Kazakhstan and Afghanistan Discussed Enhancing Banking Cooperation to Support Trade

Kazakhstan and Afghanistan explored opportunities to expand banking cooperation in order to facilitate bilateral trade. On 8 July, an important meeting was held in Astana between Serik Jumangarin, Deputy Prime Minister and Minister of National Economy of Kazakhstan, and Mohammad Ismail Ghazanfer, Chairman of the Board of Afghanistan's Ghazanfar Bank. Strengthening economic and trade ties between the two countries was highlighted as one of the main topics during this meeting, as it holds significant importance for Kazakhstan. Officials agreed that a transparent and reliable banking infrastructure is essential for ensuring uninterrupted cross-border payments. This step is considered a critical part of both countries' strategies to increase regional trade volume. The meeting went down in records as one of the significant steps taken towards deepening financial integration between Central Asia and South Asia.

During the meeting, the expansion of correspondent banking relations and the establishment of direct banking channels were discussed in detail. Financial officials from the two countries outlined various strategies to improve cross-border payment mechanisms and increase financial support for foreign trade transactions. At the meeting, it was noted that another Kazakh bank is also in the process of opening correspondent accounts with Ghazanfar Bank, emphasizing that relations are rapidly normalizing. It was recalled that out of the 23 banks operating in Kazakhstan, only two have correspondent relations with Afghan banks so far. However, an increase in this number will allow commercial flows between the two countries to occur much more securely and quickly. These newly developed financial bridges aim to largely eliminate the money transfer challenges faced particularly by businesses engaged in international trade.

Economic data between Kazakhstan and Afghanistan clearly demonstrates that trade relations between the two countries are gaining momentum. By the end of 2025, cross-border payments and money transfers between the two countries reached a level of 140 billion tenge (approximately 299.2 million US dollars). This figure represents a significant 26 percent increase compared to the previous year. Furthermore, an immense fivefold jump was observed solely in payments for goods and services. These statistics confirm that the newly established financial channels and diplomatic efforts are starting to bear fruit. It is noted that exporters and importers are greatly benefiting from this financial expansion, and transaction volumes are expected to increase further in the future.

The aforementioned financial cooperation talks also reveal the sustained growth of bilateral trade between the two countries. Between January and April of this year alone, the trade volume between Kazakhstan and Afghanistan reached 342.4 million dollars. This successful trade volume represents a 2.3-fold increase compared to the same period last year. Out of this trade volume, 338.5 million dollars consists of exports directly conducted from Kazakhstan to Afghanistan. The leading products that enabled Kazakhstan to achieve these high export figures were wheat, wheat and rye flour, sunflower oil, and similar essential food products. Afghanistan's high demand for food and agricultural products creates a strategic market for Kazakhstan while also making a significant contribution to the country's economic diversity.

Ghazanfar Bank, one of Afghanistan's oldest and well-established commercial banks, plays a critical intermediary role in this process. The bank has maintained solid correspondent banking relationships with financial institutions in numerous countries, including Kazakhstan, for many years. Ghazanfar Bank's direct financial partner in Kazakhstan is known as Zaman Bank. This strong bond between the two financial institutions is seen as a great source of confidence for the continuity of commercial activities in the region. Experts argue that such direct banking relations established between Central Asian countries and Afghanistan are indispensable for regional development and economic stability. It is expected that such collaborations will continue to increase in the coming years, further strengthening the diplomatic and commercial ties between the two countries.