Da Afghanistan Bank Economic and Statistical Bulletin

Total Page:16

File Type:pdf, Size:1020Kb

Da Afghanistan Bank Economic and Statistical Bulletin I II Monetary Policy Department Da Afghanistan Bank Ibn-e-Sina Watt Kabul Afghanistan Telephone: +93-20-2103932 Internet: www.dab.gov.af Email: [email protected] All rights reserved Rights and permissions The material in this publication is copyrighted but may be freely quoted and reprinted. Acknowledgement is requested together with a copy of the publication. Note: Afghanistan’s Fiscal year has changed effective from 2012 (1391). The new fiscal year begins on December 21st each year. This annual bulletin analyzes economic developments during the fiscal year 2017, which covers December 21st, 2016 to December 20th, 2017. III CONTENTS EXECUTIVE SUMMARY .............................................................................................................................. XII GLOBAL ECONOMIC ENVIRONMENT ..................................................................................................... 16 1.1.1The United States Economy .................................................................................................. 16 1.1.2 The Economy of United Kingdom ......................................................................................... 18 1.1.3 The Economy of Germany.................................................................................................... 20 1.1.4 The Economy of Japan ......................................................................................................................................23 II. EMERGING MARKET ECONOMIES............................................................................................................24 1.2.1The Economy of China ................................................................................................. 24 1.2.2 The Economy of India .......................................................................................................................................25 1.2.3The Economy of Turkey ............................................................................................... 26 MONETARY AND CAPITAL MARKET DEVELOPMENT.....................................................................32 I. MONETARY PROGRAM ..................................................................................................................... 32 II. MONETARY AGGREGATES ............................................................................................................. 34 III.NET INTERNATIONAL RESERVE (NIR) ........................................................................ 37 IV.FOREING EXCHANGE MARKET ................................................................................... 37 V. OPEN MARKET OPERATION & LIQUIDITY CONDITIONS ................................................. 38 2.5.1 Foreign Exchange Auction ......................................................................................................................... 38 2.5.2 Capital Notes Auction ..................................................................................................................................39 2.5.3 Required and Excess Reserves ................................................................................................................... 41 INFLATION TREND AND OUTLOOK....................................................................................................46 I. ANNUAL GDP OUTLOOK 2017 .................................................................................... 46 1.1 AGRICULTURE SECTOR ....................................................................................................................... 47 1.2 SERVICES SECTOR .................................................................................................................................48 1.3 INDUSTRY SECTOR ...............................................................................................................................50 II. INFLATION TREND AND OUTLOOK IN AFGHANISTAN ........................................................52 III. CONSUMER PRICES IN AFGHANISTAN .................................................................................... 53 3.1 Developments in National Headline Inflation .................................................................................... 53 3.1.1 Annual Developments in National Headline Inflation..........................................................................53 3.1.2 Quarterly Developments in National Headline Inflation ....................................................................57 3.2 Developments in Kabul Headline Inflation ...................................................................................58 3.2.1 Annual Developments in Kabul Headline Inflation ............................................................................58 3.2.2 Quarterly Developments in Kabul Headline Inflation .......................................................................59 EXTERNAL SECTOR DEVELOPMENT..................................................................................................ERROR! BOOKMARK NOT DEFINED. I. BALANCE OF PAYMENTS .................................................................................................................. 64 1.1 Current Account Balance ................................................................................................................................ 65 1.2 Capital Account .................................................................................................................................................. 65 1.3 Financial Account .............................................................................................................................................. 65 1.4 FDI and Portfolio Inflow ................................................................................................................................ 66 II. MERCHANDISE TRADE...................................................................................................................... 66 III.DIRECTION OF TRADE ................................................................................................. 68 IV.COMPOSITION OF TRADE ............................................................................................ 71 3.1 Composition of Imports ................................................................................................................................... 71 3.2 Composition of Exports ................................................................................................................................... 72 V. EXTERNAL DEBT ................................................................................................................................. 73 VI.NET INTERNATIONAL RESERVE ....................................................................................... 74 IV FISCAL DEVELOPMENTS.......................................................................................................................84 I. BUDGET EXECUTION RATE ........................................................................................................... 85 II. CORE BUDGET (DEFICIT AND SURPLUS) .................................................................................. 86 III.REVENUE COLLECTION ............................................................................................... 87 3.1 Domestic Revenue ............................................................................................................................................. 87 3.2 Non-tax Revenues ............................................................................................................................................. 88 IV.GRANTS ......................................................................................................................... 89 V. EXPENDITURE............................................................................................................................................89 BANKING SYSTEM PERFORMANCE ........................................................................................................ 94 I. ASSETS OF THE BANKING SYSTEM ............................................................................................. 95 1.1 Gross Loans ........................................................................................................................................................ 97 1.2 Loan Loss Reserves .......................................................................................................................................... 97 1.3 Distribution of Credit ....................................................................................................................................... 97 II. CLASSIFICATION OF LOANS .......................................................................................................... 100 2.1 Non-performing loans .................................................................................................................................... 100 2.2 Adversely-classified loans ............................................................................................................................. 101 2.3 Loans classified Watch .................................................................................................................................. 101 2.4 Loans classified loss ........................................................................................................................................ 101 2.5 Inter-bank Claims
Recommended publications
  • 28Q3FY1395.Pdf
    I II III ,EQH6LQD :DWW .DEXO $IJKDQLVWDQ 7HOHSKRQH ,QWHUQHW ZZZGDEJRYDI (PDLO PS#GDEJRYDI $OO ULJKWV UHVHUYHG 5LJKWV DQG SHUPLVVLRQV 7KH PDWHULDO LQ WKLV SXEOLFDWLRQ LV FRS\ULJKWHG EXW PD\ EH IUHHO\ TXRWHG DQG UHSULQWHG $FNQRZOHGJHPHQWLVUHTXHVWHGWRJHWKHUZLWKDFRS\RIWKHSXEOLFDWLRQ 1RWH $IJKDQLVWDQಬV)LVFDO\HDUKDVEHHQFKDQJHGHIIHFWLYHIURP 7KHQHZILVFDO\HDUEHJLQVRQ 'HFHPEHUHDFK\HDU7KLV4XDUWHUO\%XOOHWLQDQDO\]HVGHYHORSPHQWVLQWKHVHFRQGTXDUWHURIILVFDO \HDUZKLFKFRYHUV-XQHVWWR6HSWHPEHUVW IV CONTENTS EXECUTIVE SUMMARY ............................................................................................................................ XIV GLOBAL ECONOMIC ENVIRONMENT ..................................................................................................... 18 I. ADVANCED ECONOMIES ........................................................................................................ 18 1.1.1 The United States Economy ......................................................................................... 18 1.1.2 The Economy of United Kingdom ................................................................................ 20 1.1.3 The Economy of Germany ............................................................................................ 21 1.1.4 The Economy of France ................................................................................................ 21 1.1.5 The Economy of Japan .................................................................................................. 22 II. EMERGING MARKET ECONOMIES
    [Show full text]
  • 1382 Annual Financial Statements Da Afghanistan Bank
    1382 ANNUAL FINANCIAL STATEMENTS DA AFGHANISTAN BANK In accordance with Article 106 of the Law on Da Afghanistan Bank, Da Afghanistan Bank hereby presents the financial statements for the year ended 29 Hoot 1382 (19 March 2004). These statements consist of the balance sheet, the income statement, and notes to the financial statements that include the legal framework, accounting policies, and notes to the accounts. The financial statements prepared by Da Afghanistan Bank are based on international accounting/financial reporting standards, modified as necessary to meet particular circumstances, and are attested to by the external auditors Messrs. P.B. Vijayaraghavan & Co., Chartered Accountants. Da Afghanistan Bank is responsible for the accuracy of the accounting information reflected in the financial statements. 1 DA AFGHANISTAN BANK Balance Sheet at 29 Hoot 1382 (Amounts in Afghanis) 1381 Notes 1382 ASSETS Domestic Currency Assets 63,852,849 Loans receivable 1 63,852,849 15,281,298,069 Government overdrafts 2 14,732,228,069 50,354,247 Advances receivable 82,994,680 4,872,083 Equity investments 3 4,872,083 15,400,377,248 14,883,947,681 Foreign Currency Assets 12,420,895,234 Gold in Federal Reserve 4 14,352,958,418 230,015,148 Cash in foreign currency 5 2,186,712,015 11,323,488,450 Foreign bank accounts 6 24,344,303,034 23,974,398,832 Total reserve assets 40,883,973,467 25,164,468 Receivables in foreign currency 79,267,366 5,310,640 Equity investments in forex 7 5,310,640 1,402,874,216 Foreign currency loans to Govt.
    [Show full text]
  • International Directory of Deposit Insurers
    Federal Deposit Insurance Corporation International Directory of Deposit Insurers September 2015 A listing of addresses of deposit insurers, central banks and other entities involved in deposit insurance functions. Division of Insurance and Research Federal Deposit Insurance Corporation Washington, DC 20429 The FDIC wants to acknowledge the cooperation of all the countries listed, without which the directory’s compilation would not have been possible. Please direct any comments or corrections to: Donna Vogel Division of Insurance and Research, FDIC by phone +1 703 254 0937 or by e-mail [email protected] FDIC INTERNATIONAL DIRECTORY OF DEPOSIT INSURERS ■ SEPTEMBER 2015 2 Table of Contents AFGHANISTAN ......................................................................................................................................6 ALBANIA ...............................................................................................................................................6 ALGERIA ................................................................................................................................................6 ARGENTINA ..........................................................................................................................................6 ARMENIA ..............................................................................................................................................7 AUSTRALIA ............................................................................................................................................7
    [Show full text]
  • List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
    NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution.
    [Show full text]
  • Afghanistan Remittance Overview and Trends Annex to Afghanistan Migration Profile
    Afghanistan Remittance Overview and Trends Annex to Afghanistan Migration Profile AFGHANISTAN REMITTANCE OVERVIEW AND TRENDS ANNEX TO AFGHANISTAN MIGRATION PROFILE Prepared for the International Organization for Migration (IOM) by Michaella Vanore Katrin Marchand CONTENTS List of Tables ...................................................................................6 List of Figures .................................................................................6 Acronyms .......................................................................................7 Foreword ........................................................................................9 Executive Summary ......................................................................11 1. Introduction .............................................................................19 2. Current Knowledge and Remittance Trends ..............................21 2.1. Measuring Remittances: Methodological Challenges ......................21 2.2. Remittances in Afghanistan: Current State of Knowledge ................25 2.2.1. Remittance Flows: Balance of Payment Statistics ....................25 2.2.2. Remittance Flows: Household Surveys .................................... 28 2.2.3. Remittance Flows: Case Studies ...............................................33 3. Remittance Infrastructure and Management Frameworks ........39 3.1. Remittance Channels ....................................................................... 39 3.1.1. Banks and Microfinance Institutions .......................................
    [Show full text]
  • World Bank Document
    PROJECT INFORMATION DOCUMENT (PID) APPRAISAL STAGE Report No.: AB4380 Afghanistan Financial Sector Strengthening Project Project Name Public Disclosure Authorized Region SOUTH ASIA Sector Banking (60%);General finance sector (40%) Project ID P110644 Borrower(s) GOVERNMENT OF AFGHANISTAN Implementing Agency Environment Category [ ] A [ ] B [X] C [ ] FI [ ] TBD (to be determined) Date PID Prepared February 5 , 2009 Date of Appraisal February 12, 2009 Authorization Date of Board Approval April 30, 2009 1. Country and Sector Background Public Disclosure Authorized Despite a deteriorating security environment and increasing constraints to private sector development, Afghanistan experienced robust economic growth over the last few years: real GDP is expected to have grown by 11.4 percent in 2007/08 (GDP US$9.6 billion) and 7.5 percent in 2008/09 (GDP US$12.8 billion). Per capita income increased from US$125 to US$300 from 2002 to 2008. Alongside of this economic growth in Afghanistan, there also has been considerable effort to rebuild the financial sector in terms of its institutional and legal framework, which has led to an increased number of private commercial banks operating in Afghanistan. Despite this overall growth, a weak financial sector still remains one of the major binding constraints to private sector development in Afghanistan. Currently, the sector does not meet the financial needs of industries and individuals, nor provide adequate financial services to business. Due to highly Public Disclosure Authorized collateralized lending practices along with a lack of financial intermediation capacity in the financial sector, access to credit remains a serious constraint to private sector development. The share of total credit to GDP is 6.7% (2007) in Afghanistan, which is far less than the average share of credit to GDP within South Asia at 43%.
    [Show full text]
  • Kabul Municipality
    د اﻓﻐﺎﻧﺴﺘﺎن اﺳﻼﻣﯽ ﺟﻤﻬﻮری دوﻟﺖ دوﻟﺖ ﺟﻤﻬﻮری اﺳﻼﻣﯽ اﻓﻐﺎﻧﺴﺘﺎن Kabul Municipality ﺩ ﺳﻴﻤﻪ ﻳﻴﺰﻭ ﺍﺭﮔﺎﻧﻮﻧﻮ ﺧﭙﻠﻮﺍﮐﻪ ﺍﺩﺍﺭﻩ ﺍﺩﺍﺭﻩ ﻣﺴﺘﻘﻞ ﺍﺭﮔﺎﻧﻬﺎي ﻣﺤﻠﻲ Government of Islamic Republic of Afghanistan Islamic Republic of Afghanistan Independent Directorate of Local Governance THE STATE OF AFGHAN CITIES 2015 MINISTER’S FOREWORD Ministry of Urban Development Affairs Cities have great potential to improve livelihoods, drive economic growth and provide safe and affordable housing and adequate services. With continued urbanisation in Afghan cities occurring in the next few decades, there is a great opportunity to promote urban development that is sustainable, equitable and a catalyst for economic growth. The priorities of the National Unity Government of Afghanistan for the urban sector are very clear. The ‘Realizing Self-Reliance’ Framework presented at the London Conference on Afghanistan in 2014 explicitly stated cities are to be drivers of economic development. The Ministry of Urban Development Affairs (MUDA) is currently leading the drafting of an Urban National Priority Programme (U-NPP) and associated comprehensive urban development programme. Together these will lay the foundations for a sustainable urban future. However in Afghanistan, basic information for urban areas does not exist, is outdated, or not shared. As a result, MUDA has been challenged to pro-actively guide the growth of Afghanistan’s cities and harness urbanisation as a driver of development. This State of Afghan Cities 2014/15 report and associated dataset is already providing essential inputs to these ongoing processes. It will ensure the outcomes are pragmatic and reflect the ground realities across the country. I sincerely thank all programme partners, the Government of Australia, and UN-Habitat for supporting MUDA to implement this programme.
    [Show full text]
  • Global Economic Environment
    Monetary Policy Department Da Afghanistan Bank Ibn-e-Sina Watt Kabul Afghanistan Telephone: +93(0)-20-2103930 Internet: www.dab.gov.af Email: [email protected] All Rights Reserved Rights and Permissions The material in this publication is copyrighted, but may be freely quoted and reprinted. Acknowledgement is requested together with a copy of the publication. Note: Afghanistan’s fiscal year has changed effective from 2012 (1391). The new fiscal year begins from December 22nd. This bulletin analyzes economic developments during the third quarter of fiscal year 1399, which starts from June 21st, 2020 to September 21st, 2020 (Jadi 01, 1399 – Saratan 31, 1399). TABLE OFCONTENTS Contents EXECUTIVE SUMMARY ....................................................................................................................... XIII 1 - GLOBAL ECONOMIC ENVIRONMENT ............................................................................................. 17 1.1. Advanced Economies: ................................................................................................................ 18 1.1.1 United States’ Economy: ...................................................................................................... 18 1.1.2 The Economy of UK: ............................................................................................................. 19 1.1.3 Economy of Japan: ............................................................................................................... 20 1.2. Emerging Economies: ..............................................................................................................
    [Show full text]
  • Reconstructing AFGHANISTAN
    Reconstructing AFGHANISTAN Adam Bennett, Editor Bruno de Schaetzen Louis Dicks-Mireaux Felix Fischer Thierry Kalfon Ron van Rooden International Monetary Fund ©International Monetary Fund. Not for Redistribution © 2005 International Monetary Fund Production: IMF Multimedia Services Division Cover design: Massoud Etemadi Figures: Theodore F. Peters, Jr. Typesetting: Alicia Etchebarne-Bourdin Cataloging-in-Publication Data Reconstructing Afghanistan/Adam Bennett, editor—[Washington, D.C.]: International Monetary Fund, 2004. p. cm. Includes bibliographical references. ISBN 1-58906-324-4 1. Afghanistan—Economic policy. 2. Afghanistan—Economic conditions. 3. Fiscal policy— Afghanistan. 4. Monetary policy—Afghanistan. I. Bennett, Adam. HC417.R43 2004 Mackenzie, G.A. (George A.), 1950– Price: US$25.00 Please send orders to: International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431, USA Tel.: (202) 623-7430 • Telefax: (202) 623-7201 E-mail: [email protected] Internet: http://www.imf.org ©International Monetary Fund. Not for Redistribution Contents Preface vii List of Acronyms ix Map x 1. Overview Ron van Rooden 1 The Political Landscape1 Coordination of Assistance1 Role of the IMF2 Economic Developments and Achievements3 Looking Ahead5 2. Recent Macroeconomic Developments Ron van Rooden and Louis Dicks-Mireaux 6 Comparison of Donor Assistance6 Output and Prices9 External Sector 12 Appendix 2.1. Poppy Dimension in the Afghan Economy 20 References 27 3. Fiscal Framework and the Budget Thierry Kalfon 28 A Slow Descent into Chaos 28 Dismal Situation but Resilient Structures 29 Reconstruction Strategy 31 Fiscal Policy Framework: Postconflict Budgeting 34 Appendix 3.1. Programs of the National Development Framework 42 Appendix 3.2. Comparing Afghanistan’s 2002/03 Operating Budget with Low-Income Countries’ Budgets 45 References 46 4.
    [Show full text]
  • Classification of Accounts Guide Last Updated – January 2018
    Classification of Accounts Guide Last updated – January 2018 Contents Part I: General introduction Part II: Residence Part III: Sector categories Part IV.1 – IV.2: Industrial classification Part IV.3: Relationship between sector and industrial classifications Part V.1: Sector components (ESA 10) and sub components Part V.2: List of countries 1 Part I Classification of Accounts Guide – General Introduction I.1 Foreword This guide is intended for all institutions completing a range of Bank of England statistical returns. It describes the two most important systems of classification used in compiling economic and financial statistics in the United Kingdom – the economic sector classification, and the industrial classification. This guide is intended to serve both as an introduction for newcomers and as a source of reference. The nomenclature in the sector classification is in line with international standards – in particular, the European System of National and Regional Accounts (abbreviated to ‘ESA10’). In addition, the analysis of industrial activity is in line with the 2007 standard industrial classification of economic activities (SIC) introduced by the Office for National Statistics. Those without knowledge of accounts classification are recommended to refer to the ‘Guide to Classification’ (Part I Section 3) which takes the reader through the main questions to be answered to help classify accounts correctly. The system of classification used in this guide is solely for statistical purposes. Parts II to IV of the guide describe the main aspects of the classification system in more detail, including lists of examples of institutions, or a web link reference, for many categories. I.2 An introduction to the classification of accounts Sector and industrial classification To understand the underlying behaviour which is reflected in movements in economic and financial statistics, it is necessary to group those entities engaged in financial transactions into broad sectors with similar characteristics.
    [Show full text]
  • 3Annualbulletin1386(2007-2008) 0.Pdf
    I II © Da Afghanistan Bank, 2008 Ibn-e-Sina Watt Kabul Afghanistan Telephone: +93-20-2100293 Internet: www.centralbank.gov.af Email: [email protected] All rights reserved First printing August 2008 1 2 3 4 5 10 09 08 07 Rights and permissions The material in this publication is copyrighted but may be freely quoted and reprinted. Acknowledgement is requested together with a copy of the publication. Data Notes Afghanistan uses the Persian calendar also known as the Jalali calendar, which was introduced on March 15, 1079 by the Seljuk Sultan Jalal-u-ddin Malik Shah I, based on the recommendations of a committee of astronomers, including Omar Khaiyam, at the imperial observatory in his capital city of Isfahan. It is a solar calendar in which each year begins on March 21. This Annual Bulletin covers developments in the year 1386 which is equivalent March 2007 – March, 2008 in the Gregorian calendar. Afghanistan figures are in current Afghani unless otherwise specified. Billion means 1,000 million III CONTENTS: Governor’s Statement ------------------------------------------------------------------------------------------ VIII MONETARY AND CAPITAL MARKET DEVELOPMENTS ------------------------------------------------- 1 SUMMARY -------------------------------------------------------------- Error! Bookmark not defined. 1. PRGF MONETARY PROGRAM -------------------------------------------------------------------------------- 1 2. CAPITAL MARKETS AND LIQUIDITY CONDITIONS ----------------------------------------------------------- 5 2.1 Capital
    [Show full text]
  • Annual Economic Bulletin for FY 1398 (2019).Pdf
    Monetary Policy Department Da Afghanistan Bank Ibn-e-Sina Watt Kabul Afghanistan Telephone: +93(0)-20-2103930 Internet: www.dab.gov.af Email: [email protected] All Rights Reserved Rights and Permissions The material in this publication is copyrighted, but may be freely quoted and reprinted. Acknowledgement is requested together with a copy of the publication. Note: Afghanistan’s fiscal year has changed effective from 1397 (2012). The new fiscal year begins from first of Jadi (December 22nd) each year. This bulletin analyzes economic developments from for FY 2019 (from Jadi, 1397 till Qaws, 1398. TABLE OF CONTENTS Contents EXECUTIVE SUMMARY ....................................................................................................................... XIII 1 - GLOBAL ECONOMIC ENVIRONMENT ............................................................................................. 17 1.1. ADVANCED ECONOMIES: ....................................................................................................... 17 1.1.1 United States’ Economy: ...................................................................................................... 17 1.1.2 The Economy of UK: ............................................................................................................ 19 1.1.3 Economy of Germany: ......................................................................................................... 19 1.1.4 Economy of Japan: .............................................................................................................
    [Show full text]