Bank of Afghanistan

Bank of Afghanistan

 

(Da Afghanistan Bank), the central bank of issue of Afghanistan. It was established May 25, 1940, as a joint-stock corporation. The capital of the bank, which was originally 120 million afghanis, reached 480 million afghanis in 1965. According to the charter, at least 75 percent of all shares of stock must belong to the state.

The Bank of Afghanistan exercises the monopoly right to issue money, regulate monetary circulation, provide the treasury with cash, and control foreign exchange operations. It serves as a credit, clearing, and reserve center for other Afghanistan banks, which have correspondent accounts with it, and provides financing on a large scale to trade and industry from its own funds and issues and from the funds it attracts. In the country itself, the bank has 28 branches (1968); it carries on financial relations with correspondent banks all over the world, including the Gosbank (State Bank) of the USSR and the Bank for Foreign Trade of the USSR. On Sept. 21. 1968. the bank’s balance total amounted to 29,704,200,000 afghanis. as compared to 3,704,000.000 afghanis on Mar. 21, 1958; credits amounted to 25,903,800,000 afghanis (including credits to the government totaling 18.615.200,000 afghanis); gold, silver, and foreign exchange reserves amounted to 2,505,900,000 afghanis, of which gold reserves constituted 1,720.500,000 afghanis; the issue of banknotes was 5,499,600,000 afghanis; and bank deposits totaled 20.918,100.000 afghanis.

V. A. DROZDOVA

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