ACCI, private sector call for frozen assets to be released

Afghanistan Chamber of Commerce and Investment (ACCI), other chambers and the private sector have called on the United States and the international community to release the country’s frozen assets in order for businesses to return to normal.

The US froze nearly $9.5 billion in assets belonging to the Afghan central bank and stopped shipments of cash to the nation on August 18 – pushing the country to the brink of an economic collapse.

According to the ACCI at least $3 billion of this total belongs to the private sector.

The private sector has meanwhile warned that Afghanistan could face an economic collapse and a humanitarian crisis if money is not released soon.

“All accounts of our traders have been blocked and they can’t send money,” said Younas Mohmand, deputy head of the ACCI.

The Federation of Afghanistan Chambers said no banks in Afghanistan can transfer money internationally, which has led to a crisis.

“Whatever conditions they (the US) have regarding the frozen money, we are ready to provide documentation and prove that the money belongs to our members,” said Khan Jan Alokozay, deputy head of the federation.

Officials from the Chamber of Mines and Industries meanwhile said that they are experiencing serious problems in terms of sending money out of the country.

“Based on international principles, governments come and go, but civilian’s money should not be frozen. Our message to the world is that a crisis is heading for Afghanistan. Winter is coming,” said Sherbaz Kaminzada, head of the chamber.
On the other hand, the Money Exchangers Association and private banks said there has been a serious downturn in the economy following the freezing of Afghanistan’s money.

“Afghanistan’s money is frozen everywhere; it should be released as soon as possible,” said Khan Mohammad Sarfaraz, a member of Sarai Shahzada Money Exchangers Association.

Economic analysts meanwhile warned that Afghanistan could face a human catastrophe if the assets are not released.