Afghanistan taking steps to capital market launch

Afghanistan took its first steps towards a capital market with an auction on Sunday of capital notes which will allow the country's banks to determine a market-driven interest rate. "This is an important step for us. It is the the beginning of a capital market for us," Central Bank governor Anwar Ul-Haq Ahady told reporters.

The overnight rate of the Da Afghanistan Bank Capital notes was set at 3.5 per cent and the one-month lending rate at 3.6 per cent. The two winning banks were the local

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