US Allows Personal Money Transfers to Afghanistan
[Asia Economy Reporter Yujin Cho] Major foreign media reported on the 2nd (local time) that the U.S. Department of the Treasury has notified financial institutions that it will allow personal remittances to Afghanistan.
This policy applies not only to remittance payment specialists but also to banks and other financial institutions. This decision is expected to provide relief to the Afghan economy, which was on the brink of collapse after overseas aid was cut off following the Islamic militant group Taliban's takeover.
The Afghan economy has relied on remittances sent by migrant workers of Afghan origin who earn money abroad and send it back to their home country.
According to the World Bank, the volume of remittances to Afghanistan last year was $789 million (approximately 912.87 billion KRW), exceeding 4% of the country's gross domestic product (GDP).
Remittance payment specialist Western Union announced that it will resume remittance services in accordance with the Treasury Department's guidelines.
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However, financial experts said that despite the Treasury Department's guidelines, sanctions against the Taliban are ongoing, so financial institutions may be reluctant to process personal remittances.
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