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Afghan currency strengthens slightly overnight against US dollar

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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.

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Afghanistan’s domestic pharmaceutical production sees major growth: Mullah Baradar

Officials attending the exhibition said 134 pharmaceutical manufacturing factories are currently operating across Afghanistan, producing around 1,170 types of medicines.

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Mullah Abdul Ghani Baradar on Tuesday announced a significant increase in Afghanistan’s domestic pharmaceutical production, saying local manufacturers are now supplying a much larger share of the country’s medicine demand.

Speaking at the opening ceremony of the second national and international Abu Ali Sina Balkhi specialized exhibition in Kabul, Baradar said strengthening domestic production is one of the most effective ways to counter economic pressure and sanctions.

According to him, a decline in imports of foreign medicines in recent months has helped accelerate growth in Afghanistan’s pharmaceutical sector, while public trust in locally produced medicines has also increased.

“Today, a considerable portion of the country’s pharmaceutical needs is being supplied through domestic production,” Baradar said.

He noted, however, that despite recent progress, Afghan pharmaceutical factories still need to improve production standards and expand output in line with international requirements.

Baradar also called on traders to avoid hoarding medicines or selling them at inflated prices, urging relevant authorities to take firm action against such practices.

The deputy prime minister invited both domestic and foreign investors to invest in Afghanistan, saying the Islamic Emirate is working to simplify investment procedures and introduce electronic systems to facilitate business operations.

He added that the Islamic Emirate is not only focused on strengthening the domestic economy but is also seeking to expand regional and international economic ties.

According to Baradar, economic engagement with neighboring and regional countries has increased in recent months.

Officials attending the exhibition said 134 pharmaceutical manufacturing factories are currently operating across Afghanistan, producing around 1,170 types of medicines.

They added that nearly $450 million has been invested in the sector so far, and domestic production now meets 38 percent of the country’s pharmaceutical demand — up from 25 percent just eight months ago.

The Abu Ali Sina Balkhi specialized exhibition, which features dozens of pharmaceutical companies, will continue for four days in Kabul.

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$2 million rice processing factory project launched in Baghlan province

Investor Ghulam Nasir Barakatzai said the factory is being constructed at a cost of $2 million and will create both direct and indirect job opportunities once operational.

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Construction work has begun on the first rice processing factory in Afghanistan’s northern Baghlan province with a $2 million investment by a national businessman, in a move officials say will support economic growth, strengthen domestic production and create employment opportunities.

The factory is being built in the Chamqala Industrial Park in Baghlan’s central district. The inauguration ceremony was attended by local officials, representatives from the Department of Industry and Commerce, tribal elders and local residents.

Speaking at the event, Baghlan Governor Abdullah Mukhtar said the Islamic Emirate has created favorable conditions for investment and is supporting national traders in different economic sectors.

He said industrial projects such as the rice processing factory could play an important role in boosting the economy, increasing domestic production and creating jobs for local communities.

Mohammad Naim Hamkar, a representative of the provincial Department of Industry and Commerce, described the project as a major step toward developing the industrial and agricultural processing sector in the province.

According to Hamkar, the facility is the first rice processing factory in the Baghlan Central Industrial Park and is expected to strengthen the province’s agricultural industry.

Investor Ghulam Nasir Barakatzai said the factory is being constructed at a cost of $2 million and will create both direct and indirect job opportunities once operational.

He said the aim of the project is to support domestic production, develop the agricultural sector and provide employment opportunities for young people.

Barakatzai added that investors remain committed to expanding industrial and economic investments in Baghlan and contributing to greater economic self-sufficiency in the province.

Local elders and residents welcomed the project, describing it as an important step toward reducing unemployment and strengthening the local economy.

Officials say the factory is expected to process large quantities of rice daily and could help boost agricultural output while contributing to greater stability in the domestic market.

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Chinese and Uzbek investors express interest in Afghanistan’s mining sector

During the meeting, the investors reportedly welcomed what they described as improved nationwide security and a more favorable investment environment under the Islamic Emirate.

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Afghanistan’s Ministry of Mines and Petroleum says a group of investors from China and Uzbekistan have shown interest in investing in the country’s metallic and non-metallic mining sector.

According to the ministry, Deputy Minister for Finance and Administration Hasamuddin Saberi held talks with the foreign investors to discuss potential investment opportunities in Afghanistan’s mining industry.

During the meeting, the investors reportedly welcomed what they described as improved nationwide security and a more favorable investment environment under the Islamic Emirate. They also expressed readiness to invest in a range of mining projects across Afghanistan.

Saberi welcomed the interest shown by the Chinese and Uzbek delegations and said the Ministry of Mines and Petroleum would provide the necessary cooperation to facilitate investment in accordance with Afghanistan’s mining laws and procedures.

Afghanistan is believed to possess significant untapped reserves of minerals and rare earth resources, and the Islamic Emirate has repeatedly called on foreign investors to participate in the development of the country’s mining sector.

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