September 30, 2022

Statement by Ministry of Foreign Affairs on DAB reserves

Statement by Ministry of Foreign Affairs on DAB reserves

IEA-MoFA deems recent decision by the US to transfer a part ($3.5 billion) of the reserves of DAB to Switzerland & use it for targeted disbursement without any input by Afghanistan as unacceptable & a violation of international norms.

IEA, as an accountable gov. to its people, expresses its explicit opposition to the specific iteration of this mechanism.

 

DAB reserves, like those of other states, are used for currency stabilization, strengthening financial systems & facilitating international transactions.

These reserves can never be used for any disbursement purposes. Disbursing these reserves for other purposes without the express agreement of the Afghan people is a negative step against Afghan economic stability taken by the United States.

The Islamic Emirate of Afghanistan would like to clarify that during bilateral talks with the United States, the independence and professionalism of the Central Bank, and openness to third party monitoring of AML/CFT regime was proven both in words and deeds.

US has taken this step without finalizing negotiations or reaching an agreement with us, showing ill-faith to undermine economic stability & well-being of the Afghans. Despite commitments to & compliance with international financial practices by the Central Bank of Afghanistan,

a decision has been made to forcibly transfer the wealth of the Afghan people to another country. We therefore call on all individuals & sides to condemn this illegal & oppressive action, & support the Afghan people on this issue.

Through this statement, we would like to present our objection to the countries and institutions involved in this issue and we will continue to monitor the situation through diplomatic channels.

 

The principle causes of the humanitarian crisis in Afghanistan are the twenty-year American war, endemic corruption by the US-backed administration, and, following the change in government, the imposition of sanctions against Afghanistan & its banking sector, which has prevented investors benefitting from newly created economic opportunities.

If the reserves are disbursed without taking into consideration legitimate demands of the Afghans, the Islamic Emirate will be forced to impose fines against, and ban activities of, all individuals, institutions and companies that facilitate this illegal venture & seek to misuse DAB reserves for humanitarian & other purposes.

 

We again urge US to unfreeze reserves and lift restrictions on financial systems of the Afghan people so that they may have access to banking systems & stabilize their economy.

Related posts