Overview

Afghanistan is transitioning from a state-based model to a free market economy as it continues to rebuild from nearly 30 years of conflict.According to the International Monetary Fund (IMF), Afghanistan's real GDP growth during 2012 accelerated from 6 percent in 2011 to around 12 percent, reflecting a good harvest. After accelerating to double digits during 2011, inflation moderated during 2012, reaching 6 percent year on year. Net international reserves stand at US$6.35 billion (approximately 7 months of imports). The exchange rate has depreciated by 6 percent during 2012 and has depreciated by another 6 percent since the beginning of 2013, though this depreciation is in line with other regional currencies. Deposits in the banking sector have stagnated at about 20 percent of GDP since 2010, and remain highly dollarized (65 percent), reflecting a continued lack of confidence. Credit to the private sector has remained steady since 2012, despite GDP growth, mostly for lack of sound lending opportunities and the general economic and political uncertainty.

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9781500488864

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