Afghan govt pledges to develop banking system


The Islamic Emirate announced that it has serious plans to develop the banking system of Afghanistan that would overcome the banking challenges.

The Islamic Emirate made the remarks in reaction to a report issued by the UN Development Program.

The UNDP in report said that 40 percent of the Afghanistan deposit fund would be lost by the end of this year.

“The (banking system) of Afghanistan will not collapse. Our national assets are collected and will overcome (this condition),” said Zabiullah Mujahid, an Islamic Emirate spokesperson.

To overcome the banking crisis in Afghanistan, analysts believe that professional individuals should be appointed to the economic sectors.

“They should bring some Afghan experts in to take charge of the banking situation. It should be clear that the Afghan Central Bank is a money fund, not a politicized area,” said Toreq Farhadi, a political analyst.

Economists said that the World Bank should release some of the Afghan assets which have been frozen by the US Department of Treasury.

“The current restrictions can’t be justified, they must be adjusted. If the United Nations and other countries cannot recognize the Islamic Emirate as a government, then an alternative must be allowed.

The governments at least must allow Afghanistan’s private banks to use the international banking system,” said John Sifton, Asia Advocacy Director, Human Rights Watch.

With the collapse of the former government, the Afghanistan Central Bank faces an overwhelming demand from customers seeking to withdraw their money.— Agencies

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