Afghan Voice Agency (AVA) - Kabul: Mirwais Azizi, Afghan billionaire, head of the Azizi Group of Companies and owner of Azizi Bank, in a recent interview with a private media outlet, praised the performance of the country's banking system in recent years and said that many countries and international institutions have been surprised by the way this sector is managed and maintained in the current circumstances.
Azizi stated that despite the political and economic developments after 2021, the country's banking system has been able to maintain its stability and continue normal activities; an issue that, according to him, is rare in the current circumstances and has attracted the attention of experts and economic institutions.
He added that some countries with a long history in the banking sector have faced severe financial crises, but the Islamic Emirate has been able to prevent the collapse of the banking system and maintain its financial structure.
Referring to the experience of Lebanon, he said that the country's banking system faced widespread problems after a while, while the country was able to follow the path of stability and sustainability.
The head of the Azizi Group of Companies emphasized that the effective management of the country's financial and banking sector has played an important role in increasing public confidence, continuing economic activities, and providing investment opportunities.
He also noted that the stability of the banking system is one of the important factors in improving the business environment and attracting the attention of domestic and foreign investors to the country.
These statements come at a time when the country has recorded significant achievements in recent years, in addition to maintaining and strengthening the banking system, in areas such as controlling inflation, stabilizing the value of the Afghan currency, managing financial resources, and regulating economic policies.
This conversation was recently held on one of the economic programs of the Tolonews television network. In the interview, Mirwais Azizi emphasized that foreign investors have also expressed a greater willingness to invest in large projects after observing the relative stability in the country's banking system.
Experts welcomed these statements and described them as "confirmation of hidden economic successes." Others, however, referred to banking sanctions and restrictions on international transfers and called these words "optimistic" and "far from reality."
Sources familiar with the country's Chamber of Commerce and Investment say that despite the relative stability of the exchange rate and control of inflation in the last two years, there are still major challenges facing the country's banking system, such as restrictions on international transactions and lack of access to the SWIFT system (the global system for interbank financial communications).
It is worth noting that the International Monetary Fund (IMF) has emphasized in its recent reports, while referring to the Islamic Emirate’s efforts to maintain banking stability, the need for structural reforms and increased transparency to return to the global financial system.
However, observers warn that “domestic stability” alone cannot replace “connection to the global financial system.” As long as the country’s banks are disconnected from SWIFT and foreign exchange transactions face numerous problems, large-scale foreign investment will be impossible.
According to experts, although comparing the country to Lebanon is correct in terms of “preventing collapse,” Lebanon had a complex and globally connected banking system before the crisis, while the country’s banking system has never enjoyed such a position. Overall, Azizi’s statements can be seen as an endorsement of domestic management on the one hand, and a reminder on the other that without the lifting of banking sanctions, the current stability will be fragile.