After Taliban Took Control Afghan Currency Exchange Market Reopens
September 08, 2021
Hundreds of people flocked to the Afghan capital’s exchange market, which reopened over the weekend after being closed since the Taliban took control of Kabul on Aug. 15. An Anadolu Agency reporter captured the crowd at Sarai Shahzada market, Afghanistan’s largest money exchange market in the country’s capital economy. After the Taliban took over Kabul, the market’s exchange offices were closed for nearly three weeks.
According to exchange office owners, there are nearly 400 offices in the market, with representation in a total of 120 countries. They claimed that money transfers to many parts of the world can be made in under a minute via representative offices around the world. According to Emincan Hosti, former CEO of Sarai Shahzada Exchange Offices, the market has a 70-year history. According to Hosti, it is one of the centres that shape the economy of Kabul and the entire country.
He noted that after the Taliban took over Kabul, security issues were mostly resolved and economic activity increased. Because the country’s assets are held abroad, the Taliban are experiencing a shortage of funds, and the public is doubtful of the next administration’s economic policies. Banks were also closed for nearly two weeks after the Taliban took Kabul. Even before the branches opened, people are flocking to banks to withdraw up to 20,000 Afghanis ($231) per week, the country’s central bank’s weekly limit.
Due to a lack of clarity on the country’s governance structure, the International Monetary Fund (IMF) has already blocked Afghanistan’s access to IMF resources, including approximately $440 million in new monetary reserves. According to US officials, the Afghan central bank’s $10 billion in foreign assets are likely beyond the Taliban’s reach. According to recent statements by Biden administration officials to foreign media, the Taliban would not be able to access any Afghan central bank assets held in the United States.