The Taliban’s takeover of Afghanistan is raising new fears for financial experts closely watching the country’s already fragile cash-based economy.
The Afghan currency, the Afghani, has fallen to record lows, according to Bloomberg. The Afghan United Bank, which had been publishing regular Afghani exchange rates on Facebook, stopped doing so on Thursday. A day earlier, Ajmal Ahmady, the acting governor of the central bank of Afghanistan, tweeted that he had fled the country.
All of that came after a rush on local cash withdrawals was reported and Western Union announced that it was suspending money transfer services to Afghanistan “until further notice.” Western Union spokesperson Rachel Rogala referred to the company’s tweet, declining further comment. MoneyGram also appears to have halted its services, and it didn’t respond to a request for comment.