22 September 2018

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Economic

Tuesday, July 17, 2018

Kabul (BNA) Chaired by President Mohammad Ashraf Ghani, the High Economic Council (HEC) held meeting on Monday, the presidential palace said in a statement.
The meeting exchanged view on bidding process of Badakhshan gold and Balkhab coper mines, discussions’ report on Shaida copper mine in Herat province and the results of Gross Domestic Products (GD)) of 1396 solar year, according to the statement.
At the outset, briefing the session about bidding process of Badakhshan gold and Balkhab copper mines, acting director of legal services for the ministry of mines and petroleum Waliullah Zadran said that Afghan Gold Minerals Company has won the development, extraction and utilization contract of Badakhshan gold and copper mines.
He added but due to some reasons such as change in the government system, enforcing new law on mines and lack of technical and legal capacity as well as interest’ contradiction within the ministry, the contract has not been inked with the mentioned company, the statement went on to say.
The president said the government would never accept interest’s contradiction, adding investment is not a fundamental problem in this contract, but letter of credit, the statement continued.
He pointed out that the participants have jointly decided that a workgroup led by Ajmal Ahmadi with the membership of ministries of mines and economy to be created to clarify the issue and set a deadline to the company to present its necessary documents and letters of credit.
The president added that the workgroup should present its findings to HEC within two weeks.
Afterward, Zadran presented the report of discussions already done with Winner Company of Shaida copper mine, saying talks are underway to take necessary measures in the respect.
The president said the royalty regime existed in the past had not been logic, as in the new law, this issue has been clarified and there would be no problem in the respect anymore.
On ensuring security of the projects, the president said the government was obliged to ensure the project’s security, but recruiting security firms is not in the interest of the country.
Therefore, to maintain the projects’ security, public protection entity should be reestablished, the president said.
At the end, a Central Statistics Office (CSO in charge briefed the session about the results of GDP in 1396.
Talking about the administration’s problems to collect the figures, he added last year’s GDP had reached to 20.2 billion of Afghani, a figure which is higher than 1395’s in which the services sector had played key role in this regard.
Expressing glad over increase in national GDP, the president said our exports were more than what the figures indicated.  He instructed the HEC members to seriously cooperate with CSO in sharing the figures. Adding the deputy ministers should attend the meetings being held by CSO.
The president also instructed the relevant organs to provide all kinds of facilities to CSO so it creates a figures collection system, because it is a key issue in making policy.
 

Monday, July 16, 2018
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                                               72/50 Afs                           
One Pound Sterling                                 95  Afs                           
One Euro                                                84/40 Afs                           
One Emirate’s Dirham                           19/65 Afs                           
One Thousand Pakistani Rupees          578 Afs                           
One Thousand Indian Rupees                1060 Afs                                         
One Thousand Iranian Rupees              9/20 Afs                           
Yarzada

Sunday, July 15, 2018

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                                               72/28 Afs                           
One Pound Sterling                                 95   Afs                           
One Euro                                                84/10 Afs                           
One Emirate’s Dirham                           19/80 Afs                           
One Thousand Pakistani Rupees          577 Afs                           
One Thousand Indian Rupees                1079 Afs                                         
One Thousand Iranian Rupees              9/40 Afs                           
Yarzada
 

Sunday, July 15, 2018

Kabul (BNA) The bilateral trade between Afghanistan and India is expected to more than double to reach USD 2 billion by 2020 with the opening of air cargo route between the two countries.
“The bilateral trade between Afghanistan and India is USD 900 million and with opening of air corridor our target to take it to USD 2 billion by 2020,” Afghanistan Ambassador to India, Shaida Mohammad Abdali  said at an USAID-FICCI event the other day.
India-Afghanistan have opened up two direct air cargo routes linking New Delhi and Mumbai to Kabul. The Kabul-Mumbai route was opened up last year.
Since starting of Kabul -New Delhi air corridor in mid-June 2017 followed by second air corridor between Kabul-Mumbai in December 2017 more than 100 Flights have been conducted between the two countries and transported 2,500 metric tons of goods.
“We want more and more flights but landing during night hours is not allowed. These are small issues which will be resolved over time as plans to establish air corridor connection with more Indian cities,” Economic Advisor to PresidentGhani, Ajmal Ahmadi said.
He said that Afghanistan has opened up its power, pharmaceutical, optical cable manufacturing and other sectors by allowing 100 percent foreign direct investment where it is looking forward to significant participation from Indian firms.
“Afghanistan still considers India as the largest market for agriculture and craft products. During the last three years Kabul exported about 10,200 metric tons in volume to India. In last one year alone, it went up to 2,500 metric tons and this year we expect it to reach 5,000 metric tons, ”Ahmadi said.
He said that Afghanistan is going to make changes in existing rules for mineral sector in the country, which will boost the bilateral trade with India.
Abdali said that Indian and Afghanistan companies had last year signed business agreement worth USD 250 million during the same event held last year.
“Today about a USD 2 million deal has been signed between Indian and Afghanistan companies. We expect many more deals to be signed in next two days,” Abdali said.
Indian firm Generous Treasures and Afghanistan Red Gold Saffron at the event signed deal to form a joint-venture firm with equal investments to sell around 2.5 tons of saffron during upcoming season of the crop, representatives of the two-firm said.
 

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