Business
Central bank governor says international reserves have not been compromised

Ajmal Ahmady, Afghanistan’s central bank governor and former minister of industry and commerce, posted a series of tweets on Wednesday stating he wanted to “clarify the location of DAB (Central Bank of Afghanistan) international reserves.”
He said that DAB reserves were approximately $9.0 billion as of last week but that “this does not mean that DAB held $9.0 billion physically in our vault.”
He said as per international standards, most assets are held in safe, liquid assets such as Treasuries and gold.
He said that DAB was set to receive approximately $340 million on August 23rd from the International Monetary Fund.
“Not sure if that allocation will now proceed with respect to Afghanistan,” he said.
Given Afghanistan’s large current account deficit, DAB was reliant on obtaining physical shipments of cash every few weeks, he said.
“The amount of such cash remaining is close to zero due to a stoppage of shipments as the security situation deteriorated, especially during the last few days,” he said.
“On Friday morning, I received a call notifying me that there would be no further USD (US Dollar) shipments,” Ahmady said, adding they were expecting one on Sunday, the day the Taliban took control of Kabul, but that this shipment did not arrive.
Ahmady said that on Saturday, banks placed very large USD bids as customer withdrawals accelerated.
“For the first time, I therefore had to limit USD access to both banks and dollar auctions to conserve remaining DAB dollars.
“We also put out a circular placing maximum withdrawal limits per customer,” he said.
He assured Afghans that in no way were Afghanistan’s international reserves ever compromised.
“We had a program with both the IMF and Treasury that monitored assets. No money was stolen from any reserve account,” he said.
However, he stated that given that the Taliban are still on international sanction lists, it is expected that such assets will be frozen and not accessible to Taliban.
“I believe local banks have told customers that they cannot return their dollars – because DAB has not supplied banks with dollars.
“This is true. Not because funds have been stolen or being held in a vault, but because all dollars are in international accounts that have been frozen,” he said.
“Taliban should note this was in no way the decision of DAB or its professional staff. It is a direct result of the US sanctions policy implemented by OFAC (the American Office of Foreign Assets Control),” he said.
In conclusion, Ahmady suggested the Taliban implement capital controls and limit dollar access.
Business
Fuel prices spike again in Afghanistan

Kabul residents have expressed their concern over the increase in fuel and gas prices, saying that a liter of gasoline has jumped to 80 afghanis and that a liter of gas to 60.
If industry and commerce ministry does not control the prices, people will face many problems, they said.
The residents meanwhile say these days the price of fuel increases day by day, calling on the Islamic Emirate to take measures to prevent the private sector from raising the prices.
The drivers also complain about the high price of fuel and gas in Kabul city.
“The price of petrol has reached 80 afghanis, and the price of diesel has almost reached to 80 afghanis, and with these prices we cannot even meet our expenses, and we ask the Islamic Emirate to control the prices as soon as possible and prevent the traders because they raised the prices by 20 afghanis per liter and this is an injustice to the people,” said Azizullah, a taxi driver in Kabul.
“The dollar has dropped a lot, but the price of fuel, on the contrary, has increased. The price of fuel should also drop because those who drive taxis cannot cover their expenses with these fuel prices,” said Siraj Ahmad, another taxi driver.
A number of fuel stations authorities in Kabul, however, say the closure of Salang pass has caused the price of fuel to increase.
“The price of fuel has gone up in the world because of the war between Russia and Ukraine, and the second reason is the closure of the Salang pass, which is under construction,” said Zamarai, fuel seller in Kabul.
In the meantime, Afghanistan Chamber of Commerce and Investment (ACCI) Deputy Khairuddin Mayel also say the reason for the high price of fuel in the country is due to the increase in prices in the global markets.
“The rise in global oil prices has caused the price of fuel to rise in the country, and this has a direct effect on the Afghan markets as well. Afghanistan Chamber of Commerce and Investment requests all traders who import fuel to pay serious attention to the prices so that our compatriots can afford it,” said Mayel.
Business
Russian PM says Moscow ready to expand transport routes to Afghanistan, South Asia

Russia is ready to intensify the expansion of Eurasian transport routes, including those to Afghanistan and South Asia, Russian Prime Minister Mikhail Mishustin said.
“Further steps towards the development of the North-South international corridor are a priority. As we have said before, this project can compete with the Suez Canal in terms of cargo transportation, and its implementation will boost trade and economic cooperation between all project participants,” Mishustin said at a meeting with Uzbek Prime Minister Abdulla Aripov, Interfax news agency reported on Monday.
“In this area, we are ready to focus on the expansion of all transport routes on the common Eurasian space, including those to Afghanistan and South Asia,” he said.
Drafting a comprehensive cooperation program to develop rail transport in Uzbekistan was a key objective, Mishustin said while speaking of greater transport connection between Russia and Uzbekistan, as well as the Eurasian space in general. “Russian investors are ready to help upgrade airport infrastructure,” he said.
Uzbekistan’s Aripov said, in turn, that the development of new international transport corridors would allow access to promising markets.
“We support the development of a key transport corridor on the Eurasian continent, the North-South international corridor. We are interested in the joint launch of a new multimodal transport corridor between Belarus, Russia, Kazakhstan, Uzbekistan, Afghanistan and Pakistan. An important aspect of this initiative is the construction of a railroad in the trans-Afghan corridor,” he said.
Business
Rawnaq launches business development program for 40 small companies

Cordaid International Organization has launched a trade development training program for 40 small businesses through a project, Rawnaq, to support the private sector and create jobs for internally displaced people (IDPs).
Zalmay Isaar, manager of Rawnaq in Herat, said that the participants have learned basic business skills over a week’s training session.
“The main goal of Rawnaq project is to create jobs and work opportunities for internally displaced people, and in the second step, we are trying to get private companies to help us to achieve this goal,” said Isaar.
This project gives valid documents to the participants so that they can promote their businesses, he added.
A number of businessmen and industrialists meanwhile believe that this project will be effective for the growth of domestic production.
“It has been really effective and useful for the companies whose managers are women because it is the need of every company that they should have the capacity and build capacity,” said Behnaz Seljuqi, deputy director of Women’s Chamber of Commerce and Industries in the western zone.
On the sidelines of this program, an exhibition of handicrafts and domestic products has also been held.
It is said that many men and women who have received the necessary training in business have started small businesses for themselves.
“Inshallah, we will implement these equations and programs that we learned during the program in our work and business,” said Nazir Ahmad Noori, a businessman.
Rawnaq project started its activity in 2020 and its aim is to grow businesses so that they can provide employment for IDPs through investment.
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