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Saffron Production Should be Accelerated: ACCI

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(Last Updated On: January 30, 2017)

2The Deputy of the Chamber of Commerce and Industry Mohammad Yunus Mohmand said Afghanistan saffron is well-known product in China, UEA, Canada and European markets, insisting that the production of Saffron should be accelerated in the country.

He said, “Afghanistan saffron product is well known in the regional markets, necessary measurements should be adopted for the increasing of the production of saffron to abroad.”

Meanwhile officials in Ministry of Agriculture and livestock urged that necessary measurements and planning has been adopted for increasing of the production of Afghanistan Saffron.

1 – We need to produce 14 tons of Saffron incoming 5 years.

2- Afghanistan produced 6500 kilo gram of Saffron last year.

3 – 2800 acres of lands was covered with Saffron.

4 – 500 tons of Saffron bulbs for the farmers.

5- 4 exhibition held to find best markets for Saffron.

Officials in Ministry of Agriculture and livestock also mentioned that we have special policy for production of Saffron, which will pave the way and facilitate the increasing of Saffron products in Afghanistan.

Ministry of Agriculture and livestock Spokesman Lutfullah Rashid said, “We will launch a 5 year policy on to increase the amount of Saffron production in the country for the year of 1396, and plans are underway to distribute 500 tons of Saffron bulbs in 31 provinces of Afghanistan.”

One of the main reasons for Afghanistan Saffron in the markets is the good quality and being delicious.

Afghan farmers began growing Saffron in 2001 and this year.

Afghanistan’s saffron was also named the best saffron in the world for a third time and hit the record, the International taste and quality Institute Brussels, Belgium awarded the accolade after examining some 300 samples earlier this year.

Reported by: Aslam Ehjaab

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Da Afghanistan Bank sees increase in gross reserves

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(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.

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Afghanistan to transit trade via Pakistan’s Gwadar port

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(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.

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Central bank to run campaign promote Afghani in western provinces

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(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.  

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