Kazakhstan and Afghanistan discuss banking infrastructure development to expand mutual trade
Deputy Prime Minister - Minister of National Economy Serik Zhumangarin met with Mohammad Ismail Ghazanfar, Chairman of the Board of Directors of Ghazanfar Bank, to discuss expanding banking cooperation to boost bilateral trade between Kazakhstan and Afghanistan, Qazinform News Agency reports, citing the Government’s press service.
Zhumangarin emphasized that Kazakhstan attaches great importance to deepening trade and economic relations with Afghanistan. He noted that a reliable and transparent banking infrastructure, ensuring uninterrupted settlements between businesses in both countries, is essential for further growth in bilateral trade.
At present, two of Kazakhstan’s 23 banks maintain correspondent relationships with Afghan banks. By the end of 2025, cross-border payments and money transfers between Kazakhstan and Afghanistan had reached 140 billion tenge, up 26% from 2024. Payments for goods and services increased fivefold over the same period.
The sides also discussed expanding correspondent banking ties, establishing direct banking channels, improving cross-border payment mechanisms, and enhancing financial support for foreign trade transactions. It was noted that another Kazakhstani bank is currently in the process of opening correspondent accounts with Ghazanfar Bank.
Positive momentum has also continued in bilateral trade. In January-April 2026, trade turnover between Kazakhstan and Afghanistan totaled $342.4 million, 2.3 times higher than in the corresponding period of 2025 ($150.6 million). Exports accounted for the bulk of this figure, reaching $338.5 million, also up 2.3 times. The increase was driven primarily by higher exports of wheat, wheat and wheat-rye flour, sunflower oil, and other products.
Ghazanfar Bank is one of Afghanistan’s oldest commercial banks, operating since 2009 under a license from the country’s central bank. It offers a full range of conventional and Islamic banking services to both corporate and retail clients. For the past four years, the bank has received a CAMEL 2 rating, one of the highest assessments of financial soundness, management quality, liquidity, and reliability awarded by Afghanistan’s banking regulator.
The bank maintains correspondent relationships with financial institutions in several countries, including Kazakhstan, Turkiye, the UAE, China, India, Uzbekistan, and Bahrain. In Kazakhstan, its partner is Zaman Bank. In 2025, around $1.3 billion in international payments and transfers, including transactions for international organizations and businesses, were processed through the bank.
Ghazanfar Bank places particular emphasis on compliance with international anti-money laundering and counter-terrorist financing (AML/CFT) standards, employs modern financial monitoring systems, and cooperates with international organizations to ensure the transparency of financial transactions.
Earlier, Qazinform reported Kazakhstan and Afghanistan are to set up a water resources management center in Kabul.
