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DAB to auction $16 million on Saturday

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Da Afghanistan Bank (DAB) says it will auction $16 million on Saturday, aimed at keeping the value of the country’s currency stable in the market against foreign currencies. 

Da Afghanistan Bank also known as the Central Bank of Afghanistan auctioned $17 million on February 27, and $15 million on February 23, as part of the continuous efforts to keep the value of Afghani stable against foreign currencies.

The bank has asked qualified private banks and exchange companies to participate in the auction, which is scheduled to be held on Saturday, March 4. 

According to DAB, the winners of the auction are obliged to liquidate their accounts by the end of the day. As per the announcement, partial settlement of transactions is not allowed and the winners of the auction are obliged to transfer the payable amount to the central bank in cash within a certain time. The exchange rate of one USD is announced to 89 Afghanis as of yesterday, March 2, 2023.

Since the Islamic Emirate took control of the country in August 2021, the value of Afghani has remained relatively stable, which is considered a positive sign for the war-torn country with an economy mostly dependent on foreign aid.

A number of economic experts meanwhile believe that one of the main reasons behind Afghani’s stable value is the inflow of dollars to Afghanistan in the form of international humanitarian aid, which satisfies the demand of the market to some extent.

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Afghan and Iranian officials discuss expanding economic cooperation

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Ahmad Jan Bilal, General Director of State-Owned Corporations, met on Tuesday with Iran’s Ambassador to Kabul, Ali Reza Bikdeli, to discuss expanding bilateral economic cooperation and following up on issues raised during his recent visit to Iran.

According to a statement from the General Directorate of State-Owned Companies, the meeting focused on reviewing ways to implement discussions held with Iranian officials during Bilal’s visit.

Bikdeli described the visit as positive and productive, stressing the importance of following up on the issues discussed and taking practical steps to advance bilateral cooperation.

He said Iran is ready to cooperate with Afghanistan in oil and gas exploration, extraction and exports, refinery construction, agriculture, water and electricity.

Bilal, for his part, said the Islamic Emirate is interested in expanding joint cooperation with Iran in energy, agriculture, industrial development and other economic sectors. He added that his office would work with the Iranian side to turn the proposed areas of cooperation into practical initiatives.

Bilal also reaffirmed his office’s commitment to following up on the issues discussed during his recent visit to Iran and working towards their implementation in coordination with Iranian officials.

Bilal recently visited Iran at the head of a delegation, holding talks with several Iranian officials on expanding economic, trade and investment ties, particularly in the state-owned companies sector.

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Ariana Airlines reduces Kabul–Islamabad–Kabul airfares by $20

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Ariana Afghan Airlines announced on Tuesday a reduction in ticket prices for flights on the Kabul–Islamabad–Kabul route from $190 to $170.

According to the airline, passengers can now purchase tickets for this route at $20 less than the previous fare.

The airline has also set a special fare of $150 for students travelling on this route.

Ariana Afghan Airlines said the move aims to reduce travel costs and make air travel more affordable and accessible for passengers and students.

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Afghanistan and Russia discuss expanding economic ties and boosting bilateral trade

During the meeting, Muttaqi stressed that Afghanistan and Russia should expand economic cooperation based on shared interests and mutual benefits.

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Afghanistan’s Foreign Minister Amir Khan Muttaqi has met with Zamir Kabulov, Russian President’s Special Representative for Afghanistan, to discuss strengthening bilateral relations, expanding economic cooperation and increasing trade between the two countries.

During the meeting, Muttaqi stressed that Afghanistan and Russia should expand economic cooperation based on shared interests and mutual benefits.

Kabulov, meanwhile, praised the Islamic Emirate’s efforts to combat drug trafficking and cultivation, saying reports by some international organisations on the issue do not reflect the realities on the ground.

Muttaqi reiterated that the Islamic Emirate remains committed to combating drug cultivation, production and trafficking, describing these efforts as important for the security and stability of both Afghanistan and the wider region.

The meeting comes amid continued efforts by Kabul and Moscow to strengthen diplomatic and economic engagement and explore opportunities for broader bilateral cooperation.

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