Business
Central bank to auction off $10 million in bid to stabilize AFN
Afghanistan’s Central Bank (Da Afghanistan Bank) announced Monday that it would auction off around $10 million this week, in a bid to help bring some stability to the Afghan currency.
Da Afghanistan Bank (DAB) called on commercial banks, money exchangers, and companies that provide money services to attend the auction on Tuesday.
The development comes a day after the Afghani lost significant value against the US dollar, dropping to its weakest since 2003 when new Afghani banknotes were printed.
On Monday, the AFN had strengthened slightly as one US dollar cost 92.95 AFN compared to 95 AFN on Sunday.
“Unfortunately, one US dollar cost 95 AFN yesterday. But today it reached 92 AFN again. This is an issue on the markets. The shortage of US dollars in Afghan markets is the main reason for the sharp drop in value,” said Abdul Rahman Zirak, a spokesman for Afghan’s biggest currency market Sarai Shahzada.
Zirak added that US dollars are being smuggled to neighboring countries which has also led to a shortage of dollars in Afghanistan.
“Unfortunately, nowadays millions of dollars are being smuggled to Pakistan and Iran so that they could sell at a higher price for greater profit. For instance, people sell dollars at a higher price and buy Pakistani rupees at a lower price and then transfer them to Afghanistan,” Zirak noted.
Afghanistan has for years been heavily reliant on the US dollar which is widely used in the country.
Iranian President Masoud Pezeshkian has called for the removal of obstacles to economic cooperation and greater facilitation of trade and transit between Iran and Afghanistan.
At a Cabinet meeting chaired by Pezeshkian on Wednesday, officials reviewed a report on Iran’s agriculture minister’s recent visit to Afghanistan and the latest developments in economic ties between the two countries.
According to the report, Afghan officials welcomed closer relations with Iran and expressed readiness to increase bilateral trade and expand economic cooperation.
The meeting also focused on key challenges facing trade between the two countries, including customs procedures, the movement of vehicles through border crossings and delays in transporting goods.
Pezeshkian stressed the strategic importance of economic ties with Afghanistan and called for stronger cooperation. He instructed relevant authorities to take practical steps to address obstacles to trade and transit and improve the movement of goods across the border.
Business
Afghanistan, Kuwait explore new investment and trade opportunities
The Afghan Embassy in Kuwait said the talks focused on Afghanistan’s security and stability, economic potential and available investment opportunities.
Afghanistan and Kuwait have discussed expanding trade and investment cooperation during a meeting between Afghanistan’s Chargé d’Affaires in Kuwait, Mohammad Shafiq Khatib, and prominent Kuwaiti investor Ajeej Khalaf, along with a number of businessmen and investors.
The Afghan Embassy in Kuwait said the talks focused on Afghanistan’s security and stability, economic potential and available investment opportunities.
The sides stressed the importance of strengthening trade and economic ties and expanding investment cooperation between the two countries.
Khatib invited Kuwaiti businessmen and investors to visit Afghanistan, explore investment opportunities and consider investing in various sectors of the Afghan economy.
The meeting comes as Afghanistan seeks to attract more foreign investment and strengthen economic and commercial ties with regional and international partners.
Business
Azizi: Afghanistan ready to attract Chinese and Uzbek investment
On the sidelines of the conference, Azizi and his delegation visited an exhibition showcasing Uzbek products and manufactured goods.
Afghanistan is ready to attract investment from Chinese and Uzbek companies across key sectors of the economy, Minister of Industry and Commerce Nooruddin Azizi said at a trade conference in Uzbekistan’s Termez.
Speaking at the Surkhandarya–China Trade Conference, Azizi said recent exchanges between Afghan, Uzbek and Chinese officials and business delegations had opened new opportunities for trade, transit and investment.
He described China as a key economic partner and an important player in strengthening regional connectivity, while emphasizing the need to increase Afghan exports to regional markets, particularly China.
Azizi said Afghanistan was prepared to facilitate investment by Chinese and Uzbek companies in mining, agriculture, food processing, energy, manufacturing, machinery and economic infrastructure.
He also called for the development of new transit corridors linking Central Asia with China, saying Afghan exports could be transported through Uzbekistan’s trade networks to China and other regional markets.
The minister said joint investment and the processing of Afghanistan’s raw materials inside the country could create sustainable and mutually beneficial economic opportunities across the region.
Officials from Afghanistan, Uzbekistan and China, as well as private-sector representatives, attended the conference.
Balkh Governor Mohammad Yousuf Wafa highlighted the longstanding friendly relations between Afghanistan and Uzbekistan and the investment opportunities available in Balkh province.
On the sidelines of the conference, Azizi and his delegation visited an exhibition showcasing Uzbek products and manufactured goods.
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