Board Meeting on Afghan Reserves Transferred to Swiss Trust Fund to Be Held Soon

The US Special Representative for Afghanistan stated that the first board meeting of the Swiss-based trust fund, to which the frozen Afghan assets were previously transferred, will take place within the next month.

Thomas West, the US special representative for Afghanistan, said in a virtual meeting on Friday, October 21, that the board members of the Afghanistan trust fund will make key and big decisions in the upcoming month.

Two representatives each from the US and Switzerland, as well as two representatives from Afghanistan, will be present in the board meeting, according to West.

A second board made up of experienced and well-informed Afghan experts will be formed, West added, in addition to the members of the board.

The US Department of Treasury announced on September 14 that it will transfer $3.5 billion in frozen Afghan assets to a monetary Swiss-based trust fund so that fund could be used to support and develop the Afghan economy.

The Central Bank of Afghanistan (Da Afghanistan Bank), which is under the control of the Taliban regime, will not have access to this money, according to US statements.

The new Afghan fund, based in Geneva, Switzerland, will be in charge of all central bank transactions and activities, including the payment of Afghanistan’s international debts, payments for imported electricity, and future needs such as printing money.

Anwar ul-Haq Ahady, a former head of the Central Bank and Minister of Finance of Afghanistan, and Shah Mohammad Mehrabi, a member of the Supreme Council of the Central Bank of Afghanistan and a professor at a US university, will be in charge of overseeing the formation of this money fund, according to reports from Reuters, citing American officials.

The Taliban Central Bank, however, reacted to the transfer in a statement in which it demanded that all limitations on Afghanistan’s foreign reserves be lifted.

It stated: “Da Afghanistan Bank considers any decision regarding the allocation, use, or transfer of these reserves to achieve unrelated goals unacceptable and demands reconsideration.”

The post Board Meeting on Afghan Reserves Transferred to Swiss Trust Fund to Be Held Soon appeared first on The Khaama Press News Agency.

Source: The Khaama Press News Agency

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