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.
How to make your money work for you over the next decade
With high interest rates, persistent inflation, and a tight labor market—the next decade is expected to be very different from the last 10 years.
Companies and households around the world are still trying to get back to pre-pandemic economic outputs and lifestyles.
So, how can people successfully invest and better manage their personal finances?
James Faris, an Investing Reporter with Insider joins Veronica Dudo to discuss. #InAmericaToday #featured #money #finance #economy #investing
Parents buying houses for their adult children
Rise in parents purchasing homes for adult children sparks concerns
A growing trend of parents buying houses for their adult children is causing a stir, raising questions about the potential downsides of such arrangements. While the gesture may seem benevolent, experts warn of the pitfalls associated with this practice.
Financial advisors express concerns about the impact on both generations’ financial independence. By providing ready-made homes, parents might inadvertently hinder their children’s ability to learn crucial financial lessons, such as budgeting, mortgage management, and property ownership responsibilities.
The trend also sparks debates on the long-term implications for the housing market. Critics argue that such parental interventions can distort property prices and exacerbate existing affordability challenges, particularly for younger individuals aspiring to enter the property market independently.
There’s a call for a broader societal discussion on the balance between parental support and fostering financial autonomy. While the intention is often rooted in care, the unintended consequences of sheltering adult children from financial realities are prompting a reassessment of this well-meaning practice.
Victoria’s Secret criticized for trans woman’s apology
Victoria’s Secret is facing backlash after issuing an apology to a transgender woman who had a negative experience while trying on bras at one of their stores.
The incident has ignited a debate about inclusivity and sensitivity in the fashion industry.
The controversy began when the trans woman, who remains anonymous, visited a Victoria’s Secret store to shop for bras. She reported feeling uncomfortable and discriminated against by store staff.
In response to her complaint, Victoria’s Secret issued an apology, acknowledging the incident and expressing their commitment to diversity and inclusion.
However, the apology itself has come under fire from both supporters and critics.
Some argue that the brand’s apology is insincere and merely an attempt to save face, while others believe it is a step in the right direction towards a more inclusive shopping experience for all customers.
The incident raises important questions about how brands should handle situations involving discrimination and whether their apologies are genuine or performative.
It also highlights the ongoing challenges faced by transgender individuals when accessing spaces traditionally designed for cisgender customers.
As the fashion industry continues to evolve, many are calling for a deeper examination of inclusivity and sensitivity, not just in policies but in practice.
US judge blocks Montana’s TikTok ban
Tech giants drive global mega-cap surge amid inflation relief
Transforming Diversity with Impactful Passion
Crypto.com accidentally transfers $10.5m to woman instead of $100
What is happening between SHIB and Vitalik? | TICKER VIEWS
Russia has cancelled itself. But the world should beware of poking the Russian bear￼
Tech6 days ago
Teens allegedly exploited by Meta’s designed products
Tech6 days ago
Elon Musk’s warning about OpenAi drama
News6 days ago
Meghan Markle names Royals in skin colour controversy
Shows5 days ago
Why Australia needs to take ASEAN seriously
Money5 days ago
Bill Gates’ journey to owning vast heartland farmland
News5 days ago
Mark Zuckerberg’s unique daily routine and diet
Tech6 days ago
NVIDIA faces lawsuit for trade secret theft
Tech6 days ago
Meta’s knowledge of underage users called an ‘open secret’