Business
Afghan currency strengthens slightly overnight against US dollar
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.
Nooruddin Azizi, Acting Minister of Commerce and Industry, met with representatives from the ministries of foreign affairs, defense and interior of Malaysia, along with other senior officials, on Wednesday and called on Malaysians to invest in Afghanistan.
The visiting delegation is being led by senior diplomat Dr. Shazelina Zainul Abidin.
According to the IEA’s foreign ministry, the two sides discussed bilateral trade, holding a business communication conference to strengthen trade relations between the two countries, the trade balance between Afghanistan and Malaysia, and creating a market for Afghan products, including carpets, cotton, and minerals.
According to the ministry, at the end of the meeting, the Acting Minister emphasized the increase of investment from regional countries in Afghanistan and called on Malaysian investors to also invest in Afghanistan.
The Ministry of Interior says that Afghanistan has started exporting goods to Turkey via the Herat-Khaf railway line.
In a post on X, the ministry said: “Afghanistan’s exports to Turkey started in a calm atmosphere through the Herat-Khaf railway line.”
The ministry added that one train will run daily for a month and then two trains will run daily.
According to the ministry, the security of Khaf-Herat railway line is provided by the guards of the National Public Protection Agency.
Khaf-Herat railway project not only connects Iran and Afghanistan by rail, but also completes a 2,000-kilometer route along the east-west rail corridor from China, through Uzbekistan, to Afghanistan, to Iran, and on to Turkey and Europe.
As a landlocked country, this railway network will provide a safe route to connect with Europe via Iran’s railway network and Iran’s southern ports.
This railway line is strategic for trade between Iran and Afghanistan and will allow six million tons of goods to be sent between the two countries.
A joint expo between Afghanistan and Kazakhstan will be held in Kabul in the next four days, officials said on Sunday.
Officials of the Ministry of Industry and Commerce said that the two-day expo will be held for the purpose of expanding and strengthening trade relations between the two countries.
“This expo will be held as a follow-up of the Kazakh-Afghan international expo, which was held in the city of Astana, Kazakhstan, with the participation of a large delegation of the government and the private sector of the Islamic Emirate of Afghanistan,” Abdulsalam Javad Akhundzadeh, the spokesman of the Ministry of Industry and Commerce, said.
“At this expo, domestic products from different sectors of Afghanistan and the Republic of Kazakhstan will be put on display for two days.”
According to officials, 40 large Kazakh companies, and 40 large Afghan companies will exhibit their products.
Mohammad Saber Latifi, head of the Afghanistan International Expo Center, said that fruits, minerals and commercial services will be displayed at the expo.
During the expo, various memorandums of understanding for the trade of goods are also expected to be signed by companies.
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