Central Bank of Afghanistan Cancels Habib Bank of Pakistan’s License

Central Bank of Afghanistan has announced that it has canceled the license of the branch of Pakistani Habib bank in Afghanistan.

The Central Bank spokesman Emal Hashoor told Reporterly on Monday that, in the last high council meeting of central bank of Afghanistan, the decision was made to cancel the license of this bank due to the bank’s failure to comply with the Central Bank regulations and the poor role of Habib Bank branch in growth and investment through public money.

“In the past, Central Bank of Afghanistan consistently advised, warned and even fined Habib Bank, and we asked the attention of Habib Bank branch regarding the regulations,” Emal Hashoor added.

He elaborated that Habib Bank had been continuously urged to convert its capital into Afghani currency, which was not converted to Afghani until the last day which led to the decision being made about canceling the bank’s license.

According to a spokesman of the Central Bank of Afghanistan, in 2017 and 2018, for investment in Afghanistan via the channel of credit, Habib Bank did not provide any aid for traders.

In response to what will happen to customers due to cancellation of the bank’s license, he said that this bank does not have a lot of customers, but the central bank gave a three-month period to the bank to implement the clearance plan of its customers.

The Habib branch of the Pakistan Bank was established in 2004 in Afghanistan.

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