U.S. to Transfer Afghan Funds to Swiss Bank for Safekeeping

The Biden administration hopes availability of the funds for such critical foreign currency payments can help ease the economic suffering of the Afghan population and potentially provide a channel to unlock and protect other central bank reserves now frozen outside the country, the administration said.

“The fund’s effectiveness will depend a lot on its governance and mandate while operating in a very high-risk environment,” said Alex Zerden, a former U.S. Treasury attaché in Afghanistan now at the Center for a New American Security, a nonpartisan think tank in Washington.

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