Ajmal Ahmady
Ajmal Ahmady | |
|---|---|
| Born | Kabul, Afghanistan |
| Occupation(s) | Economist, political figure |
| Years active | 2001–present |
| Known for | Acting Governor of Da Afghanistan Bank; Acting Minister of Commerce and Industry; Senior Economic Advisor to Afghanistan’s President; Afghanistan's representative in the TAPI natural gas pipeline initiative |
Ajmal Ahmady (in Persian and Pashto: ) is an Afghan-American economist and political figure who has held positions such as Acting Governor of Da Afghanistan Bank, Acting Minister of Commerce and Industry, and Senior Economic Advisor to Afghanistan’s President. Additionally, he served as Afghanistan's representative in the Turkmenistan-Afghanistan-Pakistan-India (TAPI) natural gas pipeline initiative.
Born in Afghanistan and raised in the United States, Ahmady pursued his education at Harvard University. Prior to his return to Afghanistan in 2014, he gained experience in economic development and investment management, subsequently taking on senior governmental roles centered on economic policy and international commerce.
Early life
Ajmal Ahmady was born in Kabul during the period of the Saur Revolution. His upbringing spanned multiple countries including Afghanistan, Pakistan, Germany, and the United States.
His father, a medical doctor originating from Ghazni Province, and his mother, who worked as a kindergarten educator, influenced his early years. His brother completed a master's degree in finance at Oxford University.
Education
Ahmady earned two master's degrees from Harvard University: an MBA from the Harvard Business School and a Master of Public Administration in International Development (MPA/ID) from the Harvard Kennedy School. His graduate thesis utilized the Growth Diagnostic Framework to analyze Afghanistan’s economy under the guidance of economist Dani Rodrik.
He also holds a Bachelor of Science degree in Mathematics and Economics with additional studies in Computer Science and Philosophy from the University of California, Los Angeles.
Currently, Ahmady is a Senior Fellow at Harvard Kennedy School’s Mossovar-Rahmani Center for Business and Government (M-RCBG), where he delivers seminars and conducts research on Central Banking within developing countries. His focus areas include monetary policy, fintech regulation, banking oversight, reserves management, and compliance with AML/CFT standards.
Economic Development and Asset Management
Ahmady’s professional background encompasses economic development, asset management, and policy advisory roles. He served as a Microfinance Peace Corps Volunteer in Kumba, Cameroon between 2001 and 2003, worked at the World Bank in 2004, advised Afghanistan’s Ministry of Finance from 2004 to 2005, researched sovereign debt restructuring at the US Treasury Department in 2005, and held positions at ACAP Partners—a private equity firm specializing in emerging markets—and Booz Allen Hamilton in 2007.
Following his studies at Harvard, he dedicated eight years to asset management with a concentration on global macroeconomics and emerging markets. His career began as a fixed income corporate bond analyst at T. Rowe Price (2008–2009), progressed to CEEMA sovereign analyst at Acadian Asset Management (2009–2012), and culminated as the sole global economist responsible for managing emerging market fund trades at Fortress Investment Group (2012–2014).
Senior Economic Adviser to the President
After the establishment of a National unity government, Ahmady was appointed senior advisor on banking and financial matters to President Ashraf Ghani for four years. He spearheaded commercial reform initiatives by collaborating with international law firm DLA to revise key legislation including Afghanistan’s commercial procedure code, municipal law, insolvency law, limited liability company law, minerals law, and hydrocarbons law. Furthermore, he coordinated efforts aimed at enhancing the stability of Afghanistan’s banking system.
These reforms were instrumental in positioning Afghanistan as the World Bank’s top business reformer in 2018, particularly improving areas such as minority investor protection, insolvency resolution processes, and business startup procedures.
Ahmady was also pivotal in formulating the national anti-corruption strategy and overseeing its implementation against critical milestones. He represented Afghanistan at the 18th International Anti-Corruption Conference held in Copenhagen alongside prominent figures including World Bank CEO Kristalina Georgieva.
Minister of Commerce and Industry
Serving as the acting Minister of Industry and Commerce, Ahmady implemented reforms aimed at increasing exports, expanding industrial output, and improving the overall business climate.
He initiated and directed Afghanistan's National Air Corridor Program, which currently generates $100 million in exports annually to more than 50 international destinations. Additionally, he renegotiated transit agreements that lowered costs for traders and contributed to Afghanistan reaching $1 billion in exports for the first time in 2020.
To strengthen industrial capabilities, Ahmady reorganized the Industrial Parks Directorate, established trilateral memoranda of understanding with the electricity provider DABS and the Chamber of Industry and Mines, and secured enhanced funding for the development of new industrial parks.
He also streamlined the business licensing process by drastically reducing fees from roughly 30,000 afghanis to a nominal 100 afghanis, thereby making market entry more accessible for entrepreneurs.
Governor of Da Afghanistan Bank
Appointed as Acting Governor of Da Afghanistan Bank (DAB) by presidential decree number 544 on June 3, 2020, Ahmady took charge of Afghanistan’s central bank, overseeing monetary policy formulation, financial sector regulation, financial intelligence operations, payment infrastructures, and banking services.
Despite facing numerous obstacles, Governor Ahmady succeeded in maintaining macroeconomic stability, bringing inflation down from double-digit levels to 1.6% by July 2021. He enhanced regulatory oversight within the financial sector and introduced a real-time gross settlement (RTGS) system in December 2020. Furthermore, he developed a mobile payment platform that was set for nationwide implementation prior to the Taliban’s takeover.
In November 2020, Ahmady negotiated a $370 million Extended Credit Facility (ECF) with the International Monetary Fund (IMF) and led its successful first review in June 2021.
Criticism
Although recognized for significant reforms at Da Afghanistan Bank, Ahmady encountered criticism from media representatives and analysts.
In July 2020, a group of journalists based in Kabul accused him of limiting media access and delaying investigations into corruption. They also criticized his abrupt dismissal of senior bank officials without transparent procedures.
A report published by CentralBanking.com in September 2021 referenced leaked documents alleging that mismanagement during Ahmady’s tenure exacerbated a foreign currency crisis, resulting in substantial losses in U.S. dollars and damaging the bank’s credibility.
Experts from the Afghanistan Analysts Network pointed out that his prolonged period as acting governor lacked parliamentary approval, raising questions about the legal and institutional legitimacy of his position.
Following Kabul’s fall in August 2021, commentators suggested that Ahmady’s public criticisms of other officials appeared to be attempts to shift blame for systemic failures and evade accountability for his own performance.
Departure from Afghanistan
On 15 August, as the Islamic Republic disintegrated during the 2021 Taliban offensive, Ahmady departed Afghanistan aboard a U.S. military aircraft. He gained widespread attention with a tweet sharply criticizing government officials Fazel Mahmood Fazly and Hamdullah Mohib for their lack of experience in their positions.
Media Appearances
Ahmady has engaged extensively in various media formats, including live interviews, panel discussions, opinion pieces, podcasts, and feature stories.
Among his prominent conference contributions are his participation at the Bloomberg New Economy Forum (NEF), where he shared a stage with former U.K. Prime Minister Tony Blair and Ian Bremmer; a Financial Times-hosted webinar alongside General Petraeus; and significant events in India such as the Indian Ocean Conference and the Global Business Summit.
He has also been present at key multilateral gatherings like the IMF 2020 Annual Meetings, the 2018 Geneva Conference on Afghanistan, and the World Bank Seminar addressing Policy Challenges for the Financial Sector. Additionally, Ahmady has delivered talks at influential think tanks including the Wilson Center (2018), Heritage Foundation (2019), and Atlantic Council (2021), focusing on subjects such as economic reform strategies, investment prospects, and the collapse of governance.
In his op-ed contributions, Ahmady explored causes behind Afghanistan’s downfall in Foreign Affairs, urged sustained international engagement in the Financial Times, examined Taliban-related difficulties in Bloomberg, emphasized economic reforms in The Hill, and discussed financial sector restructuring in Bahktar News.
His television and digital interviews have addressed Afghanistan’s crises and his own evacuation on networks including CNN, Sky News, BBC, TRT World, G-Zero Media, and WION News.
Podcasts featuring Ahmady include Bloomberg Odd Lots, Mercatus Center Macro Musings, Schroders’ “Running a Central Bank with the Taliban at the Door,” NPR’s Planet Money, and Marketplace — all providing perspectives on his leadership as Acting Governor of Da Afghanistan Bank (DAB) and broader economic insights.
Ahmady’s analysis has been cited internationally by outlets such as The New York Times, Wall Street Journal, Bloomberg, National Interest, CNBC, Axios, Al-Jazeera, Nikkei Asia, Japan Times, Radio Free Europe, Economic Times of India, Asia Money, Les Echos (France), The Independent (U.K.), Khaleej Times, Straits Times (Singapore), Irish Times, Money Control, Turkish Press, and German media sources.
He has provided briefings to officials within the U.S. Treasury Department, State Department personnel, and members of the Senate Committee on Banking and Finance. His expertise was referenced in a letter from Senators Portman and Rubio that urged U.S. Treasury action to block access to international reserves by the Taliban.
Personal life
Ahmady identifies as an Afghan Muslim.