Afghans struggle to cope with incoming winter amid price hike of daily basic needs
October 18, 2021, 3:48 am

Afghans struggle to cope with incoming winter amid price hike of daily basic needs

Afghanistan-Old man/Pixabay

In its report from Afghanistan, the Xinhua news agency reported that Afghan people are struggling to cope with the incoming winter in the war-torn and cash-strapped Afghanistan, as the majority of the country's some 35 million population living under the poverty line and barely can bear the expenses of daily basic needs.

A wood buyer Yar Mohammad told Xinhua: "The purchase of power is sliming day by day and people can't afford to buy wood or other necessities to cope with the winter and keep their homes warm in the chilly season."

Bargaining with the wood seller in a local wood market here, Mohammad said that the skyrocketing prices of daily needs have sandwiched the ordinary people, adding that the closure of borders and freezing Afghan assets abroad has caused economic problems for Afghans.

Mohammad said angrily: "Borders are closed, banks don't have normal activities and Afghanistan assets abroad have been frozen."

The Xinhua mentioned that the United States has reportedly frozen more than 10 billion U.S. dollars of Afghanistan since the Taliban took over the power of the country in mid-August, which led to an uncertain situation in Afghanistan where bank account owners have begun withdrawing their capital and local banks can not give more than 200 U.S. dollars each week.

It added, the country's economic situation worsens with a high inflation rate, increasing unemployment and growing poverty.

The majority of people in Afghanistan do not have a central heating system in their homes and largely relying on the old-fashion heating system, the wood stove, to keep their home warm in the mountainous country.

A coal seller Mohammad Sabir whispered: "The business has flopped, the number of jobless people is on the rise and the economic situation is extremely unstable while the prices of fuel including petrol and diesel are going up day by day."

Last year at this time, according to Sabir, his shop was full of coal buyers. But nowadays, rarely do locals ask for coal, although the price is not too high.

"The price of one-ton coal was 10,000 afghanis last year but this year it costs 11,000 afghanis," Sabir said, adding the purchase of power of the people has been shrunk this year in comparison with last year.

According to Sabir, 1 U.S. dollar equals 89. 80 afghani nowadays, while in last year, 1 U.S. dollar exchanged to 72 afghani.

Source: Xinhua

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.