The use of the rupee, the national currency of Pakistan, is reportedly prohibited by the Taliban government. The Taliban Intelligence Agency’s Anti-Money Laundering Branch allegedly instructed the Association of Money Exchange Dealers in a letter to ‘totally restrict’ the use of Pakistani Rupees in financial transactions in Afghanistan, according to news outlet Khaama Press.
According to the news agency, the letter prohibits all financial operations, including but not limited to transfers, trade, and currency exchange. The decision would be a serious setback for the people and business owners who depend on Pakistani Rupees for daily expenses like rent and food.
According to the news agency, the letter prohibits all financial operations, including but not limited to transfers, trade, and currency exchange. The decision would be a serious setback for the people and business owners who depend on Pakistani Rupees for daily expenses like rent and food.
Additionally, transactions totaling more than 500,000 rupees have been prohibited by the money exchange brokers. The letter warned that the dealers ‘may be subject to legal action’ if more than the allotted amount was found. Since the Taliban retook power last year, Afghanistan’s economy has been in ruins.
By the end of 2022, the economy will have contracted by another one-third, according to projections from the World Bank and the International Monetary Fund. The 39 million citizens of the nation require humanitarian aid, according to the UN. To make matters worse, the US blocked assets worth close to $9.5 billion that belonged to the Afghan central bank and halted cash transfers to the country.
The Biden administration only disbursed $3.5 billion of the total, and it has set up a foundation to use that money to help Afghans. The trust, which has its headquarters in Switzerland, will use the cash to assist in addressing the developing economic and humanitarian crises in Afghanistan while preventing the Taliban from getting their hands on them.
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