AKU, Azerbaijan, July 9. Kazakhstan and Afghanistan have discussed expanding banking cooperation to facilitate bilateral trade and improve cross-border payment mechanisms.
This was announced in a report published by the press service of Kazakh Ministry of National Economy, following a meeting between Deputy Prime Minister and Minister of National Economy Serik Zhumangarin and Chairman of Ghazanfar Bank Mohammad Ismail Ghazanfar.
''Kazakhstan attaches great importance to strengthening trade and economic ties with Afghanistan, noting that the development of a reliable and transparent banking infrastructure is one of the key prerequisites for further growth in bilateral trade by ensuring uninterrupted settlements between businesses in the two countries,'' Zhumangarin stated this, as reported by the press service.
The parties also discussed expanding correspondent banking relations, establishing direct banking channels, improving cross-border payment mechanisms, and strengthening financial support for foreign trade operations. They noted that another Kazakh bank is currently in the process of opening correspondent accounts with Ghazanfar Bank.
The meeting also highlighted the continued growth in bilateral trade. Trade turnover between Kazakhstan and Afghanistan reached $342.4 million in January-April 2026, up 2.3 times from $150.6 million recorded in the same period of 2025.
Kazakhstan's exports accounted for $338.5 million, also increasing 2.3-fold year-on-year, driven primarily by higher shipments of wheat, wheat and wheat-rye flour, sunflower oil, and other agricultural products.
According to the ministry, currently, two of Kazakhstan's 23 banks maintain correspondent relationships with Afghan banks. Cross-border payments and money transfers between Kazakhstan and Afghanistan reached 140 billion tenge (about $289 million) in 2025, up 26% compared to 2024. Payments for goods and services increased fivefold during the same period.
Ghazanfar Bank, one of Afghanistan's oldest commercial banks operating since 2009 under a license from the country's central bank, provides both conventional and Islamic banking services. The bank maintains correspondent relations with financial institutions in several countries, including Kazakhstan, Türkiye, the UAE, China, India, Uzbekistan, and Bahrain. In Kazakhstan, its correspondent banking partner is Zaman Bank. In 2025, Ghazanfar Bank processed approximately $1.3 billion in international payments and transfers.
