The United Nations on Monday pushed for urgent action to prop up Afghanistan's banks, warning that a spike in people unable to repay loans, lower deposits and a cash liquidity crunch could cause the financial system to collapse within months.
In a three-page report on Afghanistan's banking and financial system seen by Reuters, the U.N. Development Programme (UNDP) said the economic cost of a banking system collapse - and consequent negative social impact – “would be colossal.”
An abrupt withdrawal of most foreign development support after the Taliban seized power on Aug. 15 from Afghanistan’s Western-backed government has sent the economy into freefall, putting a severe strain on the banking system which set weekly withdrawal limits to stop a run on deposits.
“Afghanistan's financial and bank payment systems are in disarray. The bank-run problem must be resolved quickly to improve Afghanistan's limited production capacity and prevent the banking system from collapsing,” the UNDP report said.
“Afghanistan last year imported about $7 billion worth of goods and products and services, mostly foodstuff ... If there is no trade finance the interruption is huge,” he said. “Without the banking system, none of this can happen.”
Considering all of the problems we're dealing with in the U.S. now... who cares?
Let Afghanistan's new Taliban government sort it out.
No. 1 on Q's list of Rothschild controlled banks
https://qagg.news/?read=135
You know they're sorted alphabetically, right?
that "may" be the plan
Afghanistan has a banking system?
Was my exact (half-joking) thought. xD
Fuck Afghanistan
It's time to cut our losses.
We should have never gone there, and we certainly shouldn't prop it up forever at our own expense. If the Afghans want a functional country, they have to do it themselves.