ISLAMABAD: Pakistan's finance minister Shaukat Tarin said on Thursday his country would carry out bilateral trade with Afghanistan in Pakistani currency since the neighboring state was facing an acute shortage of US dollars since the withdrawal of international forces last month.
According to the local media, Tarin was briefing the Senate Standing Committee on Finance and told its members that the administration in Islamabad was closely monitoring the situation in Kabul.
Economic experts and foreign currency traders in Pakistan had told Arab News earlier this month that Afghanistan's recent situation had put Pakistan's currency under pressure, adding that nearly $2 million were daily flowing out of their country to Afghanistan where the demand for US dollars had significantly increased.
"Tarin told the Senate committee that the government had decided to trade with Afghanistan in Pakistani currency, instead of dollars," Geo News reported. "He maintained that Afghanistan was facing shortage of dollars as the International Monetary Fund and the World Bank had seized its reserves after the Taliban's takeover of the country."
The minister said "people could be sent from Pakistan to run various affairs in Afghanistan."
The Taliban have found it increasingly difficult to manage the affairs of the state after bringing Afghanistan under their military and political control.
Last month, the group asked former government functionaries not to "panic or try to go into hiding," saying they were required to run Afghanistan after the departure of foreign forces and nationals.
Pakistan to use national currency for bilateral trade with Afghanistan — Shaukat Tarin
https://arab.news/nm7zq
Pakistan to use national currency for bilateral trade with Afghanistan — Shaukat Tarin
- Afghanistan has been facing an acute shortage of US dollars since foreign forces left it last month
- Pakistan's finance minister said his country could also send people to run various affairs in Afghanistan
Pakistani official joins global finance leaders at event hosted by Trump-backed venture
- Pakistan Virtual Assets Regulatory Authority Chairman Bilal bin Saqib attends World Liberty Financial event at Trump’s Mar-a-Lago estate
- Discussions focused on future of global financial infrastructure, digital assets, stablecoins, capital markets innovation, says Saqib’s office
ISLAMABAD: Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman and Minister of State Bilal bin Saqib joined global finance leaders at an event hosted by World Liberty Financial, a crypto venture linked to US President Donald Trump’s family, Saqib’s office said on Thursday.
The event was hosted by World Liberty Financial, a crypto-based finance platform launched in September 2024 linked to Trump’s family. According to Saqib’s office, the gathering was held at Mar-a-Lago, the private estate and club owned by Trump in Florida.
Speakers and attendees at the event included David Solomon, chairman and CEO of Goldman Sachs, Adena Friedman, chairperson and CEO of Nasdaq as well as Lynn Martin, president of the New York Stock Exchange, Saqib’s office said. The event was organized and hosted by Eric Trump and American businesspersons Zach Witkoff and Alex Witkoff.
“Discussions focused on the future of global financial infrastructure, digital assets, stablecoins, capital markets innovation and the evolving relationship between regulation and emerging financial technologies,” the statement said.
It said Saqib’s attendance at the event reflected Pakistan’s growing engagement with global discussions shaping the next phase of financial and technological transformation.
“As Pakistan moves toward modernizing its financial infrastructure and strengthening its position in the global digital economy, such high-level engagements signal increasing international recognition of the country’s regulatory direction and leadership,” the statement added.
Last month, Pakistan signed a memorandum of understanding with a company affiliated with World Liberty Financial to explore the use of a dollar-linked stablecoin for cross-border payments.
Pakistan has stepped up efforts recently to regulate its digital asset sector and is exploring digital currency initiatives as part of broader measures to reduce cash usage.
