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Da Afghanistan Bank

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Da Afghanistan Bank
Pashto: د افغانستان بانک
Dari: بانک مرکزی افغانستان
HeadquartersKabul, Afghanistan
Established17 November 1939
Ownership100% state ownership[1]
GovernorNoor Ahmad Agha[2]
Central bank of Islamic Emirate of Afghanistan
CurrencyAfghani
AFN (ISO 4217)
Reserves$9.5 billion[3][4][5]
Websitewww.dab.gov.af

Da Afghanistan Bank (DAB, Pashto: د افغانستان بانک; Dari: بانک مرکزی افغانستان) is the central bank of Afghanistan. It regulates all banking and monetary transactions in Afghanistan.[6] Established in 1939, the bank is wholly government-owned. It is active in developing policies to promote financial inclusion and a member of the Alliance for Financial Inclusion.[7]

Da Afghanistan Bank currently has around 52 branches throughout the country, with seven of these in Kabul, where its headquarters is also based.[8] As of August 2024, individual bank customers cannot withdraw more than 150,000 afghanis ($2,000) a week.[9][10]

Seal of the bank

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The seal of Da Afghanistan Bank has the name of the bank in Pashto at the top and Latin script at the bottom, the year 1939 in which it was established, and a depiction of a Eucratides I-era coin with the Greek text, "ΒΑΣΙΛΕΩΣ ΜΕΓΑΛΟΥ ΕΥΚΡΑΤΙΔΟΥ" which means "Of the great king Eucratides".

Mission

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Basic tasks of DAB are:

  • Formulate, adopt and execute the monetary policy of Afghanistan.
  • Hold and manage the official foreign-exchange reserves of Afghanistan.
  • Print and issue afghani banknotes and coins.[11]
  • Act as banker and adviser to, and as fiscal agent of the state.
  • License, regulate and supervise banks, foreign exchange dealers, money service providers, payment system operators, securities service providers, securities transfer system operators.
  • Establish, maintain and promote sound and efficient systems for payments, for transfers of securities issued by the state or DAB, and for the clearing and settlement of payment transactions and transactions in such securities.
  • Accept foreign bank applications from banks that wish to operate in Afghanistan.[12]

Chief of the bank

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Members of the Supreme Council

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In July 2021, the Supreme Council at DAB consisted of:[30][31]

  • Ajmal Ahmady
  • Dr. Shah Mohammad Mehrabi[32]
  • Katrin Fakiri
  • Abdul Wakil Muntazer
  • Muhammad Naim Azimi

The Supreme Council is currently unknown due to the collapse of the Islamic Republic of Afghanistan in August 2021.

Seizure of US-based assets

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DAB owned about US$7 billion in assets held at the Federal Reserve Bank of New York.[33] After the 2021 Taliban seizure of power, a group of about 150 relatives of victims of the September 11 attacks attempted to use a judgement from the SDNY case Havlish v. Bin Laden to gain control of these assets, asserting that they were now legally the Taliban's and thus could be used to pay damages to 9/11 victims' families.[34] After a period of deliberation, the Biden administration went along with the request, dividing the assets into two halves, one of which would be allocated to the plaintiffs as potential damages, and the other which would be used to set up a trust fund to "support the needs of the Afghan people" but which the Taliban government would remain barred from accessing.[35][36] On 26 August 2022, a judge recommended to not award damages as the bank is "immune from jurisdiction" and that it would "acknowledge" the Taliban as the legitimate Afghan government.[36]

See also

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References

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  1. ^ Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek. Archived from the original on 28 May 2020. Retrieved 8 May 2020.
  2. ^ a b "'Financier of Taliban Bomb-Making' Appointed as Central Bank Chief". Afghanistan International. 7 July 2024. Retrieved 11 September 2024.
  3. ^ "The US and Taliban are negotiating the release of part of the $9.5 billion in frozen Afghan government assets, report says". Business Insider. 26 July 2022. Retrieved 9 August 2023.
  4. ^ "US freezes Afghan central bank's assets of $9.5bn". Al Jazeera. 18 August 2021. Archived from the original on 18 August 2021. Retrieved 9 August 2023.
  5. ^ "U.S. Freezes Nearly $9.5 Billion Afghanistan Central Bank Assets". Bloomberg News. 17 August 2021. Retrieved 9 August 2023.
  6. ^ "DAB officials: Inflation rate falls, afghani's value increases". Pajhwok Afghan News. 9 August 2023. Archived from the original on 1 June 2024. Retrieved 10 August 2023.
  7. ^ "AFI members". AFI Global. 18 June 2019. Archived from the original on 20 February 2012. Retrieved 9 August 2023.
  8. ^ "Zones and Branches". Da Afghanistan Bank. Archived from the original on 1 June 2024. Retrieved 9 August 2023.
  9. ^ "Cash withdrawing limits on bank accounts further relaxed". Pajhwok Afghan News. 7 August 2024. Retrieved 21 October 2024.
  10. ^ "Increase in Withdrawal Limits from Commercial Banks". TOLOnews. 6 August 2024. Retrieved 21 October 2024.
  11. ^ "Central Bank Says Inflation Has Been Managed Over Past Year". TOLOnews. 9 August 2023. Archived from the original on 1 June 2024. Retrieved 10 August 2023.
  12. ^ "Licensing Procedure" (PDF). aisa.org.af. Archived from the original (PDF) on 19 August 2013.
  13. ^ a b c d e f g h i j "DAB History". Da Afghanistan Bank.
  14. ^ a b c Central Banking Directory. Central Banking Publications. 18 April 1993. ISBN 978-0-9517903-1-1 – via Google Books.
  15. ^ Directorate of Intelligence (1989). Chiefs of State and Cabinet Members of Foreign Governments. Central Intelligence Agency. p. 1. hdl:2027/uc1.c049297898. Archived from the original on 1 June 2024. Retrieved 11 May 2020 – via HathiTrust.
  16. ^ Directorate of Intelligence (2003). Chiefs of State and Cabinet Members of Foreign Governments. Central Intelligence Agency. hdl:2027/uc1.c110545539. Archived from the original on 6 July 2020. Retrieved 3 May 2020 – via HathiTrust.
  17. ^ Directorate of Intelligence (1991). Chiefs of State and Cabinet Members of Foreign Governments. Central Intelligence Agency. hdl:2027/osu.32435083449116. Archived from the original on 21 December 2020. Retrieved 11 May 2020 – via HathiTrust.
  18. ^ Directorate of Intelligence (1992). Chiefs of State and Cabinet Members of Foreign Governments. Central Intelligence Agency. hdl:2027/osu.32435083449264. Archived from the original on 27 November 2020. Retrieved 11 May 2020 – via HathiTrust.
  19. ^ Directorate of Intelligence (1994). Chiefs of State and Cabinet Members of Foreign Governments. Central Intelligence Agency. hdl:2027/osu.32435083447946. Archived from the original on 1 June 2024. Retrieved 11 May 2020 – via HathiTrust.
  20. ^ a b Fitrat, Abdul Qadeer (7 March 2018). The Tragedy of Kabul Bank. Page Publishing Inc. ISBN 978-1-64027-368-9. Archived from the original on 1 June 2024. Retrieved 2 October 2020 – via Google Books.
  21. ^ Chiefs of State and Cabinet members of foreign governments / National Foreign Assessment Center. 1995 no.1-4. 1995. hdl:2027/msu.31293012852699. Archived from the original on 1 June 2024. Retrieved 11 May 2020 – via HathiTrust.
  22. ^ Linschoten, Alex Strick van; Kuehn, Felix (23 August 2012). An Enemy We Created: The Myth of the Taliban-Al Qaeda Merger in Afghanistan. Oxford University Press. ISBN 978-0-19-997723-9. Archived from the original on 1 June 2024. Retrieved 3 May 2021.
  23. ^ Gannon, Kathy (12 November 2018). "Pakistan frees 2 Taliban members as US envoy visits region". Associated Press. Retrieved 15 July 2022.
  24. ^ Consolidated text: Council Regulation (EU) No 753/2011 of 1 August 2011 concerning restrictive measures directed against certain individuals, groups, undertakings and entities in view of the situation in Afghanistan
  25. ^ a b c d e f g "Nosher, Wahidullah". Who is who in Afghanistan?. Archived from the original on 1 June 2024. Retrieved 6 May 2020.
  26. ^ "Finland Ministry of Foreign Affairs". 2018 Geneva Conference Side Event: Economic priorities and aid effectiveness. 28 November 2018. Archived from the original on 1 June 2024. Retrieved 30 May 2022.
  27. ^ "Mullah Badri named as Da Afghanistan Bank chief". 22 March 2023. Retrieved 2 September 2023.
  28. ^ "Afghani strengthens by 4.4% against US dollar: central bank". 9 August 2023. Archived from the original on 9 August 2023. Retrieved 2 September 2023.
  29. ^ "Central bank chief Badri wounded in traffic accident". 2 September 2023. Archived from the original on 1 June 2024. Retrieved 2 September 2023.
  30. ^ "Supreme Council | Da Afghanistan Bank". www.dab.gov.af. Archived from the original on 17 May 2019. Retrieved 8 September 2021.
  31. ^ "DAB Supreme Council Holds Second meeting during the fiscal year 2021 | Da Afghanistan Bank". www.dab.gov.af. 4 July 2021. Archived from the original on 26 July 2021. Retrieved 8 September 2021.
  32. ^ "Ultimate Goal is to Use Afghan Trust Fund to Recapitalize DAB: Mehrabi". TOLOnews. 23 July 2023. Retrieved 10 August 2023.
  33. ^ "Audit Fails to Win US Backing for Release of Afghan Central Bank Funds- US". TOLOnews. 21 July 2023. Retrieved 10 August 2023.
  34. ^ Savage, Charlie (2 December 2021). "More Sept. 11 Victims Who Sued the Taliban Want Frozen Afghan Funds". The New York Times.
  35. ^ Savage, Charlie (11 February 2022). "Spurning Demand by the Taliban, Biden Moves to Split $7 Billion in Frozen Afghan Funds". The New York Times. Archived from the original on 7 April 2022. Retrieved 20 March 2022.
  36. ^ a b Stempel, Jonathan (26 August 2022). "Sept. 11 victims not entitled to seize Afghan central bank assets -U.S. judge". Reuters. Retrieved 28 August 2022.
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