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

References in periodicals archive ?
The Central Bank of Afghanistan has said that it has cancelled Iran-based Arian Bank's license.
It held a briefing for analyst and the key takeaways were: 1) Central Bank of Afghanistan had declined the application of Azizi Bank for the acquisition of BAFL's Afghanistan operations.
Abu-Ghazaleh said: "We are also proud that we provided many services for the Afghan authorities since 2010, such as auditing services for the Central Bank of Afghanistan. We also implemented an automated computerized system for the Trademarks Office."
A tiny bank named Development Bank of Afghanistan (DBA) was running low on cash to pay for deposit withdrawals.
Da Afghanistan Bank, the central bank of Afghanistan, has recently granted a licence to the Islamic Bank of Afghanistan (IBA).
The announcement follows the signing of a memorandum of understanding (MoU) by Sanjeev Dutta, ?executive director, Commodities at DMCC and Amer Khalil ur Rehman, chief executive officer of the Islamic Bank of Afghanistan, at DMCC's Almas Tower in Dubai.
The Islamic Bank of Afghanistan has joined the DMCC Tradeflow platform for Shari'ah compliant multi-currency transactions.
Dubai: DMCC has welcomed the Islamic Bank of Afghanistan as the newest member of its DMCC Tradeflow platform, a dedicated online platform for registering possession and ownership of commodities stored in UAE-based storage facilities.
Furthermore, this April, Afghanistan's central bank granted a licence to the Islamic Bank of Afghanistan (IBA), the first lender in the country to apply the interest-free principles of Islamic finance in all its operations.
Maya has led Amanie in projects such as development of Islamic banking framework for the Central Bank of Afghanistan, development of first ever Shariah standards on gold together with the World Gold Council and AAOIFI and worked on the first ever corporate sukuk out of Oman, along with setting up of various Islamic windows in non- Muslim countries.
"He was of instrumental support to us when we were facing one of the most difficult times in Central Bank of Afghanistan, and in the country as a whole, when dealing with the collapse of Kabul Bank," said a former colleague Shuja Rabbani, who worked at the Central Bank of Afghanistan.