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Afghanistan’s currency is set to weaken and inflation will rise after the collapse of the government and the Taliban seizing power, the country’s outgoing central bank governor says.
“Inflation will likely increase to double digits as the currency weakens and inflation pass-through is high,” Ajmal Ahmady, who left the country this week, told The National.
Afghanistan’s economy was already deteriorating before the US decided to withdraw from the country in the wake of the Covid-19 pandemic, the onset of a drought, declining trade, weakening donor aid, rising insecurity and uncertainty that eroded confidence.
Peace talks between the government and Taliban stalled in January over a future governance system and transition plan, while tensions between the previous cabinet and parliament delayed the approval of the 2021 budget, which was rejected twice.
That backdrop prompted the International Monetary Fund to lower its growth forecast in June to 2.7 per cent this year from a previous 4 per cent estimate. The fund had projected inflation would increase to 5.8 per cent by the end of this year.
The Afghani, the country’s currency, weakened to 100 to the US dollar before falling back to 86.04, according to the website of the central bank Da Afghanistan Bank. That is still above the 80-81 level it was at before the situation in the country escalated.
The “currency should decline with decreased donor inflows and, especially, if the US freezes international reserves”, Mr Ahmady, who also served as an economic adviser to President Ashraf Ghani before he fled the country on August 15, said.
The central bank foreign currency reserves were about $9 billion, he said.
“During [the] last days, I feared not only risks related to Taliban, but fear of transition period once there is no chain of command. Once [the] president’s departure was announced, I knew within minutes chaos would follow. I cannot forgive him for creating that without a transition plan,” Mr Ahmady said on Twitter.
“It did not have to end this way. I am disgusted by the lack of any planning by Afghan leadership. Saw at airport them leave without informing others.”
While the country’s banks had “sufficient liquidity” before the turmoil, non-performing loans, or bad loans, “are set to increase … but [banks] can likely manage with some recapitalisations”, Mr Ahmady, a graduate of Harvard Business School and the Kennedy School of Government, told The National.
The ratio of loan to deposits before the Taliban seized power was “very low”, he said.
The economy, which was largely dependent on foreign aid with domestic revenue sufficient to finance only around half of budgeted expenditures, is expected to deteriorate, Mr Ahmady said.
“Remittance flows are relatively small compared to donor inflows.”
Before the Taliban seized power, as a sign of support for Afghanistan’s development and reforms, international donors had pledged $12bn in civilian grants over 2021-2024 at a conference in Geneva in November 2020. That support was 20 per cent lower than what was pledged at a 2016 conference.
On Twitter, Mr Ahmad said he received a text message from someone telling him: “Taliban come to <area> and were looking for you. They were asking about Ajmal Ahmady DAB Governor.”
Asked what he planned to do next, Mr Ahmady said: “After seven years of government service, I look to rest with family and find a job in the private sector.”
UAE currency: the story behind the money in your pockets
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
ZAYED SUSTAINABILITY PRIZE
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
You may remember …
Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.
Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.
Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.
Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.
Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
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MORE ON INTERNATIONAL JUSTICE
Brief scoreline:
Wolves 3
Neves 28', Doherty 37', Jota 45' 2
Arsenal 1
Papastathopoulos 80'
Brief scores:
Juventus 3
Dybala 6', Bonucci 17', Ronaldo 63'
Frosinone 0
