24 March 2017

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Economic

Monday, February 20, 2017

Kabul (BNA) Afghanistan has been place among the repressed economies of the world, after becoming a member of the World Trade Organization (WTO) in 2016, according to the annual ranking launched by The Heritage Foundation.
Scoring 48. 9 points, Afghanistan has been ranked at the 163th place out of the world’s 180 countries and ranked among the repressed world economies, with its maiden entry into the annual index of Economic Freedom, said The Heritage Foundation. According to the ranking launched by the foundation, the list was topped by Hong Kong, Singapore and New Zealand. The United States ranked 17th while China has gained 111th spot. In South Asia, Afghanistan is at the bottom of the ranking, with the Maldives positioned at 157th spot. Ranking of other South Asian countries are Bangladesh 128, India 143, Pakistan 141, Nepal 125, Sri Lanka 112 and Bhutan 107.
Over the past decade, the country achieved rapid yet volatile economic growth, the Foundation said construction and agriculture have been the key contributors to economic expansion. Political uncertainty and security challenges remain formidable, it said. “The rule of law continues to be fragile and uneven across the country.” It added the inability to deliver even basic services reliably had eroded public confidence in the government; and systemic corruption had undermined the effectiveness of courts, the banking sector, and other parts of the economy. Corruption was endemic throughout society and demands for bribery at border crossings hampered development of a market economy, The Heritage Foundation alleged. The presence of a large informal economy continued to dampen development of a functioning labor market, the foundation pointed out. “Processes for establishing businesses and obtaining necessary licenses are relatively streamlined, but other structural barriers persist,” it said. Due to the severe underdevelopment of Afghanistan’s financial system, the government has very limited influence on monetary policy, it added.
According to the foundation, the judicial system operates haphazardly; in many places, justice is administered by inadequately trained judges according to a mixture of legal codes. Political and economic expert, Mohammad Haidar Hemmat said undoubtedly Afghanistan had an economy reliant to the foreign countries funds and asked the government for doing more in fighting corruption, monitoring the counter-corruption process and providing enough political support to the anticorruption institutions, if wants to gain good results from its efforts. He said the people wanted the government to opt strong will in its leadership to uproot corruption. Corruption, he said has caused many crisis including failure to practice law, capital flee, brain drain and distrust to halt foreign aids. Both the government and the people in cooperation with the corruption fighting entities, could overcome the problem jointly. Kabir Ranjbar, another analyst, confirmed the report and said Afghanistan needs to use the available opportunity to grow its economy, but insecurity is the biggest problem and caused the people of Afghanistan to lose all possibilities. He said fighting corruption was effective, when the culture of award and punishment was institutionalized and the law implemented on all including the powerful individuals as well as the role of the attorney general office, he believed was the key to seriously fight the phenomenon.
The entities within the government should also go ahead strongly in war on corruption and presence of the heinous phenomenon had caused all developments halted. This while, since the last 14 years, all anticorruption institutions struggled to fight corruption, but no one has still been introduced to the legal and judicial system, pushing Afghanistan to the world’s most corrupt nation, after N. Korea and Somalia.
Shukria Kohistani
 

Sunday, February 19, 2017
Kabul (BNA) Based on Khan Mohammad Baz’ head of currency exchangers in Kabul, Shahzada market report the exchange rate of Afghani as a follow:
                                                                               
One Dollar                           67/50afgs                                  
One Pound Sterling              83/50 afgs                              
One Euro                               71/50 afgs                                   
One Emirate’s Dirham          18/40 afgs                              
One Thousand Pakistani Rupees 625afgs       
One Thousand Indian Rupees     1025 afgs               
One Thousand Iranian Rupees   17/50 afgs                         

Saturday, February 18, 2017 Kabul (BNA) Based on Khan Mohammad Baz’ head of currency exchangers in Kabul, Shahzada market report the exchange rate of Afghani as a follow: Buying One Dollar 67/35 afgs One Pound Sterling 83/50 afgs One Euro 71/30 afgs One Emirate’s Dirham 18/32 afgs One Thousand Pakistani Rupees 624 afgs One Thousand Indian Rupees 1055 afgs One Thousand Iranian Rupees 17/90 afgs

Saturday, February 18, 2017

Kabul (BNA) A branch of the International Chamber of Commerce (ICC) officially opened in Kabul on Thursday, Bakther News Agency (BNA) reported.
According to the agency, attended by some government officials, representatives f relevant organizations, foreign countries’ ambassadors, international organizations’ representatives, industrialists’ unions and national traders, the opening ceremony was held at the foreign ministry. During the opening ceremony, ICC Chairman said the aim of inaugurating this office was to attract foreign investments and cohesion of the private sector, the agency added. “We want to provide fields for foreign investment with the cooperation of Afghan government and Afghanistan Chamber of Commerce and industrial associations,” said Mayel Aqa Khairkhah, chairman of ICC, BNA added.
Meanwhile, Chief Executive, Dr. Abdullah Abdullah called the beginning of the activities of the International Chamber of Commerce in Kabul vital, adding it will pave the way for drawing foreign investment in the country and will reinforces the ties between the private sectors of Afghanistan and the regional as well as international companies around the globe, the agency continued. In the meeting, the participants also spoke about paving the way for employment opportunities and offering good services for the Afghan people in different walks of life, the agency added. Furthermore, France ambassador to Kabul, ministers of economy, commerce and industries, political deputy of foreign affairs ministry and some other officials spoke in the meeting.
 

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