ASTANA – Kazakhstan and Afghanistan discussed expanding banking cooperation to facilitate bilateral trade during a July 8 meeting between Deputy Prime Minister and Minister of National Economy Serik Zhumangarin and Ghazanfar Bank Chairman Mohammad Ismail Ghazanfar.
Serik Zhumangarin and Mohammad Ismail Ghazanfar. Photo credit: Prime Minister’s press service. Zhumangarin said that for Kazakhstan, strengthening trade and economic ties with Afghanistan is important, noting that a reliable and transparent banking infrastructure is essential to ensure uninterrupted cross-border payments, according to the Prime Minister’s press service.
The officials discussed expanding correspondent banking relations, establishing direct banking channels, improving cross-border payment mechanisms and strengthening financial support for foreign trade transactions. They also noted that another Kazakh bank is in the process of opening correspondent accounts with Ghazanfar Bank.
Today, two of Kazakhstan’s 23 banks maintain correspondent relationships with Afghan banks. By the end of 2025, cross-border payments and money transfers between the two countries reached 140 billion tenge (US$299.2 million), up 26% from 2024, while payments for goods and services increased fivefold.
The meeting also highlighted continued growth in bilateral trade. In January-April, trade turnover between Kazakhstan and Afghanistan reached $342.4 million, up 2.3 times from the same period a year earlier. Exports accounted for $338.5 million, driven primarily by higher shipments of wheat, wheat and wheat-rye flour, sunflower oil and other products.
Ghazanfar Bank, one of Afghanistan’s oldest commercial banks, has maintained correspondent banking relationships with financial institutions in several countries, including Kazakhstan. Its partner in Kazakhstan is Zaman Bank.