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Central bank to auction off $10 million in bid to stabilize AFN

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(Last Updated On: November 15, 2021)

Afghanistan’s Central Bank (Da Afghanistan Bank) announced Monday that it would auction off around $10 million this week, in a bid to help bring some stability to the Afghan currency.

Da Afghanistan Bank (DAB) called on commercial banks, money exchangers, and companies that provide money services to attend the auction on Tuesday.

The development comes a day after the Afghani lost significant value against the US dollar, dropping to its weakest since 2003 when new Afghani banknotes were printed.

On Monday, the AFN had strengthened slightly as one US dollar cost 92.95 AFN compared to 95 AFN on Sunday.

“Unfortunately, one US dollar cost 95 AFN yesterday. But today it reached 92 AFN again. This is an issue on the markets. The shortage of US dollars in Afghan markets is the main reason for the sharp drop in value,” said Abdul Rahman Zirak, a spokesman for Afghan’s biggest currency market Sarai Shahzada.

Zirak added that US dollars are being smuggled to neighboring countries which has also led to a shortage of dollars in Afghanistan.

“Unfortunately, nowadays millions of dollars are being smuggled to Pakistan and Iran so that they could sell at a higher price for greater profit. For instance, people sell dollars at a higher price and buy Pakistani rupees at a lower price and then transfer them to Afghanistan,” Zirak noted.

Afghanistan has for years been heavily reliant on the US dollar which is widely used in the country.

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Acting commerce minister heads to Russia to attend Kazan Forum

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(Last Updated On: May 14, 2024)

Nooruddin Azizi, Acting Minister of Industry and Commerce, headed to Russia to participate in an international economic meeting in Kazan, Tatarstan.

The aim of the Russia-Islamic World: KazanForum 2024, the 15th edition of the forum, is to offer a platform for leading international economic and financial specialists from the Islamic world to strengthen ties between the countries of the Organization of Islamic Cooperation (OIC) and the regions of the Russian Federation in the economic, educational, social and cultural spheres, Anadolu Agency reported.

The Ministry of Industry and Commerce said that Azizi, leading a high-level delegation of the Islamic Emriate, traveled to Tatarstan at the invitation of Tatarstan President Rustam Minnikhanov.

The forum is held between May 14 and 19.

The forum also aims to promote the development of Islamic financial institutions in Russia and worldwide, with a focus on joint international projects and programs, according to Anadolu Agency.

More than 80 nations are expected to participate in the event, including representatives of the United Arab Emirates, Bahrain, Malaysia, Türkiye, Iran, Libya, and other OIC member states.

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Afghanistan can become important industrial center in region: Hanafi

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(Last Updated On: May 13, 2024)

Deputy Prime Minister for Administrative Affairs Abdul Salam Hanafi says Afghanistan has the potential to become one of the most important industrial centers in the region.

Speaking at the opening ceremony of the national and international expo on the occasion of Industry Week, Hanafi said that the growth of industry lays the foundation for the growth of other economic sectors and that the Islamic Emirate fully supports domestic production in the country.

“Afghanistan has important and rich factors for industrial production, which can become one of the important industrial centers in the region. The growth of industry will be the basis for the growth of other economic sectors, especially agriculture,” said Hanafi.

Acting Minister of Industry and Commerce, Nooruddin Azizi, added that the IEA has programs in the fields of industry development and support for the private sector that will make Afghanistan self-sufficient.

Azizi stated that Afghanistan’s industrial sector is currently progressing and the quality of export goods has also improved.

Some investors said at the ceremony that after the return of the IEA, the country’s exports have increased and the number of manufacturing companies has also increased.

This expo is open to visitors for seven days, and industrial products are showcased in 450 booths.
Women in business also attended the meeting.

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Afghanistan, Pakistan agree on new travel mechanism for truckers

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(Last Updated On: May 12, 2024)

Afghanistan and Pakistan have agreed on the issuance of a temporary admission document for transporters of commercial goods, Afghanistan’s Ministry of Transport and Aviation announced on Sunday.

The ministry said in an announcement that truck drivers and their assistants carrying commercial goods from Afghanistan and Pakistan must have this document with them at the crossings.

Based on the announcement, the document will be issued to Afghans at the Pakistani embassy in Kabul and its consulate in Kandahar.

For Pakistanis, the document is distributed at the office of the Afghanistan transport attaché in Peshawar and Quetta.

The Ministry of Transportation and Aviation asked owners and drivers of trucks to submit the required documents to their respective transportation companies by June 1.

The ministry warned that after June 1, trucks cannot travel between the two countries without having the temporary admission document.

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