Business
US State Department confirms Afghan banknotes to be printed in Europe
Cash-reliant Afghanistan is set to get new banknotes, that will be printed in Europe, as those in circulation crumble and disintegrate, the US State Department’s Spokesman Ned Price confirmed Wednesday.
Price said at a press conference in Washington that two transactions to pay to print Afghani banknotes has been facilitated by the US.
“These two transactions have been underway for several months now. Banks dealing with Afghanistan see any banking transactions originating from or going to Afghanistan as extremely high-risk,” he said.
‘The United States and our partners have been working hard with international banks to facilitate payment transfers from Afghanistan’s central bank to European printing companies where new banknotes would actually be produced.
“These companies will now prepare new afghanis, which will be used to replace worn-out banknotes. And this will address one of the aspects of Afghanistan’s ongoing liquidity crisis, consistent with U.S. efforts to support basic human needs and avoid an economic collapse,” he said.
He said the need for new banknotes was urgent and while “goods are available for sale, cash to purchase those goods is deteriorating, and the central bank with these transactions will be able to replace old and damaged banknotes.”
“And this will provide the Afghan people’s ability to purchase food and other necessary items. So it’s hugely important” he said. .
He added that this move is about the welfare and the well-being of the Afghan people. “They have suffered from the deterioration of these banknotes. Their largely cash-driven economy has been hamstrung by the lack of banknotes that are not crumbled or otherwise deteriorated.”
This comes after US Special Envoy for Afghanistan Thomas West announced a few days ago that the new banknotes would be printed.
No details as to where they will be printed have been given nor has anyone revealed when these notes will be put into circulation.
The Ministry of Commerce and Industry said Thursday it has signed cooperation agreements with ten institutions to support the development of small and medium-sized enterprises.
Nooruddin Azizi, Acting Minister of Commerce and Industry, said: “In the implementation of projects, we must pay special attention to our activities and actions and try to make useful use of the projects according to the requirements and benefit the beneficiaries.”
These ten institutions are to present their projects, the total value of which is around over $1.1 million. The projects will be carried out in Kabul, Baghlan, Ghor, Herat, Logar, Nangarhar, Balkh, Badakhshan and Jawzjan provinces and provide direct jobs for about 1,000.
To date, the ministry has signed MoUs for 72 projects in total, collectively valued at about $53.6 million.
These agreements have been signed with domestic and foreign companies for the establishment of small and medium-sized businesses.
In accordance with the principles and laws of the Islamic Emirate and prioritizing the implementation of projects for immigrants and returnees and internally displaced people, the ministry said 635,865 people will benefit through jobs directly and over 4.3 million will benefit indirectly in 25 provinces once these projects are implemented.
The National Statistics and Information Authority (NSIA) confirmed Tuesday that in the last month of solar year 1402, (March 2024) Afghanistan’s exports totaled $141.1 million and imports totaled $789.6 million.
This was down from $174 million for exports in the same period in 1401. However, imports increased by $99.2 million in 1402, up from $690.4 million.
Most exports in the last month of 1402 went to Pakistan, India and the United Arab Emirates, while in the last month of 1401 exports went to Pakistan, India and China.
The Ministry of Interior said the governor of Herat province Islam Jar met with Alim Khan Yasin Gildaye, Ambassador of Kazakhstan to Afghanistan, to discuss various issues around trade.
According to the ministry, the two sides discussed the expansion of trade facilities, increasing the volume of trade exchanges between traders of the two countries, reducing customs tariffs, solving the challenges of traders and issuing visas to them.
The Afghanistan-Kazakhstan Chamber of Commerce has been opened in Herat in order to facilitate and increase trade between the two countries.
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