Afghanistan Peace CampaignDa Afghanistan Bank has announced that its gross foreign reserves have now reached $10 billion.
Speaking at a conference outlining the one-year achievements of the Islamic Emirate’s institutions, Ahmad Jawad Sadat, Head of the Monetary Policy Department at Da Afghanistan Bank, reiterated that the country’s frozen assets are a legitimate national right and efforts are ongoing to recover them.
He stated: “Fortunately, compared to last year, the level of reserves has increased, and our gross foreign exchange reserves now exceed $10 billion. As you know, these reserves are our national wealth and rightful asset.”
Bank officials added that due to sound monetary policies, the value of the afghani has increased by 0.79% against the U.S. dollar over the past year.
Other accomplishments cited include a rise in the withdrawal rate of cash from banks and the destruction of nearly five billion outdated banknotes.
Sediqullah Khalid, First Deputy of Da Afghanistan Bank, said: “In the year 1446 Hijri, Da Afghanistan Bank collected and destroyed five billion worn-out Afghani notes. These damaged notes are collected from markets, and the cash flow continues in an orderly manner.”
Bank officials further noted that mechanisms have been put in place to prevent financial corruption and money laundering.
Shahpoor Miakhel, Deputy Head of the Non-Banking Financial Institutions Department, added: “Customer deposits in commercial banks increased by 10.3 billion Afghanis last year, which reflects public trust in Da Afghanistan Bank. Banks and financial institutions, as financial bodies, are always at risk of abuse and money laundering. To combat this issue, banks and financial institutions must strictly follow procedures for customer identification, suspicious activity reporting, and record keeping.”
During the session, officials emphasized that the bank is not facing any cash liquidity crisis and that circulating currency has reached 375.92 billion afghanis.