Afghanistan closes the only Iranian bank working on its territory

Afghanistan closes the only Iranian bank working on its territory



Because of US sanctions

05/18/2019 - 21:54

The Afghan government on Saturday canceled the license of the only Iranian bank operating in its territory because of US sanctions.

"The Afghan Central Bank canceled and terminated the license of the Areen Bank, the only Iranian bank operating within Afghan territory," state media said.

Arin Bank, together with the Iranian National Bank of Iran and Iranian Exporters, was established in 2004 under the name of Aryan Independent.

"The bank was canceled because of the fact that the Afghan government did not comply with banking laws and regulations and did not comply with the orders of the Central Bank of Afghanistan," said the spokesman of the Central Bank of Afghanistan, "Emil Heshur," in a press statement.

"On the other hand, the bank had a small share in the maximum economic growth of Afghanistan, so the Supreme Council of the Central Bank decided to revoke his license."

"There was no political motive in this decision. The decision was taken entirely in the light of economic issues, especially the financial sector.

"In the past, three local banks, such as Kabul Bank, Development Bank of Afghanistan and Commercial Bank, have been revoked by the Afghan Central Bank, which was due to non-compliance with the law," he said.

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