INSUBCONTINENT EXCLUSIVE:
Local dry fruit traders are concerned about the partial resumption of the banking system of Afghanistan since the Islamic Emirate of
Afghanistan&s (IEA) takeover in August last year.Dry fruit traders said this week that only two weeks ago did Ghazanfar Bank in Kabul start
accepting foreign transfers
Since August last year, traders have been forced to pay for goods by sending money via Gulf States, they said.One Indian trader, BK Bajaj,
said his counterparts in Afghanistan asked him to send some payments through Ghazanfar Bank but that the majority of payments continue to be
routed through Gulf countries.India imports around $500 million worth of dry fruit from Afghanistan every year.Afghanistan&s banking system
came to a virtual standstill in the wake of the fall of the previous government, and has only slowly resumed some services in recent
months.Indian traders said initially, Afghan dry fruit suppliers provided goods on credit until they were able to have money transferred to
Gulf countries.Afghanistan&s banking system took a beating following the take over by the IEA, when the international community immediately
applied sanctions on the country
Countries like the US and EU and institutions like the IMF and World Bank stopped any financial engagement in the country, which severely
limited the amount of foreign dollars entering the country.Most notably, the Federal Reserve Bank of New York froze some $9 billion of the
country&s total $10.5 billion in assets of the country&s federal reserve
This has had a severe impact on the country and cut foreign trade considerably.The post Indian dry fruit traders upset over partial
resumption of Afghan banking system first appeared on Ariana News.
