HRF’s Weekly Financial Freedom Report #41

Nicaragua | Strips Citizenship and Confiscates Assets of Nicaraguans

As part of its ongoing crackdown on dissent and civil society, Nicaragua’s regime arbitrarily revoked the citizenship of 135 exiled political prisoners and confiscated all their assets. These individuals stand “convicted of criminal acts” against the “sovereignty, independence, and self-determination” of the country, all trumped-up charges frequently used by the regime against political opponents. This follows the Nicaraguan National Assembly’s approval of a new law that empowers the regime to prosecute and confiscate assets from exiles as a punishment for their “crimes” of resisting an oppressive regime. Christian Salazar Volkmann, head of the UN High Commissioner for Human Rights, warns that “these reforms could be used to intensify persecution and repression even more against Nicaraguan people.” As the regime turns to financial confiscation to line its own pockets, exiled Nicaraguans are left unable to return home and forced to rebuild their lives elsewhere. 

Nigeria | Uses Binance Employee as a Scapegoat for Currency Crisis

Nigerian officials are using repression to deflect blame for the collapse of their currency, the naira, by arbitrarily detaining individuals like Binance employee Tigran Gambaryan. The regime has charged Gambaryan and Binance with tax evasion and money laundering, arguing that “Binance is operating virtually. The only thing we have to hold on to is this defendant.” For six months, Gambaryan has been unjustly detained without access to proper medical care, a wheelchair, or legal counsel despite suffering from malaria and a herniated disc. Nigerian officials claim that Binance and digital assets like Bitcoin are responsible for the naira’s decline, arguing that they facilitate capital flight out of the local currency, exacerbating its devaluation. In reality, the naira’s money supply growth of 76.4% in the past year, combined with massive corruption, are the real reasons for currency collapse.

Cuba | Mass Migration in Search of Financial Freedom

Cuba faces a mass exodus as citizens flee authoritarian rule and perpetual economic collapse. Since 2022, the population has declined by 18%, with young workers leading the charge. “We are losing both our population and our young people,” noted Cuban demographic expert Antonio Aja. This “migratory stampede” follows deteriorating living conditions, including power outages up to 18 hours a day (which sparked protests), food shortages, and a five-fold increase in fuel prices, leaving Cubans struggling to make ends meet. The Cuban peso has collapsed in purchasing power, devaluing by more than 90% against the dollar in the past few years. The exodus of youth is more than a demographic shift — it is a devastating loss of potential for Cuba’s future. As citizens rightfully seek stability and opportunities abroad, they leave behind a nation in decline.

Pakistan | Escalates Suppression of Opposition Party

Pakistan faces the highest cost of living in Asia, with 25% inflation driving up prices of essential goods and propelling millions further into poverty. Instead of addressing these challenges, Pakistan’s military-backed regime is cracking down on opposition figures, detaining and charging several lawmakers from former Prime Minister Imran Khan’s party, Pakistan Tehreek-e-Insaf (PTI), and charging them with terrorism for protesting Khan’s imprisonment. Khan, ousted after a fallout with military generals, has been imprisoned since 2022. The current regime, under Shehbaz Sharif, has strengthened military ties and sought IMF bailouts to manage its surmounting debt. Pakistanis continue to be crushed under the weight of an authoritarian regime whose objectives are at odds with citizens’ financial recovery.

Bolivia | Inflation Reaches a Decade-High

Bolivia’s inflation reached 5.19% in August, marking a decade-high and driving up the cost of essential goods like rice, chicken, and tomatoes. “Prices have increased by 70%. Our salaries are no longer enough to go to the market,” Indigenous leader and activist Jorge Cucho said. Protests have erupted over rising costs, fuel scarcity, and US dollar shortages caused by Bolivia’s dwindling foreign reserves. Merchants are forced to buy US dollars at inflated prices from neighboring countries to keep their businesses afloat. “The government doesn’t listen. That’s why we’re in the streets,” Roberto Ríos Ibáñez, head of the Confederation of Merchants, said. Meanwhile, internal conflict between President Luis Arce and former president (and ally) Evo Morales has stalled government action, leaving Bolivians facing an uncertain financial future.