DAB shares Last Year’s Significant Achievements with Nation

The officials of Da Afghanistan Bank (DAB) shared its achievements and performances with the nation in the Government Accountability to the Nation program in the Government Media and Information Center (GMIC). The officials delivered the one-year achievements in the center which was disseminated through the media to the nation.

At the outset of the program, the first deputy governor of Da Afghanistan Bank, Mr. Sadiqullah Khalid presented the significant achievements to the nation in various fields, adding the DAB took effective measures in strengthening the banking sector, stabilizing Afghani, controlling inflation, developing the Islamic banking, mechanizing the non-banking areas and facilitating the financial services, and made remarkable achievements in this regard.

“Through implementing DAB’s effective monetary policy, the value of Afghani has been well maintained against the foreign currency, increasing by 17.25% in Asad, 1403 compared to the same month in 1402. Furthermore, the Afghani have been recognized as the 3rd most stable and valuable currency in the world.” Said Mr. Khaled.

Sharing information regarding the restrictions on people’s deposits in commercial banks, the first deputy of DAB said that the restrictions on the deposits of the Afghans were reduced and facilities were provided for opening new bank accounts. 

“The withdrawal amount from the Afghani accounts has been increased from AFN 70,000 to AFN 150,000 per week, and from AFN 250,000 to 500,000 per month. Likewise, the withdrawal amount from the USD accounts has been increased from USD 1,000 to 2,000 per week, and from USD 3,000 to USD 6,000 per month.” Mr. Khaled added.

In addition, he stated that the restrictions would be lifted and God Willing, the banking sector would soon operate normally following effective policies.

Clarifying Islamic banking, Mr. Khalid further said that the country’s commercial banks are currently operating under the Sharia Law without engaging in Riba (Interest) and illicit transactions, adding a regulation for Islamic microfinance was developed in 1402 for developing the small and medium businesses.

Furthermore, he discussed combating money laundering and the efficiency of non-banking financial institutions, stating a law was developed and endorsed by the Esteemed Supreme leader of Afghanistan (Amaril Momoinin) mechanizing the activities of the Foreign Exchange Dealers (FXDs) and Money Service Providers (MSPs), through which remarkable achievements have been made.

In another part of his speech, Mr. Khalid discussed providing facilities for the Afghan people in daily transactions, stating that DAB has successfully collected over 7 billion unfit banknotes from the market in the past year, and withdrawn them from circulation following a specific procedure, and in exchange, new banknotes were injected into the market.

Afterward, the officials of DAB, in turn, presented detailed information about the activities and achievements of their respective departments. The Director General of Monetary Policy, Mr. Ahmad Jawad Sadad, delivered information about controlling inflation, the liquidity condition, and the unfit banknotes.

Following that, the Deputy Director General of Banking and Financial Services Supervision, Mr. Ehsanullah Mansoor, discussed condition of the banking sector and the development of Islamic banking.

Moreover, the Director General of Non-Banking Financial Institutions Supervision Mr. Ahmad Zahir Nasirzai, provided insights into the performances of non-banking financial institutions and the efforts to combat money laundering and proceeds of crimes.

In the end, the Director General of Payment Systems, Mr. Asadullah Mushfiq, delivered detailed information on the development of payment, information, and electronic systems. 

It is worth mentioning that, in the final part of the program, a question-and-answer session was initiated by the representatives of the country's media, during which the officials from the relevant departments of DAB provided detailed responses to the questions.