Afghanistan remittance payouts limited to local currency – sources

Investing.com | Sep 11, 2021 at 11:01 PM
  • Afghanistan’s central bank has ordered banks to pay out remittances in local currency only, the latest move to preserve scarce U.S. dollars, say sources familiar with the matter.
  • Hard currency remittances have formed an important source of external finance for Afghanistan over the years but dollar availability has dried up in the aftermath of the Taliban’s conquest of the country.
  • Under the leadership of acting central bank governor, Haji Mohammad Idris, a Taliban loyalist who has no formal financial training, the central bank has been moving to restrict dollar outflows amid a pause in foreign aid and a scramble by some Afghanis to get savings out of the country.