Da Afghanistan Bank's Financial Future in Focus

Da Afghanistan Bank has a long history dating back to 1935, making it one of the oldest banks in Afghanistan.

The bank's mission is to provide high-quality banking services to its customers, with a focus on economic growth and development in the country.

As the central bank of Afghanistan, Da Afghanistan Bank plays a crucial role in regulating and supervising the banking sector, ensuring stability and soundness in the financial system.

The bank's efforts have contributed to the growth of Afghanistan's economy, with a significant increase in foreign exchange reserves and a stable exchange rate.

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The US decision to transfer 3.5 billion US dollars from the Afghan Central Bank's reserves to the Afghan Fund has been met with criticism from Russia's embassy in the United States.

The embassy considers this step to contradict International Law and violate the sovereignty of Afghanistan.

The people of Afghanistan have the right to independently command assets belonging to them without any external control, according to the Russian embassy.

The US Department of the Treasury said the 3.5 billion US dollars would be transferred to a Swiss trust fund to stabilize Afghanistan's economy.

The transfer will be carried out bypassing the Afghan government formed by the Taliban radical movement.

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The financial impact of the Taliban's takeover of Afghanistan has been severe, with hundreds of Afghan civilians waiting in lengthy queues to withdraw their money.

The US government has frozen Afghanistan's bank assets, with the United States being the first nation to remove the Taliban's financial access.

Foreign aid was halted instantly, and the US withheld USD 9.4 billion in reserves for the nation's central bank.

The International Monetary Fund (IMF) and the World Bank have suspended lending, and the Financial Action Task Force has issued a warning to its 39 member countries to freeze Taliban assets.

The Da Afghanistan Bank (DAB) stated that it did not receive any formal information on the freeze of its assets, learning of the freeze via media reports.

Afghans are concerned about the reports of a funding freeze, and the bank's clarification about the money in the bank has likely provided some relief.

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Da Afghanistan Bank's governance is centered around its mission, which is to formulate, adopt and execute the monetary policy of Afghanistan. This includes holding and managing the official foreign-exchange reserves of Afghanistan.

The bank's responsibilities also extend to licensing, regulating and supervising various financial institutions, such as banks, foreign exchange dealers, and securities service providers. It establishes and maintains sound systems for payments, transfers, and clearing and settlement of transactions.

Here are some of the key areas the bank oversees:

The mission of the organization is to formulate, adopt, and execute the monetary policy of Afghanistan. This involves making key decisions about the country's financial direction.

One of the key responsibilities is to hold and manage the official foreign-exchange reserves of Afghanistan. This ensures that the country has a stable financial foundation.

The organization is also responsible for printing and issuing afghani banknotes and coins. This is a crucial function that affects the daily lives of Afghans.

Acting as banker and adviser to the state is another important role. This involves providing expert financial guidance to the government.

The organization licenses, regulates, and supervises banks, foreign exchange dealers, and other financial institutions. This helps to maintain a stable and secure financial system.

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To promote a smooth financial system, the organization establishes, maintains, and promotes sound and efficient systems for payments and transactions. This includes clearing and settling payment transactions and transactions in securities issued by the state or DAB.

The organization also accepts foreign bank applications from banks that wish to operate in Afghanistan. This helps to attract foreign investment and promote economic growth.

Here is a summary of the organization's mission:

The members of the Supreme Council at DAB in July 2021 were responsible for making key decisions.

Ajmal Ahmady was a member of the Supreme Council.

Dr. Shah Mohammad Mehrabi was also part of the council.

Katrin Fakiri served as a member of the council.

Abdul Wakil Muntazer was another member of the council.

Muhammad Naim Azimi completed the list of council members.

Here is a list of the members of the Supreme Council: