Business

Concerns grow over economic situation as Kabul banks remain closed

Published

3 years ago

August 24, 2021

(Last Updated On: )

Afghans on Tuesday warned the ongoing closure of banks will lead to an economic crisis in the country and appealed to the Taliban to get the banks to reopen as soon as possible.

This comes after the Ministry of Finance issued a statement Sunday saying that the banks would reopen on Tuesday.

Members of the public said if banks do not open soon they will start demonstrating.

Banks have been closed for more than a week, following the takeover of the country by the Taliban.

Residents said they kept their money in banks as a safety precaution but are now facing extreme difficulties.

“We put our money in the bank because of thieves, but now that the security is maintained, we cannot withdraw our money,” said Yasmin, one Kabul resident.

“We call on the Taliban to open the banks as soon as possible,” said Abdul Wali Noor, another resident.

“I come every day, unfortunately the banks do not open and it has made us more worried. If the banks do not open, we will hold demonstrations,” said Mohammadi, another Kabul resident.

Another resident said: “I have several months worth of salaries in the bank, but the banks have been closed for 10 days. We are starving to death,” said Abdullah, another resident.
Economists also say that the closure of banks has had a negative impact on food prices.

“They (bank employees) say there is no money, and the cash we had is now finished. Shopkeepers also will not let you borrow money,” said Ahmad Shah, another resident.

However, the Ministry of Finance issued a statement Sunday saying that the banks would reopen on Tuesday, but this has not happened.
This comes after the Taliban appointed an acting director for the Central Bank.

Business

$23 million pharmaceutical company opens in Kabul

The Islamic Emirate officials also stated that while they fully cooperate with pharmaceutical companies, these manufacturers need to produce drugs that meet international standards.

Published

19 hours ago

July 26, 2024

Ariana News

(Last Updated On: )

A new pharmaceutical company, costing $20 million, was officially opened on Thursday in Kabul in the presence of Islamic Emirate leaders, including Deputy Prime Minister for Economic Affairs Mullah Abdul Ghani Baradar.

The new company will reportedly manufacture 50 different types of drugs once fully operational.
Addressing the launch ceremony on Thursday, Baradar outlined the importance of quality in terms of pharmaceuticals and said poor-quality drugs threaten lives while good-quality medicines can save lives.

Baradar also pointed out that more manufacturing companies like this will help grow the country’s economy.

He once again called on investors, both in the country and abroad, to help in the reconstruction and development of the country and start businesses. He also said the way has been paved for them to invest and that they should make use of the opportunities available.

Health officials meanwhile said that currently there are 77 pharmaceutical companies in the country and that serious efforts are being made to make the country self-sufficient in this regard.

The Islamic Emirate officials also stated that while they fully cooperate with pharmaceutical companies, these manufacturers need to produce drugs that meet international standards.

Kandahar officials inaugurate $50 million pharmaceutical company

Business

Sugar exports to Afghanistan resume after four year break

Islamabad banned the export of sugar to Afghanistan four years ago to address shortages and control prices in the country.

Published

2 days ago

July 25, 2024

Ariana News

(Last Updated On: )

Sugar exports from Pakistan to Afghanistan resumed this week after a four-year suspension, with over 400 vehicles crossing the Torkham border in the last four days.

According to Pakistan sources, Islamabad recently agreed to the export of 150,000 tons of sugar to Afghanistan, setting an August 15 deadline for the completion of the shipment process.

Customs clearing agents at Torkham said around 100 vehicles, each carrying 33 tons of sugar, crossed into Afghanistan four days ago and more thereafter.

Islamabad banned the export of sugar to Afghanistan four years ago to address shortages and control prices in the country.

Import, export volumes total $7.5 billion in 1st nine months of this solar year

Business

Chinese keen on investing in Afghanistan’s solar power sector

At the same time, the deputy minister welcomed their interest and stated that Afghanistan is a place of opportunities for investment and that the ministry is ready to cooperate.

Published

4 days ago

July 23, 2024

Ariana News

(Last Updated On: )

The Ministry of Industry and Commerce says that Ahmadullah Zahid, deputy minister, met with a number of Chinese investors in his office on Tuesday.

According to a statement issued by the ministry, Ehsanullah Shahab, the head of special economic zones, was also present in this meeting, where investors from China expressed their interest in investing in solar power generation and agriculture technology sectors.

At the same time, the deputy minister welcomed their interest and stated that Afghanistan is a place of opportunities for investment and that the ministry is ready to cooperate.

120 Chinese companies held investment talks with IEA since takeover