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Afghanistan’s financial system on brink of collapse

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The UN has warned that Afghanistan’s financial system could collapse within months

The United Nations says bank deposits are evaporating, and new lending with Afghanistan has dried up.

They note there has been a spike in people unable to repay current loans – and together with lower deposits and a cash liquidity crunch, it could cause the financial system to collapse within months.

Most foreign development support came to an abrupt end when the Taliban seized power in August.

This sent the nation’s economy into a free-fall, which is putting a severe strain on the banking system.

It recently put weekly withdrawal limits on Afghan citizens to stop a run on deposits.

The UN’s Development Program warns that if the nation’s banking system fails, it could take decades to rebuild.

The regime’s Acting Information Minister says it is trying to get access to assets that are frozen by the United States.

Finding a way to avert a collapse is complicated by international and unilateral sanctions on Taliban leaders.

The United States is working with the United Nations, UNDP and other international institutions and countries “to find ways to offer liquidity, to infuse, to see to it that the people of Afghanistan can take advantage of international support in ways that don’t flow into the coffers of the Taliban,” said State Department spokesman Ned Price.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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News

Snap elections shake Macron’s government

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What lies ahead for the French government?

Euro Bloch is a comprehensive program designed to highlight the breadth of topics and issues within the EU political landscape. It offers insightful analysis within the evolving framework of relations between the European Union and Australia/Asia-Pacific region.

Hosted by Ticker EU correspondent, Natanael Bloch.

In this episode, Natanael sits down with Ahron Young to discuss the latest developments following the recent French snap elections. #euro bloch #trending

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Money

Investors worldwide grow increasingly optimistic about Trump winning the election

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Investors are increasingly optimistic about Donald Trump’s potential re-election, prompting a resurgence in the so-called ‘Trump trade’.

Market participants are closely monitoring Trump’s political strategies and public sentiment, influencing their investment decisions.

Kyle Rodda from Captial.com joins to discuss all the latest.

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Money

Netflix expands use of ads despite slow subscriber growth

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Netflix is intensifying its efforts to introduce an ad-supported tier amidst a plateau in subscriber growth.

The streaming giant hopes to attract new users and boost revenue by offering a cheaper alternative that includes advertisements.

This move marks a significant shift from its traditional ad-free model, reflecting Netflix’s response to competitive pressures and evolving consumer preferences.

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