More

    Afghanistan’s Salaried Citizens Allowed To Withdraw Their Salaries

    CountriesAfghanistanAfghanistan's Salaried Citizens Allowed To Withdraw Their Salaries
    - Advertisment -

    Afghanistan’s Salaried Citizens Allowed To Withdraw Their Salaries

    Afghanistan’s central bank, Da Afghanistan Bank, on Thursday lifted restrictions on salaried people withdrawing their salaries.

    The central bank had imposed restrictions in the face of stiff economic conditions in the country after the Taliban took over government in August 2021.

    Salary-earning individuals were allowed to only withdraw only 30,000 Afs per week from their savings in banks, according to the orders of the country’s central bank.

    A Central Bank spokesperson said that the decision to lift the restrictions on withdrawing funds from bank accounts was based on strategic considerations.

    - Advertisement -

    “Da Afghanistan Bank, based on strategic planning for the banking and financial sector and considering resources, canceled the existing restrictions on the salaries of government and non-government employees, and therefore all banks must pay out the entire salaries of government and non-government employees based on their demands without any delay,” the spokesman said.

    The fall of the former government has come with severe challenges to the country’s banking system.

    The decision has led to a spurt in the withdrawals and communication late evening suggested that banks were not able to keep up with the demand.

    “People wish to withdraw money because there is uncertainty,” a staff of a humanitarian agency told OWSA. “Common people also need the money for day-to-day expenses, especially with Eid arriving in another couple of weeks.”

    Interestingly, Thursday’s move to allow people to withdraw their money from the banks also coincided with a publicity campaign the central bank undertook to convey to people about the safety of their money in their own bank accounts.

    Business unhappy

    The move was not unexpected. An aid package of US$ 570 million had arrived a week earlier from the World Bank. Afghan officials had then expressed their optimism that the aid would help circulation of money in the markets.

    The current Taliban-led Afghan government is not recognised by most governments across the world, with the UN system remaining the most important link for aid – humanitarian assistance and funding, alike.

    However, the central bank’s decision to allow only salaried people to withdraw their money has caused resentment among businessmen. There are still limits on businessmen withdrawing of money from their bank accounts, especially because business cannot invest money on exports and imports.

     

    Image: Grab from Da Afghanistan Bank promotion video 

    - Advertisement -

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest news

    Global Wealth Plummets: Economic Catastrophe Looms with Rising Temperatures, Australian Study Warns

    The study highlights that the economic damage will not be evenly distributed. Developing nations, often located in regions more vulnerable to extreme weather events, will bear the brunt of the impact.

    In Lok Sabha: Early Warning Systems to Mitigate Glacial Lake Outburst Floods

    The Indian government has taken significant steps toward disaster risk reduction, aligning with Prime Minister Narendra Modi’s ten-point agenda on DRR.

    Where the Land Meets the Sea: Mangroves as Guardians of Life and Livelihoods

    The establishment of a Mangrove Co-Management Committee brought together villagers, local governance bodies, and women’s Self-Help Groups (SHGs) to spearhead conservation efforts.

    Pakistan Begins Mass Repatriation of Afghan Refugees Amidst International Backlash

    The coming weeks will determine how the repatriation unfolds and whether diplomatic efforts can alter the course of what many fear could become one of the largest forced migrations in recent history.
    - Advertisement -

    World Bank: $300 Million IDA Loan for Pakistan Clean Air Programme

    The programme would also develop an integrated pollutant and a greenhouse gas (GHG) emissions inventory system to provide a comprehensive approach to tracking and managing emissions data.

    Russia’s Strategic Ceasefire Negotiations: The Battle Beyond the Battlefield

    While US Secretary of State Marco Rubio heads to Brussels for high-stakes NATO talks, former President Donald Trump’s recent remarks suggest a shift in American policy toward Russia’s reluctance to agree to a ceasefire.

    Must read

    Global Wealth Plummets: Economic Catastrophe Looms with Rising Temperatures, Australian Study Warns

    The study highlights that the economic damage will not be evenly distributed. Developing nations, often located in regions more vulnerable to extreme weather events, will bear the brunt of the impact.

    In Lok Sabha: Early Warning Systems to Mitigate Glacial Lake Outburst Floods

    The Indian government has taken significant steps toward disaster risk reduction, aligning with Prime Minister Narendra Modi’s ten-point agenda on DRR.
    - Advertisement -

    More from the sectionRELATED
    Recommended to you