Afghanistan: Central bank delivers report for last fiscal year

Da Afghanistan Bank presented its performance report for the last solar year, 1401, (March 21, 2022 to March 20, 2023) on Wednesday and reported the value of the afghani increased by 1.01 percent against the previous year.

Bank officials said at a press conference in Kabul that there had also been a 59.5 percent increase in revenue collected in 1401, which totaled over $8.68 billion.

Officials said during the last year, Da Afghanistan Bank has managed the country’s foreign exchange reserves to meet the needs of the market and is trying to take effective steps to strengthen the banking and financial sector through the release of the country’s foreign exchange reserves.

Formulating a strategic plan for the management of the banking sector, reviewing legal documents, continuous monitoring of the activities of licensed banks, removing restrictions on withdrawing money from personal accounts in commercial banks and obtaining licenses from the US Treasury Department for the purpose of improving the banking system, were key achievements by Da Afghanistan Bank during the last year.

Officials also said an Islamic Banking Committee had been established within the framework of Da Afghanistan Bank in order to strengthen the Islamic banking system in the country.

Also, in order to regulate, mechanize and manage the affairs of the non-banking sector in the country as best as possible, a master plan has been drawn up by Da Afghanistan Bank and sent to the Islamic Emirate of Afghanistan’s Cabinet for approval.

The officials stated that in the past year, Da Afghanistan Bank has prevented money laundering and currency smuggling in the light of applicable laws, and in order to build trust, it has sent its performance report to relevant international organizations.

Officials of Da Afghanistan Bank say that in order to manage liquidity in the capital and provinces, the bank has taken solid steps to implement reasonable plans.

They said in the past year, the amount of 1.1 billion afghanis was released into circulation and old bank notes were withdrawn.

According to officials, the creation of a registration system of loan rights of movable properties and the monitoring system of the non-banking sector, the renewal of the banking systems of the capital and the adoption of necessary cyber measures for the security of the SWIFT system are other achievements of Da Afghanistan Bank during the year 1401.