Connect with us

Business

Afghanistan to Expand Trade Ties with Indonesia

Avatar

Published

 on

(Last Updated On: January 30, 2018)

Afghanistan and Indonesia are keen to develop their trade relation in different industries, following the Indonesian President’s visit to Kabul this week, a spokesman for the Ministry of Commerce (MoCI) said on Tuesday.

“Soon we are going to work on expanding trade relation with Indonesia and so it could pave the ground for export of dry and fresh Afghan fruits in the country,” said the Ministry Spokesman Musafer Qoqandi.

According to MoCI’s estimation, the trade turnover between Kabul and Jakarta is about $350 million.

“We can work with Indonesia as currently we have taken steps for importing vehicle’s tires, batteries and lubricants,” said Khan Jan Alokozai, Vice President of Afghanistan Chamber of Commerce and Industries (ACCI).

Afghan economic analysts believe the government to should encourage the Indonesian businessmen to invest in Afghanistan. “The trade relation with Indonesia will effective when its investors launch investment in Afghanistan,” said Hakim Khan Sediqi, an economic analyst.

This comes as the Indonesian President Joko Widodo visited Kabul on Monday where he met with Afghan President Ashraf Ghani amid series of terrorist attacks in the capital which left hundreds of people killed and wounded.

Business

Da Afghanistan Bank sees increase in gross reserves

Avatar

Published

on

(Last Updated On: June 1, 2020)

The gross domestic product (GDP) of the central bank of Afghanistan, Da Afghanistan Bank, has reached more than $9 billion for the first time.

Officials at the bank said that although the global aid to Afghanistan has declined, they have succeeded to increase the bank’s reserves.

Economists also underline that the central bank’s efforts will lure global funds.

The bank’s authority has stated that they have, for the first time, been able to increase the GDP to over $9 billion.

According to them, last year about AFN22 billion was deposited in the government reserves through investments in foreign financial institutions.

Although the Coronavirus pandemic has devalued Afghan currency against the dollar, the authority is pushing for effective programs to keep the value of the currency afloat, they said.

Welcoming the strengthening of the gross reserves of DAB, experts say that the central bank’s efforts would attract global funds for good.

Continue Reading

Business

Afghanistan to transit trade via Pakistan’s Gwadar port

Avatar

Published

on

(Last Updated On: May 30, 2020)

The Afghanistan–Pakistan Transit Trade Agreement (APTTA) enables Afghanistan to transit trade through Pakistan’s Gwadar port under the OPTA agreement.

The Ministry of Industry and Commerce says that Afghanistan is trying to improve its economic relations with all neighboring countries and the region, pointing at the Pakistani port of Gwadar as the closest and cheapest transit route for Afghanistan’s trade.

In the meantime, the Pakistani Prime Minister’s senior advisor of economy, Abdul Razzaq Daud, has said that trade with Afghanistan is set to begin through the Gwadar port, starting with 16,000 tons of fertilizer to be shipped to Afghanistan.

In addition, the Afghanistan Chamber of Commerce and Investment considers the Gwadar port as less expensive than any others; however, it criticizes that the neighboring countries are not honest enough in their economic relations with Afghanistan.

On the other hand, experts point out that if Pakistan complies with international economic and transit laws, Afghan traders will be able to import and export goods via Gwadar port at lower costs.

This comes as economic relations between Afghanistan and Pakistan have been often strained due to political tensions, and the country has severally closed its ports to Afghan traders.

Continue Reading

Business

Central bank to run campaign promote Afghani in western provinces

Avatar

Published

on

(Last Updated On: May 26, 2020)

The government has set to launch a campaign over the use of Afghani currency instead of Iranian Rials in domestic transactions in western parts of the country.

Sharifullah Shagewal, a spokesman for the central bank of Afghanistan, Da Afghanistan Bank said that the organization has set to boost the use of Afghani currency in local markets.

Shagewal added that the replacing Iranian Rials with Afghani currency could gain Afghani value against foreign currencies.

According to reports, many provinces sharing borders with Iran use Rials for transactions.

It comes as the organization launched a campaign in the past one year just to tell people not to use foreign currencies in Nangarhar, Laghman, Kunar, Paktia, Paktika, Khost, Helmand, and Kandahar province, where public used to use Pakistani rupees in daily transactions.

Now, the De Afghanistan Back added that so far, it succeeded to prevent billions of Pakistani rupees from money circulation in the country.

Meanwhile, the central bank of Afghanistan urges the public to join the campaign by using Afghani currency instead of foreign currencies in their daily businesses.  

Continue Reading

Trending