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Afghan banks required to establish links with US banks soon

in Afghan Business

Afghan banks required to establish links with US banks soon

delawariThe Afghan financial institutions are urged to establish links with a US bank to allow for an interrupted dollar transfer.

This comes as the German Commerce Bank has announced to close its dollar accounts with Afghanistan within two months, if the Afghan banks do not establish links with a US bank within two months.

Afghanistan’s Central Bank Governor, Noorullah Dilawari, said of the 7 banks in Afghanistan only 3 are registered with a US bank.

Facilitating Afghanistan’s banking transactions in the last 11 years, German Commerce Bank has decided to close down all its internal dollar accounts with Afghanistan.

One of the reasons cited for this decision is the lack of programs preventing money laundering in Afghanistan.

The Commerce Bank–the biggest dealing mediator between Afghanistan and Pakistan–said lack of professional capacity in Afghanistan’s banks has resulted in this decision accompanied by pressure from American dealers who want every bank dealing to be cleared in the US.

Many analysts find this decision alarming to the banking situation of Afghanistan and are concerned about its negative impacts on the country’s economy.

They have called on the Commerce Bank to disclose all motives of this problem.

“We need to know the motives behind this decision. They have been working with us for years and now this abrupt decision that has put us under intense pressure,” said Azarakhsh Hafezi, Head of international relations of Chambers of Commerce and Industries.

Afghanistan has to convince other credible banks to work with them.

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