Taliban to focus on strengthening Afghanistan’s banking system, says economic growth of utmost importance

Kabul [Afghanistan]: As Afghanistan is in utter turmoil and economic chaos after the Taliban takeover last month, the group said that its top priority is strengthening the banking system as economic growth is of utmost importance.

The second deputy of the Prime Minister of the Taliban Abdul Salam Hanafi in a meeting with the authorities of the central bank and associations of banks said that the problems of banking will be resolved under the relevant laws, reported The Khaama Press News Agency.
The Taliban said that the strengthening of the banking system, growth of commerce, and economy of Afghanistan is vital and will do their best in this regard.

The promise comes as the Afghan people are still struggling with the banking services by queuing hundreds of meters of lines and waiting for even three days to withdraw their money, reported The Khaama Press News Agency.

Earlier, the central banks allowed firms and companies to withdraw USD 25 thousand per week though, the individual account holders are still limited to USD 200 withdrawal per week.

The limitations, huge unemployment, and freezing of billions of dollars of Afghanistan together have led to an economic and humanitarian crisis in the country.

Prices of food, fuels, and gas have been increased by over 20 per cent each, which has put the lives of millions of people in grave danger.

Moreover, the new rulers are not experienced to confront the intricate economic issues that the impoverished country is facing.

The former chief of Afghanistan’s central bank had also fled the country leaving the financial decision in disarray.

According to InsideOver, Afghanistan ranks as one of the most at-risk, fragile economies in the world despite receiving western aid for two decades. The World Bank had said that in Afghanistan, poverty is endemic, as is underdevelopment. It also added that nearly 90 per cent of Afghanistan’s population lived on less than USD 2 a day and Kabul, which received USD 4.2 billion in aid in 2019 will receive probably none this year. (ANI)

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