Joint Press Release
Date: September 13, 2021
Joint Press Release
Afghanistan Chamber of Commerce and Investment, Industrials, Afghanistan Banks Association, Money Exchanger Union on:
(Freeing up frozen money and the challenge of transferring commercial Payments abroad)
This refers to the recent political changes to government setup and immediate freezing of Afghan Monetary Reserves that caused severe problems of adequate payments through banks to the business and transferring amounts for the commercial purposes abroad has a direct adverse effect on economic activities and as well on consumers.
Afghanistan is a country that relies on the import of commercial goods from abroad, and billions of dollars’ commercial goods are imported annually to meet the needs of Afghan people and consumers but the incapability of banks and other financial institutions to provide a sufficient amount of money to the domestic industry, investment sector and also to the importers of commercial goods has resulted in an increase of basic goods prices in the market and decreased the affordability of consumers.
In the meantime, Hundreds of Afghan private companies’ contractors already remained unpaid, apparently due to the Afghan frozen financial capital and reserves.
In this joint press conference, the official attendants of relevant non-governmental authorities have discussed as following:
1. ACCI’s vice -chairman Mr. Muhammad Younus Muhmand said, “Recent political changes and the problems caused by the freezing of billions of dollars of Afghanistan's financial capital have led to a decrease in economic activities.”
2. ACCI’s member to the Board of Directors Mr. Khan Jan Alokozay said, “The frozen capital that has adverse effects on trade and business is considerably dangerous.”
3. Chairman, Chamber of Industries & Mines, Mr. Sher Baz Kamin Zada said, “The effects of frozen money on the country's industry and the lack of timely supply of raw materials if continued will result to the decrease domestic production”
4. ACCI Board Member, Mr. Khan Muhammad Sarfaraz Baz said “The relationship between exchange offices with private banks and Da Afghanistan Bank is crucial for economic activities.
5. Mr. Najibullah Amiri, Executive Director, Afghanistan Banks Association, “Raised his concern on the recent problems of commercial banks in Afghanistan and the liquidity constraints to expanding services of banks.
6. Mr. Dadgol Hazratzai member of the Money Changers Union, “considers the role of money changers in the country's economy and lack of sufficient funds in the lifespan of exchange activities and solving people's problems are extremely effective.
Proposals and Conclusions of the Joint Press
1. All frozen Financial Capital and reserves should be released so that the economic activities can run normally and the payments of private contractors are paid.
2. The problem of transferring money abroad should be solved since hundreds of Afghans foreign business counter-part is waited for their payments to dispatch commodities and goods to Afghanistan to avoid inflation and shortage of consumers basic needs/materials.
3. Private bank's activities are facing challenges in order to serve their customer and caused to serve purposefully the clients.
4. Proper supervision of international financial transfers by relevant international authorities aims to efficient utilization of funds for the improvement of economic and social activities.
5. Provision of unpaid Afghan contractors by internationally funded projects and dozens of Afghan contractors with internationally financed projects/contracts remained unpaid.