Surat exporters worried over Afghanistan’s pending dues

Surat exporters worried over Afghanistan’s pending dues

Textile traders in Surat are worried over pending payments of about Rs 4,000 crore from Afghanistan which have got stuck with the Taliban taking control of the country.

Surat,
Gujarat

Textile traders in Surat are worried over pending payments
of about Rs 4,000 crore from Afghanistan which have got stuck with the Taliban
taking control of the country.

Afghanistan’s central bank has instructed the commercial
banks not to allow corporate bank account holders to withdraw money for any
purpose or to carry out any electronic transaction inside or outside of
Afghanistan.

Afghanistan used to buy silk for turbans, textiles and
readymade garments such as scarves, dresses and kaftans from India. The
Federation of Indian Export Organisations (FIEO) has advised exporters and
importers to wait and watch before taking any step.

Ajay
Sahai, director general,
FIEO, said that, the Afghani currency has
depreciated to 87 Afghan afghani against US dollar from 80 Afghan afghani in
the last one week. He added that it augurs well for exporters but pinches the
importers. Sahai further
informed that businesses in Afghanistan have informed them that the central
bank of the country has said that it will not provide enough dollars to the
local banks which means that Afghan business houses will not be able to pay the
exporters.

Source: The Economic Times

Image Source: Google Images

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