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Friday, December 9, 2022

Taliban Bans All Foreign Currencies in Afghanistan

The Taliban have declared a ban on the use of foreign currencies in Afghanistan, a move that might further destabilize an already fragile economy.

“The country’s economic condition and national interests demand that all Afghans utilize Afghani cash in all of their transactions,” the Taliban added.

Following the Taliban’s takeover, foreign financial backing was withdrawn, causing the economy to suffer.

In Afghanistan’s marketplaces, the US dollar is frequently utilized.

Dollars are also widely utilized for commerce in Afghanistan’s neighboring countries, such as Pakistan.

In an online statement, Taliban spokesperson Zabihullah Mujahid stated, “The Islamic Emirate advises all citizens, shopkeepers, dealers, businesses, and the general public to conduct all transactions in Afghanis and absolutely desist from utilizing foreign currencies.”

“Anyone who disobeys this instruction will be prosecuted,” the message warned.

The US Federal Reserve and European central banks froze billions of dollars of Afghanistan’s offshore assets when the Taliban took control of the nation in August.

“We feel it is critical that we maintain our sanctions against the Taliban while also ensuring that legal humanitarian aid reaches the Afghan people. That is precisely what we are doing “Last month, Deputy US Treasury Secretary Wally Adeyemo testified before the US Senate Banking Committee.

In the midst of a serious financial shortage, the Taliban has demanded for the release of Afghanistan’s assets kept abroad.

The withdrawal of international aid has also hurt Afghanistan. Grants from other countries formerly covered three-quarters of the country’s governmental spending.

The International Monetary Fund (IMF) said earlier this year that Afghanistan would no longer be able to use its resources, and the World Bank likewise stopped sponsoring projects in the country.

The IMF warned last month that the country’s economy might contract by 30% this year, putting millions of people in poverty and generating a humanitarian disaster.

Afghanistan’s economic troubles, according to the fund, may spark a refugee catastrophe that would affect neighboring nations, Turkey, and Europe.

A severe drought has also hit the region, destroying much of the country’s wheat harvest and driving up costs.

Millions of Afghans may suffer famine as a result of a combination of drought, violence, and Covid-19, according to the United Nations World Food Programme.

Despite their claims that they wish to avert a humanitarian disaster in Afghanistan, Western countries have refused to recognize the Taliban authority.

Cedric Blackwater
Cedric Blackwater
Cedric is a journalist with over a decade of experience reporting on local US news, and touching on many global topics. He is currently the lead writer for Bulletin News.

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