Business
IEA tightens currency controls after dollar smuggling report
The Islamic Emirate of Afghanistan (IEA) imposed fresh restrictions on people carrying foreign currency out of Afghanistan, in a rare directive from the prime minister’s office.
The restrictions were imposed after a report published in Bloomberg stated that millions of dollars were being smuggled into the country each day from Pakistan.
Tuesday’s order from Mullah Mohammad Hassan’s office spelled out new currency limits clearly for the first time and laid out new punishments — up to a year in prison. While a $5,000 limit was already in place, the new edict added that the amount people could take out via road border crossings was now only $500 and barred the transport of gold or precious stones out of the nation.
“If someone transfers a million dollars, he will be imprisoned for a year, and for one hundred thousand dollars, he will be jailed for a month and for less than the amount, he will receive ten days in jail,” the edict said.
The IEA also reiterated that bringing in foreign currency is “prohibited,” without specifying how much and under what circumstances. Before the report’s publication, the Afghan Finance Ministry had said that it encourages individuals to bring in any value of foreign currency.
Bloomberg reported Tuesday that traders or smugglers are bringing as much as $5 million into Afghanistan from Pakistan every day, which was providing some support for the country’s squeezed economy after the US and Europe denied the IEA access to more than $9 billion in foreign reserves.
However, the illicit dollar inflow into the country is exacerbating a rapidly developing economic crisis in neighboring Pakistan.
Economic experts consider this work of the Islamic Emirate to be important for maintaining the financial stability and value of the afghani currency, and they say that governments have an obligation to support their currency value.
Business
Daily truck clearances at Torkham drop from 400-500 to 5-10
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.
Business
Turkish scholars, charity officials assess investment prospects in Afghanistan
Officials pledged to encourage Turkish investors to explore and capitalize on investment opportunities in Afghanistan
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.
Business
Uzbek envoy to Pakistan discusses Trans-Afghan Railway project with Pakistani minister
The Trans-Afghan Railway project is expected to serve as a powerful stimulus for trade and economic integration among numerous countries in the region
Regional connectivity projects including the Termez-Kabul railway line, the Trans-Afghan Railway, and the multimodal Belarus-Russia-Kazakhstan-Uzbekistan-Afghanistan-Pakistan transport corridor, are key to the region’s success, the Ambassador of Uzbekistan to Pakistan Alisher Tukhtayev said during a meeting with Pakistan’s Defense Minister Khawaja Asif on Friday.
The two officials discussed a range of issues as well as coordinating efforts to ensure stability and deepen economic integration in the region.
Asif however pointed out that Tashkent has become an important hub for regional cooperation, Pakistani media reported Monday.
Special focus was given to the implementation of the Trans-Afghan Railway project, which is expected to serve as a powerful stimulus for trade-economic integration to numerous countries.
The ambassador said the governments of Uzbekistan, Pakistan, and Afghanistan are actively cooperating in the implementation of joint economic and infrastructure projects and one of them is the construction of the Trans-Afghan Railway.
He said the “Termez-Kabul-Peshawar” railway project plays an important role in restoring ties of regional connectivity between Central and South Asia.
He added that once the project is launched, the volume of trade will increase significantly and shipping costs will decrease.
Tukhtayev said the railway connectivity will contribute hugely to regional stability and overall prosperity by aiding Afghanistan’s economic recovery.
He also said the project will facilitate the delivery of Uzbek goods to world markets through Pakistani ports and will open up a new route for Pakistan to export its products to Central Asian, and European markets.
According to him, the Trans-Afghan railway will be able to carry up to 20 million tons of cargo per year, and transportation costs will decrease by 30-35% and timing of deliveries will be cut from two weeks to three to four days.
He also stated that the international cooperation project on the development of the multimodal transport corridor Belarus-Russia-Kazakhstan-Uzbekistan-Afghanistan–Pakistan is being actively promoted.
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