Afghanistan’s banking system is reportedly nearing collapse. Talking to media the Chief Executive of the Islamic Bank of Afghanistan Syed Moosa Kaleem Al-Falahi has said the country’s financial industry is in the grip of an existential crisis as customers have panicked.
Afghanistan’s banking system near collapse
Only withdrawals are happening and most of the banks are not functioning. Afghanistan’s economy was already on shaky grounds even before the Taliban took control in August.According to the World Bank. It is hugely dependent on foreign aid,about 40% of its gross domestic product (GDP) comes from international aid.
