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Massive crowds form outside banks in Kabul, as locals rush to withdraw cash

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Afghans wanting to withdraw money were seen gathered outside banks in Kabul, Afghanistan on Monday, amid concerns over the implementation of new restrictions on cash withdrawal.

Earlier on Saturday, a statement from the Taliban had ordered banks to reopen and imposed a limit on withdrawals of 20,000 Afghani ($233).

Local resident Shah Agha hoped the reopening of banks would result in work being available for Afghans again. “The working situation is zero because banks and exchange markets are closed. We call on the Islamic Emirate to build the Afghan economy as soon as possible,” he said.

Taliban spokesperson Zabiullah Mujahid said officials had already been appointed to run key institutions including the ministries of public health and education and the central bank.

He also said he expected the serious economic turbulence which has hit the Afghani currency to ease soon.

Prices for commodities including flour, oil, and rice are rapidly rising and the currency is plunging, with money changers in Pakistan already refusing to accept the Afghani.

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Afghanistan and China sign trade cooperation agreement

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The Afghanistan Chamber of Commerce and Investment (ACCI) and the Qingdao International Exhibition Center of China have signed a memorandum of understanding (MoU) to expand trade cooperation and organize joint exhibitions and business meetings.

The MoU was signed on the sidelines of the International Manufacturing Machinery Exhibition in the presence of officials from the Afghanistan Chamber of Commerce and Investment and a number of Afghan traders.

Under the agreement, Chinese manufacturers and traders, particularly producers of industrial machinery, will participate in the Fifth National and International Imam Abu Hanifa Exhibition, where they will showcase their latest machinery and equipment to promote their products and expand economic cooperation with Afghanistan.

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Afghanistan, Russia discuss expanding trade, economic and transport cooperation

The embassy said the Russian side also invited Afghan officials and business representatives to participate in the North–South International Transport Corridor Forum in Astrakhan.

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The Embassy of Afghanistan in Moscow has announced that Gul Hassan Hassan, Afghanistan’s Ambassador to Russia, held separate meetings with representatives of the Russian Chamber of Commerce and Industry and officials of the North–South International Transport Corridor Forum in Astrakhan to discuss ways to strengthen bilateral cooperation.

According to the embassy, the meetings focused on expanding trade, economic and transport relations between Afghanistan and Russia, enhancing direct links between the business communities of both countries, and broadening joint cooperation in the fields of agriculture, energy, industry, transportation and logistics.

The embassy said the Russian side also invited Afghan officials and business representatives to participate in the North–South International Transport Corridor Forum in Astrakhan.

According to the Embassy of Afghanistan in Moscow, both sides emphasized the importance of Afghanistan’s active participation in regional transport corridors and underscored the need to further expand economic cooperation between the two countries.

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Afghanistan approves five-year power development plan to boost domestic energy production

The strategy includes the implementation of 25 electricity generation projects that will harness Afghanistan’s domestic energy resources, including hydropower, solar, wind and coal.

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Afghanistan has approved a comprehensive five-year national power development plan aimed at expanding domestic electricity generation, strengthening the country’s transmission network and reducing its reliance on imported electricity.

The plan, which was previously endorsed by the Economic Commission chaired by Deputy Prime Minister for Economic Affairs Mullah Abdul Ghani Baradar, has now received final approval from the Supreme Leader.

The strategy includes the implementation of 25 electricity generation projects that will harness Afghanistan’s domestic energy resources, including hydropower, solar, wind and coal. It also outlines the completion of 13 ongoing and 23 new electricity transmission projects, 21 ongoing and 21 planned substation projects, and 34 electricity distribution projects across the country.

Officials said the initiative is expected to significantly expand electricity access, improve the reliability of the national power grid and strengthen Afghanistan’s energy infrastructure while reducing dependence on imported electricity.

The government said the five-year plan forms part of its broader strategy to promote economic development, support reconstruction efforts and enhance financial self-reliance through greater investment in domestic energy resources. Once completed, the projects are expected to contribute to Afghanistan’s long-term energy security and move the country closer to electricity self-sufficiency.

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