Afghan Minister Urges U.S. to Release $7 Billion in Frozen Central Bank Assets

Nouruddin Azzizi, the acting head of Afghanistan’s Ministry of Industry and Commerce, has called on the United States to return $7 billion in frozen assets of the Central Bank. He emphasized that the release of these funds is essential for the country’s economic development.

Call for the Return of Afghanistan’s Frozen Assets

Nouruddin Azzizi, the acting Minister of Industry and Commerce, made this appeal during a conference in Kabul, urging the United States to transfer the $7 billion in frozen assets of the Afghan Central Bank back to the financial institution. He stressed that unlocking these funds is crucial for improving the economic situation and encouraging investment in the country.

This meeting was supported by the country’s banking union and aimed at strengthening monetary services and enhancing coordination between the private sector and the government. Azzizi advocated for these assets to be transferred directly to the Central Bank.

Status of the Assets and Legal Challenges

Following the events of August 2021, the United States has blocked nearly $7 billion of Afghanistan’s foreign currency reserves. Although U.S. courts ruled that confiscating these funds for the benefit of the plaintiffs of the September 11 attacks is illegal, the money remains inaccessible.

Currently, $3.5 billion is on hold at the Federal Reserve Bank of New York, while another $3.5 billion has been moved to a trust fund in Switzerland; however, no payments from this amount have been made to address the economic crisis.

Urgent Need for Humanitarian Aid

The continued freezing of these assets occurs amidst reports from UNICEF indicating that about 22 million people in Afghanistan are in urgent need of humanitarian assistance. This situation exacerbates the tensions and difficulties faced by the Afghan population.