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Afghani strengthens by 4.4% against US dollar: central bank

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Officials of Afghanistan’s central bank said Wednesday the afghani (AFN) has in the past year strengthened by 4.4 percent against the US dollar.

This comes after the afghani dropped by 10.4% in the previous year.

Hidayatullah Badri, the acting head of the central bank, Da Afghanistan Bank, said during his national accountability report bank customers across the country can now withdraw up to $600 a week and $2,000 a month from their bank accounts.

“The officials of the Da Afghanistan Bank have been able to preserve the value of the Afghan currency by implementing reasonable policies. Da Afghanistan Bank has made great efforts in the banking sector to improve banking services, and is actively working for Islamic banking in the country,” Badri said.

According to the officials of the bank, the average inflation rate in the country has decreased from 12% to 6%.

“Fortunately, Da Afghanistan Bank managed well [considering] the limited access it had to currency reserves and met the market’s currency needs,” Ahmad Javad Sadad, head of the monetary policy of Da Afghanistan Bank, said.

DAB officials said that assessments of banking institutions, money exchanges and companies are ongoing with the aim of standardizing the sector.

“From now on, exchange companies will perform their activities for citizens through electronic systems and according to international standards,” Ahmed Zahir Nasirzai, head of non-banking financial institutions department said.

Officials of Da Afghanistan Bank also said that the institution is planning to continuously collect worn-out banknotes in the country and replace them with new ones. This comes as citizens have repeatedly complained about the availability of worn-out banknotes in the markets.

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Dried fruit market in Herat booms ahead of Eid-al-Fitr

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As Eid al-Fitr approaches, the dried fruit market in Herat province has thrived, with people busy purchasing Eid sweets. Families are striving to buy sweets according to their economic capabilities in preparation for this holiday.

However, this year, people’s economic situation has worsened, and they are unable to make purchases as they did in previous years.

Nevertheless, the customs and traditions of Eid compel most families to prepare for the holiday.

“Thank God, there is a lot of crowds. Sales are high. People are in the market until 1:00 AM, buying. This year, by the grace of God, prices are low, and everyone can afford to buy,” said Ayatullah Habibi, a shopkeeper in Herat.

Although dried fruit prices are cheaper this year compared to last year, many people still cannot afford to buy them.

“We are almost hopeless about our lives; there is no business, and the situation is bad,” said Ghulam Sarwar, a worker in Herat.

Meanwhile, the Herat municipality has announced the creation of a price control commission in recent days.

Herat municipality stated that dried fruit and food markets are being monitored daily by the commission members.

Meanwhile, the Union of Dried Fruit Sellers in Herat also emphasized that prices are better compared to last year.

“There is ongoing supervision in the market to ensure good quality goods and fair pricing. Any shopkeeper who sells poor-quality goods will have their shop closed,” said Abdul Ghani Qadri, the head of the Dried Fruit Sellers Union in Herat.

While many people are eagerly awaiting Eid al-Fitr, there are still many families whose primary concern is feeding their children.

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36 mining contracts inked over the past year: Mines ministry

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The Ministry of Mines and Petroleum says it has signed 36 large and small mining contracts, with a total value of $1.3 billion over the past year.

Officials from the ministry stated that these contracts include 10 large mines, 25 small mines, as well as projects related to cement, salt, marble, and a major gas extraction contract with Uzbekistan, all signed with both domestic and foreign companies.

Meanwhile, economic experts have emphasized the importance of increasing investments in the mining sector for the country’s economic growth. They have stressed that priority in mining contracts should be given to domestic companies.

“It is better to prioritize domestic investors over foreign ones,” said Kamaluddin Kakar, an economic expert.

In the meantime, members of the private sector also stated that if both foreign companies and Afghan investors can partner in the mining sector, this will not only foster investment development in the country but also bring positive changes in capacity building within the mining extraction sector.

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US may ask for military equipment left behind in Afghanistan: Trump

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The United States may ask for military equipment left behind in Afghanistan, although it is getting old, President Donald Trump said on Thursday.

Speaking at an event on Women’s History Month, Trump said that the Biden administration gave much of the US military equipment to Afghanistan, worth billions of dollars.

“Maybe we will have to ask for that back, although it is getting a little old now. We are building new stuff,” he said.

Trump had earlier said that if Afghanistan wants aid from America, the Islamic Emirate must return US military equipment left behind during the 2021 troop withdrawal.

However, the Islamic Emirate has said that the equipment it has seized is war spoils and will not be returned.

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