English | دری

German Commerce Bank to close dollar accounts with Afghanistan

in Afghan Business

German Commerce Bank to close dollar accounts with Afghanistan

US dollarFacilitating 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.



Related Articles

Afghan government launches public financial management reform plan

President Mohammad Ashraf Ghani officially launched the five-year ‘Public Financial Management Reform Plan” in Arg on Saturday. The plan is

Finance Minister reveals MPs involved in smuggling

Afghan finance minister on Monday revealed the names of lawmakers that he claims are involved in smuggling and other illegal

Salma Dam renamed as “Afghan-India Friendship Dam”

The Government of Afghanistan has renamed the Salma Dam as “Afghan-India friendship dam” to honor the contribution India has had

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.