Business
Central bank seizes over $12 million from former govt officials
Afghanistan’s central bank said it had seized nearly $12.4 million in cash and gold from former high-ranking government officials, including former vice president Amrullah Saleh.
In a statement, the central bank said the money and gold had been kept in the houses of officials, although it did not yet know for what purpose.
Saleh’s whereabouts meanwhile are unknown.
In a separate statement, the bank urged Afghans to use the country’s local Afghani currency.
This comes amid growing concerns that the country’s banks and firms are running short of money, especially dollars, which are widely used.
In a sign that the Islamic Emirate are looking to recoup assets belonging to former government officials, the central bank issued a circular to local banks last week asking them to freeze the accounts of politically exposed individuals linked to the previous government.
But on Wednesday, reports emerged that Afghanistan’s banks are running out of dollars, and may have to close their doors to customers unless the government releases funds soon.
Three people with direct knowledge of the matter told Reuters that the cash squeeze threatens to upend the country’s already battered economy, largely dependent on hundreds of millions of dollars shipped by the United States to the central bank in Kabul that make their way to Afghans through banks.
Although the cash crunch has lasted weeks, the country’s banks have in recent days repeatedly underlined their concerns to the new government and central bank, two of the people said.
Banks have already pared back services and imposed weekly $200 payout limits, with long queues outside branches as people try to get hold of dollars.
But in a statement on its website on Wednesday, the central bank’s acting governor said banks were stable.
“The banks are completely secure,” he said, adding that commercial banks usually kept 10% of their capital as cash and that those in Afghanistan, on average, held 50% as cash.
Pakistan’s kinno exports remain far below potential as regional tensions, high freight costs and weak government support continue to choke the citrus trade.
Despite being a leading global citrus producer, Pakistan is expected to export just 400,000–450,000 tonnes of kinno in the 2025–26 season, compared with an estimated capacity of 700,000–800,000 tonnes.
Exports in 2024–25 stood at around 350,000–400,000 tonnes, mainly to Russia, the UAE, Saudi Arabia, Afghanistan, Indonesia and Central Asia. While better fruit quality this season has raised hopes, persistent crossing disruptions—especially with Afghanistan—and transport bottlenecks have offset gains.
Growers say prices have collapsed sharply, forcing panic sales. Rates for large kinno have fallen from over Rs120 per kg early in the season to as low as Rs75, while smaller fruit is selling for Rs35–40 per kg amid weak demand.
Industry leaders warn the crisis is crippling processing units and jobs. More than 100 factories reportedly failed to open this season, with dozens more shutting down as exports stall. Cold storages in Sargodha are nearly full, putting fruit worth millions of dollars at risk of spoilage, while growers fear losses of up to Rs10 billion.
Exporters are urging the government to urgently resolve issues, subsidise logistics, and help access alternative markets, warning that prolonged inaction could devastate farmers, workers and the wider economy.
Iranian President Masoud Pezeshkian has said that Tehran will facilitate trade and economic exchanges with Afghanistan, including easing procedures at customs and local marketplaces.
He made the remarks during a televised interview following his visit to South Khorasan province, which shares a border with Afghanistan.
Pezeshkian, in a separate event addressing local business leaders, highlighted the province’s strategic advantages, citing its rich mineral resources, proximity to neighboring countries such as Afghanistan and Pakistan, and access to the ocean via the Chabahar port. He described the region as “a golden opportunity not found everywhere,” emphasizing its potential for economic growth and cross-border commerce.
A Kazakh delegation led by the Deputy Minister of Finance of Kazakhstan met with Sediqullah Khalid, First Deputy Governor of Da Afghanistan Bank, to discuss ways of strengthening banking and economic cooperation between the two countries.
According to a statement issued by Da Afghanistan Bank, Khalid said the central bank is keen to establish regular and effective banking relations with Kazakhstan as part of broader efforts to expand bilateral trade.
He noted that enhanced banking cooperation would help facilitate trade, investment, and wider economic interaction between Afghanistan and Kazakhstan, while also contributing to financial stability at the regional level.
Members of the Kazakh delegation also emphasized the importance of developing banking and economic ties and expressed their readiness to expand joint cooperation.
The two sides further agreed to establish technical committees from both countries to hold expert-level discussions and advance practical steps for cooperation.
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