Tag #Local Currency

What are the immediate economic implications for Afghanistan of its negotiations with Russia and China to conduct trade using local currencies instead of the US dollar?

The Taliban administration is negotiating with Russia and China to use local currencies for trade, aiming to bypass sanctions and the US dollar's dominance. This follows a significant drop in US dollar availability due to aid cuts, impacting Afghanistan's economy. Annual bilateral trade between Afghanistan and Russia is approximately \$300 million, projected to increase substantially.