HRF’s Weekly Financial Freedom Report #53

Tunisia | Turns to Central Bank to Repay Debts

In a clear display of financial manipulation, President Kais Saied is once again turning to the central bank to repay Tunisia’s surging debt. He plans to borrow 7 billion dinars ($2.2 billion), equal to about 28% of the central bank’s foreign currency reserves. This move could increase inflation in an already struggling economy where unemployment exceeds 16%, supermarket shelves run empty, and water shortages threaten families’ livelihoods. Saied’s unrelenting consolidation of power — including shutting down parliament, arresting opposition leaders, and controlling the judiciary — has stalled any meaningful way for people to push back and protest the disastrous state-led economic policies.

India | RBI Pushes Banks to Re-KYC Customers

The Reserve Bank of India is urging regional banks to carry out re-KYC (Know-Your-Customer) verifications. Stringent KYC requirements and mandatory periodic updates have caused many citizens to lose access to their bank accounts. Despite repeatedly submitting their personal information to be compliant, numerous account holders continue to be locked out due to delays, errors, and overreaching requirements. Moreover, reports indicate that banks have exploited the KYC process to collect additional data from account holders for third-party marketing.

Kenya | Reinstates Tax Measures that Ignited Nationwide Protests

Kenya’s lawmakers have reinstated controversial tax measures that previously triggered nationwide protests, claiming more than 60 lives. The National Treasury, navigating escalating debts and revenue shortfalls, repackaged the taxes into three bills approved by the National Assembly. These include higher import taxes, a “top-up” tax for multinational companies, and levies on foreign firms operating via digital platforms — all part of Kenya’s “austerity” commitments to the International Monetary Fund (IMF). The reinstatement of these taxes risks reigniting public unrest and inflation, while the growing reliance on the IMF calls into question the autonomy and financial resilience of both the government and ordinary citizens.

Vietnam | Social Media Platforms Censor Anti-State Content

Over the past year, Facebook, Google, and TikTok complied with more than 90% of the Communist Party of Vietnam’s (CPV) requests to censor over 15,000 pieces of “anti-state” content. This censorship aligns with Decree 147, a law passed by the CPV to tighten control over social networks and the Internet. Amnesty International condemned these practices as arbitrary censorship. Adding to the repression, Decree 147 requires organizations to share data with authorities without consent in situations deemed critical to “national security.” Such tactics could easily compromise activists and civil society organizations. In these environments, decentralized protocols like Nostr, which allow communication and expression beyond the reach of the state, can play a vital role in upholding citizens’ right to free expression.

Cuba | Nationwide Blackout Following Grid Collapse

Last week, Cuba’s largest electricity producer failed, plunging the island nation into darkness and leaving millions without power. This exemplifies the fragility of Cuba’s electrical grid in a country already battered by currency collapse and fuel shortages. Over the past year, frequent blackouts — some lasting up to 18 hours — have made it prohibitively difficult for families to feed themselves and access basic necessities. The nationwide outage forced schools to close and halted work for millions of Cubans already struggling with food, water, and medicine shortages. While officials scramble to restore power to hospitals and water facilities, this illustrates the shortfalls of a state assuming absolute control over a critical industry, like electricity, and failing to deliver. Such failures ultimately strip citizens — already mired in crisis — of basic rights and essential services.