Afghanistan Crisis: Once again Afghanistan in crisis, UN issues warning regarding banking system… read full news to know

Afghanistan Economy: The United Nations issued an emergency report on Monday, stressing on immediate action to boost Afghanistan’s banks. He warned that the financial system could collapse within a few months due to citizens unable to repay loans, low deposits and cash crunch. According to a Reuters report, in a three-page report on Afghanistan’s banking and financial system, the United Nations Development Program (UNDP) said the economic cost of rebuilding the banking system when it collapses and its negative social impacts. would be very frightening. In Afghanistan, the sudden withdrawal of foreign investment in the face of uncertainty after the Taliban took power in August has pushed the economy there into freefall.

Which put a serious strain on the banking system. That’s why there was a need to set a weekly withdrawal limit to prevent running out of cash. According to the UNDP report, “Afghanistan’s financial and bank payment system is in shambles, the bank-operated problem must be resolved quickly to improve Afghanistan’s limited production capacity and prevent the banking system from collapsing.” At the same time, Abdullah-al-Dardari, the head of UNDP in Afghanistan, told news agency Reuters, "We need to find a way to make sure that if we support the banking sector, we are not supporting the Taliban. He added, “Afghanistan’s banking system was weak even before the Taliban came to power, but since the foreign financial aid it received has ended, the United Nations and other aid groups struggle to bring enough cash to the country. are.”

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