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Central Bank threatens to prosecute Afghans who continue to trade online

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(Last Updated On: July 14, 2022)

Da Afghanistan Bank (DAB) on Thursday said they will prosecute Afghans who fail to abide by the ban on online forex trading.

In June, the Islamic Emirate of Afghanistan (IEA) banned online trading, declaring it against Sharia.

On Thursday, DAB issued a statement reinforcing this order, adding that Afghans, specifically in Kabul, are still trading.

The central bank said it has not granted a license to any person or company to trade online and those who continue to do so are breaking the law.

Last month, a central bank spokesman said: “Da Afghanistan Bank considers online forex trading illegal and fraudulent, and there is no instruction in Islamic law to approve it.”

Reports at the time indicated that the precarious economic climate in the country had pushed many Afghans to turn to online forex, commodity or cryptocurrency trading.

While there is no specific data on how many people trade forex online, the central bank official told Bloomberg last month that “millions of dollars” are traded daily, mainly by the currency traders in Sara-e Shahzada, the largest foreign exchange market in Kabul.

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Members of private security meet with Kazakhstan counterparts

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(Last Updated On: September 27, 2023)

A bilateral meeting between members of the private sectors of Afghanistan and Kazakhstan was held in cooperation with the Ministry of Industry and Trade on Tuesday with the aim of attracting more investment in the country.

At the meeting, representatives of the private sector of the two countries discussed investments in various sectors including the non-alcoholic beverages sector, gemstones stones and minerals, chemical fertilizers, car batteries, clothing and textiles, petroleum products, flour and wheat, the ministry said.

They also discussed tourism, investment in restaurant businesses and food, the ministry added.

Furthermore, the businessmen and investors of Kazakhstan thanked the Afghans for their hospitality and described Afghanistan as a safe place and a suitable environment for business and investment.

Representatives of the private sector of Kazakhstan spoke about holding exhibitions in Kabul, Balkh and Kandahar provinces, adding that in the near future they plan to hold exhibitions of Afghan manufacturing industries in Kazakhstan and an exhibition of Kazakh products in Afghanistan.

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Female entrepreneurs at Kabul women’s market say businesses are doing well

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(Last Updated On: September 26, 2023)

A number of female entrepreneurs at the special women’s market in Kabul say their businesses are improving day-by-day and that they have also set up online shopping opportunities for women.

These women say they are happy to have their own market where they can sell their own goods.

“Our clothes are Afghani Gand (traditional dress). Our sellers and buyers are both women. We are happy that such a market has been established in Kabul,” said Ferozah Qasimi, a woman entrepreneur.

“The good thing about this market for women and girls is that they can easily and calmly use the green space here, relax their minds and buy the things they need from one place,” said another woman entrepreneur.

“My request to government and foreign institutions is to join hands with us, to cooperate with us so that we can make further progress in our work,” said another businesswoman.

Meanwhile, the Women’s Chamber of Commerce says there is no limit to women entrepreneurs.

“We are seeing very good developments in this chamber which is creating markets and creating expos,” said Salma Yousafzai, head of the Women’s Chamber of Commerce.

The Ministry of Industry and Commerce (MoIC) spokesperson Abdulsalam Jawad Akhundzada stated that the ministry supports businesswomen.

“The Ministry of Industry and Commerce has always supported women entrepreneurs and has always supported them in all aspects of trade and industry,” said Akhundzada.

“Thousands of women in 34 provinces of Afghanistan are actually working in various sectors of industry and investment,” he added.

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

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(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.

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