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Afghan currency strengthens slightly overnight against US dollar



(Last Updated On: December 16, 2021)

Sara-e- Shahzadah, Afghanistan’s largest currency exchange market, announced early Thursday that the Afghani had gained some traction and climbed to 95 AFN against the US dollar overnight.

This comes after the AFN was trading at 105 Afghanis to the dollar at close of business on Wednesday.

Meanwhile, the Afghanistan Central Bank, Da Afghanistan Bank, has said the fourth package of UN cash aid has arrived in Afghanistan.

According to statement, the assistance amounts to $19.2 million and has been deposited with the Afghanistan International Bank (AIB).

The previous cash aid package of $19.2 million arrived in Kabul on Sunday.

Da Afghanistan Bank added that efforts have been made to facilitate principled ways to prevent “poverty and misery” for the Afghan people, and that the country’s banking system and foreign exchange needs will be resolved soon.

“Da Afghanistan Bank has always sought to keep the value of the Afghan currency stable against foreign currencies,” the statement said.

Central Bank officials also said the leadership of this institution is trying to stabilize the Afghani.

This comes after the AFN slipped to a dismal 130 Afghanis to the US dollar this week.

Islamic Emirate of Afghanistan (IEA) officials have however been taking steps to stabilize the currency and on Tuesday banned the use of foreign currencies for commercial transactions in the country.

Mawlawi Abdul Salam Hanafi, deputy prime minister, who is heading up a commission to curb the currency’s freefall, said at a press conference that the AFN would stabilize on the back of steps being taken.

“We have ordered clerics, local officials and security forces to prevent the use of foreign currencies [being used] in Afghanistan,” said Hanafi.

Mawlawi Hanafi warned that the authorities would take serious action against anyone found to be using, hoarding or smuggling foreign currencies.


Five countries eager to invest in lithium mines in Nuristan: officials



(Last Updated On: March 24, 2023)

The Islamic Emirate officials say five countries are interested in investing in the “lithium” mining sector in Afghanistan’s Nuristan province.

Mohammad Yunus Rashid, the deputy of youth in the Ministry of Information and Culture, said that Japan, the US, China, Qatar and the United Arab Emirates are among the countries that are interested in investing in the mining sector of lithium mines in Nuristan province.

“There is a lot of interest in lithium mining at the global level, five countries have made contact with the Islamic Emirate and said that they are ready to invest in this sector,” said Rashid.

According to officials, there are high capacities for economic self-sufficiency in the country and positive changes will be made in the economic development of the country in the near future.

Economic experts meanwhile believe that if the extraction and processing of the country’s minerals are done in Afghanistan, the country can get out of the economic crisis very quickly.

“There are trillions of dollars of capacity in Afghanistan’s mines, which should be invested, the statistics should be accurate, the regions should be determined, in which areas we have what kind of mines,” said Kamaluddin Kakar, an economic expert.

In addition, members of the private sector say they are trying to invest jointly and individually with foreign investors in the mining sector. They call on the Islamic Emirate to hand over mining contracts to companies that have the ability to process in the country.

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Customs duties on essential food items drops by up to 70%



(Last Updated On: March 20, 2023)

The Ministry of Finance said that based on the decision of the leadership of the Islamic Emirate of Afghanistan, customs duties on basic food items have dropped by between 50 and 70 percent in the last solar year.

As a result of this decision customs duties have been reduced to the value of 6.7 million afghanis this year, the ministry said.

The decision to decrease customs duties on the food items that include flour, wheat, cooking oil, rice, and sugar, was to keep the prices down on local markets.

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Kunduz commerce department’s revenues rise by 48%



(Last Updated On: March 19, 2023)

Kunduz Directorate of Industry and Commerce officials say their revenues have increased by 48 percent this solar year.

According to officials, the institution has collected more than 12 million Afghanis from the extension and distribution of licenses to manufacturing companies.

Mohammad Rahim Sirat, head of Kunduz Directorate of Industry and Commerce, said they distributed licenses to 112 people and renewed the licenses for 303 people.

Meanwhile, Kunduz Municipality officials also announced that they have collected 120 million Afghanis in 11 months of the current solar year, which shows a 40 percent increase compared to the same period last year.

Tajuddin Sohak, the spokesman for Kunduz Municipality, said they collected 120 million Afghanis this year, which shows a 40 percent increase from 86 million afghanis last year.

But shopkeepers and owners of manufacturing companies in Kunduz complain about the lack of a market for their products. They say that in the past their goods used to be exported abroad, but now exports have declined.

“In the past, we used to export to Iran, Pakistan, and Iraq, but our exports have decreased compared to the past. We ask the government to cooperate with us to provide the basis for export,” Wasim Akram, an entrepreneur, said.

Local officials in Kunduz say they have always tried to facilitate trade. They express hope that in the new year their efforts for foreign marketing of manufacturing companies will produce good results.

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