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WASHINGTON—The Biden administration stated Wednesday that it will switch billions of {dollars} of Afghanistan’s frozen belongings to a fund in Switzerland, successfully shelving talks on recapitalizing the central financial institution beneath Taliban rule.
About $7 billion in Afghan central financial institution belongings are frozen within the U.S., and beneath the plan half the sum can be transferred to the Financial institution for Worldwide Settlements for safekeeping. A board can be accountable for approving restricted transactions to assist the nation’s financial system, corresponding to paying arrears owed to worldwide establishments to permit assist flows to proceed, the administration stated.
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