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Afghans using crypto to ‘safeguard’ their savings

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(Last Updated On: April 26, 2022)

Afghans are reportedly acquiring digital assets that they use to preserve their savings and to lessen the chance of having their money seized by the new authorities, Bloomberg reported this week.

According to Bloomberg, the demand for digital currencies in Afghanistan has surged as some Afghans look to buy stablecoins like tether because they are pegged to the U.S dollar.

The report quotes one 26-year-old Afghan resident, Habibullah Timori, as saying they the demand for cryptocurrencies is high.

“During other crises, people stored their cash and jewellery in the ground or under their pillows. This time, they’ve decided to keep it buried in crypto,” he said.

The report also cites another 26-year-old Afghan, Naser Ali, who claims to have converted $30,000 stashed in his safe to USDT.

Ali said he regrets not having known about cryptocurrencies sooner, Bloomberg reported.

Despite the surging demand for cryptocurrencies, exchanges like Maihan say the U.S. sanctions on Afghanistan are making it difficult for residents to buy digital currencies. Further, residents buying from local crypto exchanges are charged a commission of 1.5% for every crypto transaction.

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Export volume totals over $140 million in last month of 1402

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(Last Updated On: April 17, 2024)

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.

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Afghanistan-Kazakhstan chamber of commerce opens in Herat

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(Last Updated On: April 15, 2024)

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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Afghanistan reaches self-sufficiency in production of 133 items: MoIC

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(Last Updated On: April 13, 2024)

The Ministry of Industry and Commerce (MoIC) says Afghanistan has reached self-sufficiency in 45 sectors and the production of 133 items, and that the ministry is striving to change Afghanistan from an importing country to an exporting one.

The ministry officials said that for this purpose, supporting domestic products and attracting investment is essential.

The ministry’s spokesman Abdul Salam Jawad Akhundzada emphasized increasing the use of domestic goods and products in government and national projects and added that efforts have also begun to find a market for domestic products inside and outside the country.

“We have reached self-sufficiency in 133 items of production, which is 45 sectors, and also we reached the capacity of semi-self-sufficiency in 95 items of production, which is 27 sectors,” he said.

Meanwhile, the Chamber of Industries and Mines (ACIM) says over the past two and a half years, more attention has been paid to the development of domestic production and it is also expanding.

The chamber officials stressed expanding the culture of using domestic products in government projects.

“I think that the government is one of the biggest consumers in the market if it uses domestic products in all its development projects,” said Abdul Nasir Rashtia, a member of ACIM.

Economic experts also said that if the use of domestic products in government projects increases, Afghanistan will quickly move towards economic independence.

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