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Afghan currency strengthens slightly overnight against US dollar

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Sara-e- Shahzadah, Afghanistan's largest currency exchange market, announced early Thursday that the Afghani had gained some traction and climbed to 95 AFN against the US dollar overnight.

This comes after the AFN was trading at 105 Afghanis to the dollar at close of business on Wednesday.

Meanwhile, the Afghanistan Central Bank, Da Afghanistan Bank, has said the fourth package of UN cash aid has arrived in Afghanistan.

According to statement, the assistance amounts to $19.2 million and has been deposited with the Afghanistan International Bank (AIB).

The previous cash aid package of $19.2 million arrived in Kabul on Sunday.

Da Afghanistan Bank added that efforts have been made to facilitate principled ways to prevent "poverty and misery" for the Afghan people, and that the country's banking system and foreign exchange needs will be resolved soon.

"Da Afghanistan Bank has always sought to keep the value of the Afghan currency stable against foreign currencies," the statement said.

Central Bank officials also said the leadership of this institution is trying to stabilize the Afghani.

This comes after the AFN slipped to a dismal 130 Afghanis to the US dollar this week.

Islamic Emirate of Afghanistan (IEA) officials have however been taking steps to stabilize the currency and on Tuesday banned the use of foreign currencies for commercial transactions in the country.

Mawlawi Abdul Salam Hanafi, deputy prime minister, who is heading up a commission to curb the currency’s freefall, said at a press conference that the AFN would stabilize on the back of steps being taken.

“We have ordered clerics, local officials and security forces to prevent the use of foreign currencies [being used] in Afghanistan,” said Hanafi.

Mawlawi Hanafi warned that the authorities would take serious action against anyone found to be using, hoarding or smuggling foreign currencies.

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Shoemaking industry in Takhar province facing stagnation

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A number of shoemakers in northern Takhar province say that while their handmade shoes are of better quality than imported shoes, but still sales are down.

According to them, there were more than 20 shoe-making shops in the past, but now some have been closed due to the decline in sales.

The shoemakers make most of their shoes from leather. A number of industrialists say that this industry is now facing stagnation.

Abdul Raqib, a shoemaking factor owner, said: “The government should support us. Currently, we import soles. It can be made with good quality in Afghanistan, and we could even compete against Turkish shoes.”

Meraj, another shoemaking factory owner, said: “Shoe sales were higher in the republic era. There were military shoes. Sales have declined now, but we still thank Allah.”

Shoemakers make these shoes with basic tools and by hand, with 5 to 8 people working in each shop.

Javed, a shoemaker, said: “Our sales are not so good. We can make any type of shoe or slipper. We want the government to support us.”

A number of Takhar residents say that domestically produced shoes are of high quality and with lower price compared to imported shoes, so people prefer domestic products to foreign products.

Mir Ata, a resident of Takhar, said: “We are very happy about domestic shoes. People should buy it. They are of good quality.”

However, the officials of Takhar Industry and Commerce Department say that they are committed to support the industrialists.

Abdul Rahman Ghaznawi, provincial director of industry and commerce, said: “People prefer domestic shoes and slippers. Takhar’s products are sold in Kunduz, Baghlan and Badakhshan as well.”

Meanwhile, industrialists say that if the government supports them, they will be able to make the best products and can be more competitive.

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Daily truck clearances at Torkham drop from 400-500 to 5-10

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Pakistan’s Sarhad Chamber of Commerce and Industry (SCCI) has said that daily truck clearances at Torkham crossing have declined from 400-500 to 5-10.

SCCI President Fazal Muqeem Khan said this at the signing ceremony of a memorandum of understanding (MoU) with the Pakistan-Afghanistan Joint Chamber of Commerce and Industry to promote bilateral trade and cooperation.

He said the volume of trade between Pakistan and Afghanistan had fallen from $3 billion to $1 billion annually.

Fazal Muqeem also highlighted the adverse impact of the 2% Infrastructure Development Cess (IDC) imposed by the Khyber-Pakhtunkhwa government on trade and transit.

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Turkish scholars, charity officials assess investment prospects in Afghanistan

Officials pledged to encourage Turkish investors to explore and capitalize on investment opportunities in Afghanistan

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Afghanistan’s Acting Minister of Energy and Water, Mullah Abdul Latif Mansoor, met with a delegation of Turkish scholars and officials from the Adif Charity Foundation on Tuesday to discuss various political, religious, and social issues.

According to the Ministry of Energy and Water, Mullah Mansoor praised Adif’s humanitarian efforts in Afghanistan and highlighted the country’s ample resources for energy production.

He emphasized that Afghanistan currently offers a favorable environment for investment in all sectors, assuring the Turkish delegation of the Islamic Emirate’s commitment to ensuring the safety and security of investors and their assets.

In response, Adif officials pledged to encourage Turkish investors to explore and capitalize on investment opportunities in Afghanistan, signaling a potential boost in economic and developmental cooperation between the two nations.

 

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