The vast majority of Afghanistan’s funds are deposited in the United States, and the organization has no access to that money.
Afghanistan the extremist Islamic Taliban movement, which has become ruler, may be in the midst of serious economic problems in the near future.
Although the Taliban has evolved from economic to more self-sufficient in recent years, the organization has access to only a fraction of Afghanistan’s foreign exchange reserves, the Afghan central bank says. This hampers its ability to rule Afghanistan.
On Wednesday Governor of the Central Bank of Afghanistan Ajmal Ahmady told Twitter that Afghanistan has about $ 9 billion (about $ 7.7 billion) in assets in foreign banks, but little cash reserves within Afghanistan. Money abroad will not be available to the Taliban, as accounts were frozen on Sunday when the Taliban marched to Kabul.
As Afghanistan does not currently have a government recognized by the international community, the Taliban also have no access to the resources of the International Monetary Fund (IMF).
The IMF had to send $ 370 million to Afghanistan due to the economic crisis, but remittances have been suspended, says British Broadcasting Corporation BBC.
Central Bank director Ahmady told Twitter on Wednesday that most of Afghanistan’s wealth is stored in the United States. Dollar reserves within Afghanistan are close to zero, according to Ahmady, because no cash transports have been made because of the Taliban.
He also noted that the dollar deficit is likely to depreciate Afghanistan’s own currency and raise inflation. This is why the poor in particular will suffer.
“The Taliban won militarily, but now it must be ruled,” Ahmady, who himself fled Afghanistan, wrote. “It is not easy.”
The Taliban has long been the target of international sanctions. As a result, it has been financially dependent on drug trafficking in recent years.
Money from criminal activities such as drug trafficking, illegal mining, kidnappings, and the collection of taxes and tolls in areas under its control have made the Taliban an economically independent arms organization, the United Nations evaluates in its report in June. But running an entire state is a larger-caliber activity than an arms organization.
Likely The Taliban is aware of the economic difficulties that lie ahead. This may be part of the reason why the movement’s leadership has appeared in public so moderately recently.
“It seems that even the Taliban understand that Afghanistan is in dire need of foreign aid,” the U.S. Armed Forces Authority for the Reconstruction of Afghanistan John Sopko said earlier this year the British newspaper The Guardian by.
Western Union, which specializes in international remittances, has also suspended remittances to Afghanistan for the time being, the BBC says.
Afghanistan the head of the central bank estimates on Twitter that the Taliban will have access to only a fraction of the approximately € 7.7 billion in assets held in the United States.
“We can say that the Taliban may have access to about 0.1 to 0.2 percent of Afghanistan’s total international assets. It’s not much.”