14 December 2019

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Economic

Saturday, June 21, 2014
Kabul (BNA) A three-day exhibition showcasing domestic goods opened on Wednesday in Kabul, with Afghan manufacturers and traders looking to the expo to help promote domestic products for local and international consumers.
According to the organizers, the expo will host 150 stalls exhibiting a diverse range of products made by local firms. The expo – entitled Afghanistan Trades and Industries Exhibition – has been organized by the Ministry of Commerce and Industries (MoCI) in joint venture with the Afghanistan Chambers of Commerce and Industries (ACCI), Afghanistan Investment Support Agency (AISA) and T.M.S.S Advertisement Company. Manufactures showcase a wide range of domestic products such as carpet, fresh and dry fruits, saffron, herbs, honey and other industrial goods. Head of the MoCI’s Exhibition Arrangement, Amin Tarakhil, said at a function on Wednesday that the exhibition is aimed at introducing Afghan products to the national and international markets and fostering foreign investment throughout the country. “Investment is important and crucial to steer Afghanistan towards economic stability and development,” he said. ACCI Acting Executive Chief Atiqullah Nasrat said that “holding of such exhibition is vital for enhancement of Afghan products and development of economic in the country”. In order to make familiar Afghan products ACCI has run tens of exhibitions annually inside the country and in abroad. Afghanistan is landlocked countries, which have no access directly to the international markets; running of exhibition is the way to introduce domestic products to the international markets, he said. Deputy of Ministry of Economy Hokom Khan Habibi said that “despite of shortage of required facilities such as land, energy, and security, private sectors witnessed great progress in the past decade.”
Afghan products are now at the stage to compete in the regional and international markets. The companies to seriously consider high quality of the products and healthy competition as well as urged people to support domestic products by preferring to the foreigner products in the market, he said.
Likewise, traders who put their goods on display in the exhibition were supportive of the initiative for introducing Afghanistan’s domestic products and helping boost up the market inside and outside the country.

Wednesday, June 18, 2014
Kabul (BNA) Based on Najibullah Akhtari’ head of currency exchange market in Kabul (Saraye Shahzada) report the exchange rate of Afghani as a follow:
                                              Buying                  Selling
One Dollar                             57/60afgs              57/65afgs
One Pound sterling                97 afgs                 99/10afgs
One Euro                              78 afgs                 78/10afgs
One Emirate’s Dirham           15/60 afgs             15/65 afgs
One Thousand Indian Rupees 950 afgs               960 afgs
One Thousand Pakistani Rupees 576 afgs          577afgs
One Thousand Iranian Rupees 17/90 afgs           18afgs

Wednesday June 18, 2014
Kabul (BNA) The draft law on anti-money laundering and counter-terrorism financing was recently approved by the lower house in eight chapters and seventy articles.
The law will be discussed in France Central Bank and Afghanistan will not be included in the blacklist. We would like to deal with money laundering prior to everything.
Money laundering or cleaning of money is the hiding of original sources of commodities stemming due to crimes and changing of illegal money to apparently clean. Finding of original source of illegal properties including lands, apartment, house, inns, cars, trucks and vehicles, palaces, factories, air and land transportation or cash money which have been earned with and through thousands tricks is apparently a difficult work.
But the easiest way to achieve this goal for legal and detective authorities is to survey the assets and properties inside and outside the country through collecting precise and reliable information by detective organs, about individuals, political and social institution, previous occupation and hereditary properties of individuals. In our country, the owners of properties and illegal money often transfer their assets and properties to local or foreign banks under the cover of their relatives, reliable friends and old traders. This causes the ordinary people to consider or believe that the illegal properties and money of criminals of the society as a god-sent gift. While this believe is clearly against Islamic Sharia, because Allah the Almighty never supports criminals.
Historically, money laundering was focused by international organizations since the mid-80s while prior to that the world law makers did not notice such illegal crimes and diabolical actions and the criminals could easily conceal this illegal money and properties which earned them from robbery, drug trafficking, kidnapping, high-way robberies, embezzlement, political and commercial transactions and other illegal actions, transfer them to local and foreign banks. Laws were codified in majority of countries which their leaders have political and moral honestly.
Money laundering is the biggest threat for the financial system of the world countries. The 1988 convention became the foundation for the anti-money laundering law and the world countries agreed on this issue respectively. Until 1990 sixteen countries became members of anti-money laundering convention. In 2002, 48 principles were accepted by European Commission, World Bank and the IMF as basis for anti-money laundering law and illegal properties. Today over 30 countries of the world have accepted this principle. The UK government was the first who imposed restriction against money laundering. In our country, there are certain ways of prevention of illegal money and properties.
Tasking of an independent commission of government and non-government institutions on prevention of with-drawing of money in form of currency to outside, approval of anti-money laundering law, prevention of financial corruption at different level, return of illegal money into the state budget, accountability of the sources of suspicious properties of senior government authorities, partners-hipping of media and political organizations in detection, disclosure and arrest of criminals and imposing of heavy fines on criminals will help to collect illegal properties. At present, the approval of anti-money laundering and counter-terrorism financing law could improve reputation of Afghanistan banking system to the world banks. At the conclusion, the anti-money laundering and counter-terrorism financing law is a complete law and prevent corruption.

Tuesday, June 17, 2014
Kabul (BNA) Based on Najibullah Akhtari’ head of currency exchange market in Kabul (Saraye Shahzada) report the exchange rate of Afghani as a follow:
                                            Buying                        Selling
One Dollar                          57/50afgs                    57/55afgs
One Pound sterling             96/70 afgs                   96/80afgs
One Euro                            77/80 afgs                  77/90afgs
One Emirate’s Dirham       15/65 afgs                    15/70 afgs
One Thousand Indian Rupees 940 afgs                   950 afgs
One Thousand Pakistani Rupees 576 afgs              577afgs
One Thousand Iranian Rupees 18 afgs                   18/10 afgs