Connect with us

Business

Foreign cash aid and tight restrictions on afghani helps ‘stabilize’ local currency

Published

on

(Last Updated On: September 26, 2023)

Billions of US dollars, flowing into Afghanistan, in the form of cash aid, is helping to stabilize the local currency so much that the AFN has been propelled to the top of the global rankings this quarter.

According to America’s Bloomberg news agency, the afghani (AFN) has maintained its value against foreign currencies, especially the US dollar, on the back of the cash aid and other factors.

Additional actions are also helping to stabilize the currency including the Islamic Emirate’s ban on the use of Pakistani rupees and US dollars on the local market, and an increase in cross border trade, Bloomberg reported.

Currently, the AFN is trading at just under 80 afghanis to the dollar.

The international community has shipped in on over $40 million dollars a week since the fall of the former government. This money is handled by the UN and used for aid in the country.

Bloomberg reported however that the cash aid and increased trade with Afghanistan’s neighbors has propelled Afghanistan’s currency to the top of global rankings this quarter — an unusual spot for a poverty-stricken country.

The IEA’s tight restrictions on taking dollars out of the country, banning online trading and imposing prison sentences on those who break the rules, have also contributed to this stability, Bloomberg reported.

Business

Afghanistan can become important industrial center in region: Hanafi

Published

on

(Last Updated On: May 13, 2024)

Deputy Prime Minister for Administrative Affairs Abdul Salam Hanafi says Afghanistan has the potential to become one of the most important industrial centers in the region.

Speaking at the opening ceremony of the national and international expo on the occasion of Industry Week, Hanafi said that the growth of industry lays the foundation for the growth of other economic sectors and that the Islamic Emirate fully supports domestic production in the country.

“Afghanistan has important and rich factors for industrial production, which can become one of the important industrial centers in the region. The growth of industry will be the basis for the growth of other economic sectors, especially agriculture,” said Hanafi.

Acting Minister of Industry and Commerce, Nooruddin Azizi, added that the IEA has programs in the fields of industry development and support for the private sector that will make Afghanistan self-sufficient.

Azizi stated that Afghanistan’s industrial sector is currently progressing and the quality of export goods has also improved.

Some investors said at the ceremony that after the return of the IEA, the country’s exports have increased and the number of manufacturing companies has also increased.

This expo is open to visitors for seven days, and industrial products are showcased in 450 booths.
Women in business also attended the meeting.

Continue Reading

Business

Afghanistan, Pakistan agree on new travel mechanism for truckers

Published

on

(Last Updated On: May 12, 2024)

Afghanistan and Pakistan have agreed on the issuance of a temporary admission document for transporters of commercial goods, Afghanistan’s Ministry of Transport and Aviation announced on Sunday.

The ministry said in an announcement that truck drivers and their assistants carrying commercial goods from Afghanistan and Pakistan must have this document with them at the crossings.

Based on the announcement, the document will be issued to Afghans at the Pakistani embassy in Kabul and its consulate in Kandahar.

For Pakistanis, the document is distributed at the office of the Afghanistan transport attaché in Peshawar and Quetta.

The Ministry of Transportation and Aviation asked owners and drivers of trucks to submit the required documents to their respective transportation companies by June 1.

The ministry warned that after June 1, trucks cannot travel between the two countries without having the temporary admission document.

Continue Reading

Business

Pakistan: Consultations underway on preferential trade agreement with Afghanistan

Published

on

(Last Updated On: May 11, 2024)

Pakistani officials have announced that consultations are underway with stakeholders on preferential trade agreements with Afghanistan and Azerbaijan.

According to Dawn newspaper, the issue was announced on Friday in a meeting on trade chaired by Pakistan’s Prime Minister Shahbaz Sharif.

In the meeting, the strict monitoring of Afghan Transit Trade was also emphasized.

Pakistani officials have not provided further details on preferential trade with Afghanistan and Azerbaijan.

Continue Reading

Trending

Copyright © 2022 Ariana News. All rights reserved!