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International Journal of Innovation and Research in Educational Sciences

Foreign Exchange Market Pressure and Monetary Policy: Evidence from Afghanistan

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Year:
2021
Type of Publication:
Article
Keywords:
Foreign Exchange Market Pressure, Foreign Exchange Rate, Monetary Policy, Afghanistan
Authors:
  • Arian, Ajmal
  • U., Arabi
Journal:
IJIRES
Volume:
8
Number:
2
Pages:
96-107
Month:
March
ISSN:
2349-5219
BibTex:
Abstract:
This paper implies the foreign exchange market pressure (EMP) model to Afghanistan's economy in the period (2004Q1- 2019Q4) under managed floating exchange rate. The study used threshold level to examine the currency signaling, the result identifies several spikes and dips at different levels. Likewise, the empirical evidence from the ARDL approach found that monetary policy intervention in the foreign exchange market strongly depends on foreign reserves to mitigate the pressure in the foreign exchange market through the contraction of the domestic credit providing in the short and long-run. Also, the speculative attack as a result of political uncertainty has a significant contribution to the foreign exchange market pressure in the long-run.

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