Afghan economy further threatened by US decision to split assets

The Biden administration’s move to effectively seize foreign exchange reserves from the Afghan central bank is likely to deepen Afghanistan’s already devastating economic crisis, according to Afghan bankers and economists and international aid workers.

In an executive order signed on Friday, US President Biden blocked the approximately $7 billion in foreign exchange reserves of Afghanistan’s central bank, known as Da Afghanistan Bank, held on US soil. The White House said it plans to split the sum in half, transferring half to a trust fund set up to help the Afghan people and setting aside the rest for now for possible compensation to the families of the victims of the September 11 in ongoing legal proceedings.


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