Afghanistan adopts new law on currency exchange, financial services
Afghanistan has adopted a new law on currency exchange and financial services, requiring Afghan exchanges to operate only with new licenses, the country's central bank has said.
Kabul: Afghanistan has adopted a new law on currency exchange and financial services, requiring Afghan exchanges to operate only with new licenses, the country’s central bank has said.
“Under the new law, no one has the right to provide paid services in this area without a new license,” Afghan central bank spokesman Hasibullah Noori was quoted as saying by the Tolo News broadcaster on Saturday.
For many decades, Afghan financial and trading market Sarai Shahzada in Kabul has been the main hub for currency exchange in the country, housing numerous large and small exchange offices.
These facilities conducted currency exchanges as well as remittances via Hawala, an informal funds transfer system, with many small businesses operating without official licenses.
After the Taliban movement came to power in Afghanistan, exchange activities were stopped due to the freezing of the central bank’s assets by the United States and its allies. However, these operations were later resumed.
