Kazakhstan and Afghanistan test banking payment transactions

A first testing payment in the amount of $10,000 was made between Kazakhstani Zaman Bank and Afghani Ghazanfar Bank, Kazakhstan’s Vice Prime Minister Serik Zhumangarin wrote on X.

«A testing payment of $10,000 was made within a day between Kazakhstani Zaman Bank and Afghani Ghazanfar Bank. The next stage is to test transactions with bigger sums and in different currencies, including the euro and yuan. We can boost the trade turnover to $3 billion any time soon,» the official wrote.

Last month, Zhumangarin revealed that Ghazanfar, one of the biggest commercial banks in Afghanistan, opened a corresponding account in Kazakhstani Zaman Bank, adding that this would facilitate direct payments between the two countries. Previously, businesses from both countries were forced to rely on banks from Kyrgyzstan, Uzbekistan and Gulf nations, paying them fees. Now, the trade with Afghanistan and the entire region is going to thrive, according to Zhumangarin.

He also noted that Kazakhstan plans to export domestically produced cars and railway materials to Afghanistan. In late 2023, Kazakhstan removed the Taliban movement from its list of terrorist organizations.

Zaman Bank is an Islamic bank in Kazakhstan operating under the Sharia law principles since its establishment in 1991. It ranks 21st among Kazakhstani banks in terms of assets ($101 million as of Oct.1). Over the first nine months of 2024, the bank reported $2.2 million in revenue.