DAB’s Supreme Council Holds Meeting

The Supreme Council of Da Afghanistan Bank convened its second alternate meeting of this year on 22nd and 23rd June. The meeting was chaired by DAB Governor and Chairman of Supreme Council H.E. Khalil Sediq and attended by other members.

As per agenda, DAB’s performances and achievements over the past three months encircling financial supervision, implementation of monetary policy, legal framework, stability and strengthening of financial sector, management and other issues were discussed and assessed.

Following are the key topics discussed in the meeting:

• Initially, the chairman of Supreme Council examined the country’s economic environment especially economic growth, report on implementation of monetary policy from the outset of FY 1398 to date (variables, inflation rate, balance of payments, objectives and framework of monetary and currency policies, monetary policy instruments, reserve money growth rate, Afghani exchange rate against foreign currencies) as well as banking sector’s conditions.

• Da Afghanistan Bank’s Supreme Council approved, in principle, the regulation on Financial Consumer Protection and tasked financial supervision department to submit the regulation for overall necessary correction and finalization to the Legal Consul’s office.

• Other Supreme Council agenda was “Banking without Agency” model which was approved in principle following a contemplation and exchange of views on its drafting. The financial supervision department has been tasked to assign it to the Legal Consul’s office for overall improvement.

• Given its previous approvals, the Supreme Council halted the issuance of banking license up to the first of solar year Hamal 1400 (21 March 2021).

It has to be mentioned that besides main banking and economic issues, the Supreme Council analyzed administrative and operational issues and adopted necessary decisions.