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The Wall Street Journal

U.S. to Switch Afghan Funds to Swiss Financial institution for Safekeeping

WASHINGTON—The Biden administration stated Wednesday that it could switch billions of {dollars} of Afghanistan’s frozen property to a fund in Switzerland, successfully shelving talks on recapitalizing the central financial institution beneath Taliban rule.

About $7 billion in Afghan central financial institution property are frozen within the U.S., and beneath the plan half the sum will likely be transferred to the Financial institution for Worldwide Settlements for safekeeping. A board will likely be chargeable for approving restricted transactions to help the nation’s economic system, resembling paying arrears owed to worldwide establishments to permit assist flows to proceed, the administration stated.

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