Business
West says Afghanistan to get new bank notes, maps out Afghan Fund
Thomas West, US Special Representative for Afghanistan, said Friday that new printed bank notes would soon enter the market in the country, replacing AFN notes that are disintegrating.
Addressing a virtual townhall organized by a US-based Afghan diaspora group, Afghans for a Better Tomorrow, West said: “We all know the banking sector in Afghanistan is cut off from the international financial system, by and large, with the exception of one private bank.
“But there are some transactions that the ministry of finance technocrats and the central bank technocrats want to responsibly move forward with and are unable to do so unless the United States and a number of other countries in a corresponding banking chain really lean in and help to conclude.
“So I am very pleased to say that in the past 24 hours we have finally seen the conclusion of two currency transactions.
“This will mean that new printed Afghani will replace bank notes that … are virtually disintegrating in the system,” he said.
He said he did not know when exactly the new bank notes would “show up in Afghanistan” but added the US would continue to support “priority transactions”.
Discussing the new Afghan Fund, which relates to the transfer of at least $3.5 billion of Afghanistan’s frozen foreign reserves, West said the first board of trustees meeting is likely to take place next month in Switzerland.
He said the basic governance structure is now in place but that this “will evolve”. He noted that four trustees would be the ones making big decisions on the disbursement of funds.
Both the US and the Swiss government will have a representative and the other two trustees are former finance minister Dr Anwar ul-Haq Ahadi and US college professor Dr Shah Mirabi – both of whom live in the United States.
West said Mirabi has served in an advisory capacity to Da Afghanistan Bank (DAB) over the past 20 years, while Ahadi had also held the position of central bank governor and was a former commerce minister.
“These are two people we feel are exceedingly well qualified to help make responsible decisions about very limited disbursements of this money to enhance macroeconomic stability in Afghanistan,” West said.
However, there will be an additional advisory body, also made up of Afghans, who will be able to initiate their own ideas about how this money should be protected, preserved, and spent “in limited quantities”, he said.
West went on to say the majority of the $3.5 billion will remain “untouched”.
“It will be preserved for a future recapitalization of the Central Bank and of the financial system in Afghanistan.”
Nooruddin Azizi, Acting Minister of Commerce and Industry, met with representatives from the ministries of foreign affairs, defense and interior of Malaysia, along with other senior officials, on Wednesday and called on Malaysians to invest in Afghanistan.
The visiting delegation is being led by senior diplomat Dr. Shazelina Zainul Abidin.
According to the IEA’s foreign ministry, the two sides discussed bilateral trade, holding a business communication conference to strengthen trade relations between the two countries, the trade balance between Afghanistan and Malaysia, and creating a market for Afghan products, including carpets, cotton, and minerals.
According to the ministry, at the end of the meeting, the Acting Minister emphasized the increase of investment from regional countries in Afghanistan and called on Malaysian investors to also invest in Afghanistan.
The Ministry of Interior says that Afghanistan has started exporting goods to Turkey via the Herat-Khaf railway line.
In a post on X, the ministry said: “Afghanistan’s exports to Turkey started in a calm atmosphere through the Herat-Khaf railway line.”
The ministry added that one train will run daily for a month and then two trains will run daily.
According to the ministry, the security of Khaf-Herat railway line is provided by the guards of the National Public Protection Agency.
Khaf-Herat railway project not only connects Iran and Afghanistan by rail, but also completes a 2,000-kilometer route along the east-west rail corridor from China, through Uzbekistan, to Afghanistan, to Iran, and on to Turkey and Europe.
As a landlocked country, this railway network will provide a safe route to connect with Europe via Iran’s railway network and Iran’s southern ports.
This railway line is strategic for trade between Iran and Afghanistan and will allow six million tons of goods to be sent between the two countries.
A joint expo between Afghanistan and Kazakhstan will be held in Kabul in the next four days, officials said on Sunday.
Officials of the Ministry of Industry and Commerce said that the two-day expo will be held for the purpose of expanding and strengthening trade relations between the two countries.
“This expo will be held as a follow-up of the Kazakh-Afghan international expo, which was held in the city of Astana, Kazakhstan, with the participation of a large delegation of the government and the private sector of the Islamic Emirate of Afghanistan,” Abdulsalam Javad Akhundzadeh, the spokesman of the Ministry of Industry and Commerce, said.
“At this expo, domestic products from different sectors of Afghanistan and the Republic of Kazakhstan will be put on display for two days.”
According to officials, 40 large Kazakh companies, and 40 large Afghan companies will exhibit their products.
Mohammad Saber Latifi, head of the Afghanistan International Expo Center, said that fruits, minerals and commercial services will be displayed at the expo.
During the expo, various memorandums of understanding for the trade of goods are also expected to be signed by companies.
Tripartite trade meeting held in Kabul to boost regional connectivity
Afghanistan beat Iraq 5-3, inch closer to Futsal World Cup berth
In Beijing, Blinken meets Xi and raises US concerns about China’s support for Russia
No destructive groups including Daesh present in Afghanistan: Yaqub Mujahid
New UK sanctions target Iranian drone industry
Dead body of Quran-burner found in Norway
ATN secures rights to produce, broadcast second season of KPL
Yadav hits 156.7 km/h as Lucknow trump Bengaluru in IPL match
Afghanistan’s national futsal team ‘ready for’ group stage of Asian Cup
Afghanistan, Pakistan agree to abandon barter trade, establish banking relationships
Tahawol: Pakistan’s security concerns from Afghan soil discussed
Saar: Visits by foreign diplomats to Kabul discussed
Tahawol: Calls for handing over Afghanistan’s seat to IEA discussed
Malaysian delegation trip to Kabul discussed
Tahawol: US State Dept’s criticism of human rights violations in Afghanistan discussed
-
Latest News3 days agoRashid Khan named AWCC’s brand ambassador
-
Regional4 days agoIranian president lands in Pakistan for three-day visit to mend ties
-
Sport4 days agoKolkata beat Bengaluru by one run in IPL as Kohli fumes at dismissal
-
Sport4 days agoACL: Aino Mina 3-0 Istiqlal Kabul; Attack Energy 3-0 Khadim
-
Climate Change4 days agoRescuers race to reach those trapped by floods in China’s Guangdong
-
Business5 days agoAfghanistan, Kazakhstan to hold joint expo in Kabul
-
World3 days agoMalaysian navy helicopters collide in mid-air, 10 killed
-
Sport3 days agoJaiswal ton powers Rajasthan to big IPL win