Connect with us

Business

In cash-strapped Afghanistan, the second-hand home appliance market is flourishing

Adam Layaan Kurik Riza

Published

on

“Afghans are increasingly turning to specialist shops for secondhand products. Many people try to sell their possessions in order to meet immediate demands, while others look for low-cost items that they can afford “Sayyed Khalid, the shop’s owner, told Xinhua on Wednesday. Growing poverty and unemployment in cash-strapped Afghanistan have given rise to the business of trading second-hand home appliances and commodities since the Taliban took over the country in mid-August. The impoverished country has been beset by economic troubles as a result of the freezing of almost $9 billion in US dollars.

The United States has frozen the assets of Afghanistan’s central bank, as well as the World Bank and the International Monetary Fund (IMF).

Thousands of Afghans have been waiting in huge lines to withdraw their savings since late August. The Afghan central bank issued an order to all banks on Aug. 28 imposing a temporary limit of 200 US dollars ($20,000 afghani) per customer every week.

“We have a quiet environment since the Taliban took over Afghanistan,” Khalid remarked, “but the economy can’t breathe right now.”

He noticed that small firms and industries were crumbling, and that development of buildings and houses had been halted, while the number of shoppers in business centers was declining.

“As their living conditions worsen, more Afghans choose for second-hand clothes and shoes,” trader Kamaluddin told Xinhua on Wednesday.

“I came to shop because the goods are inexpensive. Many people have lost their jobs as a result of recent political upheavals. Before emigrating to other nations, they sell their household goods. They’re leaving the country “he stated

According to official estimates, 54.5 percent of Afghans lived in poverty in 2019, but that percentage rose to 72 percent in 2020. During a meeting with US representatives in Doha, Qatar’s capital, a Taliban delegation requested the US side to ease the restriction on Afghan assets.

United Nations Secretary-General Antonio Guterres sent an appeal to the Taliban on Monday, urging them to comply with their human rights and humanitarian commitments.

“Afghanistan’s economy is on the verge of collapsing. In many regions, banks are closed and crucial services, like as healthcare, have been suspended. I implore the international community to intervene and inject cash into the Afghan economy in order to prevent it from collapsing “Guterres sent out a tweet.

He claimed that if the international world does not assist Afghans now, it will pay a high price.

In September, the UN and other relief agencies delivered food assistance to 3.8 million Afghans, while 450,000 people received healthcare services from the UN and other agencies.

According to Guterres, the international community and the UN must look for methods to establish conditions that would allow Afghan professionals and civil officials to continue serving the Afghan people in the cash-strapped and aid-dependent Central Asian country.

“I’ve brought some of my household appliances to sell in order to address my financial troubles,” said Sayyed Abed, a Kabul resident who hopes the international world can assist in alleviating the Afghan people’s suffering.

Abed also urged Afghan leaders to come together, put their differences aside, and work together to build a government that is inclusive. In a number of ministries, including education and public health, the Taliban’s newly constituted caretaker administration recently paid salaries to government employees for two months.

Since July, the majority of the state’s 400,000 employees have been without pay.

“It is a government’s moral obligation to provide basic essentials to its citizens,” he stated.

 

Source: Xinhua News Agency

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

MIB signs an agreement to expedite business registration process

FI

Published

on

By

Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

Continue Reading

Business

MTCC reports staggering 82.9% net profit drop

FI

Published

on

By

Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

Continue Reading

Business

STO opens showroom in Hulhumale’

FI

Published

on

By

State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

Continue Reading

Trending