ugc_banner

Western Union is restarting money transfer services to Afghanistan

AFP
KABULUpdated: Sep 02, 2021, 08:46 PM IST
main img
March 16, 2022: The central bank raised interest rates for the first time since 2018 to the 0.25-0.50 percent range. April 6, 2022: The minutes from the Fed's March policy meeting are released, showing that many participants see one or more 50-basis point rate hikes as necessary if inflation pressure continues. April 29, 2022: The Fed's preferred inflation gauge, the personal consumption expenditures price index, rises 6.6 percent year-on-year and 0.9 percent month-on-month in March, both faster paces than the month prior. Photograph:(AFP)

Story highlights

Remittances from Afghans living abroad are crucial for the impoverished country's economy and amounted to almost $789 billion last year, according to the World Bank.

Western Union announced on Thursday that it would resume its money transfer service to Afghanistan as the Taliban deal with enormous economic hurdles following their takeover last month.

"Western Union is pleased to share that it is resuming its money transfer services into Afghanistan, starting September 2, so that our customers can once again send money and support their loved ones at this time," a spokesperson said.

"We understand the urgent needs of our customers and their families and are committed to supporting them," the spokesperson said, adding that Western Union would waive transfer fees from September 3 through 17.

Remittances from Afghans living abroad are crucial for the impoverished country's economy and amounted to almost $789 billion last year, according to the World Bank.

The Washington-based development bank last week announced it would suspend aid to Afghanistan, saying it was "deeply concerned about the situation in Afghanistan and the impact on the country's development prospects, especially for women."

The IMF announced shortly after the Taliban's takeover that it would suspend its assistance to the country, citing uncertainty surrounding its leadership.