money Exchangers Union.
According to some members ofMoney Exchangers Union, a local businessman Bashir Gulzada has been behind theillegal forex business in the country in recent years.
The union members also allegedthat Gulzada has used two separate firms known as FX zone and Unifax.
Ahmad Shah Hotak, arepresentative of Gulzada, said that they founded forex business inAfghanistan, but they have no link with those forex companies operating in thecountry.
'Vision Financial Servicesstarted its activities under the license of the Ministry of [Industry and]Commerce and the Central Bank and stopped its activities on their request,said Hotak. (Tolo news)


Afghanistan- Afghans Lose 'Hundreds of Millions of Dollars' in Forex Trading

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