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Textile merchants in crisis as banking services get disrupted in Afghanistan

Textile merchants in crisis as banking services get disrupted in Afghanistan

The disruption of banking services in Afghanistan post the August 15 coup by Taliban has put textile merchants in crisis. Receivables of over Rs 250 crore are stuck after the Afghan Central Bank imposed curbs on international transfers. 

The crisis has deepened after the IMF and major aid donors too have snapped dollar flows. The local currency Afghani has fallen to record lows, leading to high inflation. The Taliban administration which calls itself the ‘Islamic Emirate of Afghanistan’ has put cash withdrawal limits at local banks and banned dollar transfers outside the country in a bid to conserve dollars. Watch more on the unfolding crisis.