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Afghan Govt Bailing Out Bank After Stupid Property Loans

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Yahoo News

KABUL, Afghanistan – Larger than usual crowds gathered to withdraw funds from Afghanistan's largest bank Thursday, but there was little sign that questions surrounding its viability had sparked a major panic.

After the bank's two top executives resigned amid allegations of mismanagement and unorthodox real estate loans, nervous customers flocked to the bank on Wednesday to withdraw their money. But on Thursday, the crowd at Kabul Bank's main branch in the center of the Afghan capital was only somewhat larger than usual.

Afghan television stations broadcast remarks Wednesday night from the central bank governor, Abdul Qadir Fitrat, who insisted that Kabul Bank was solvent and had enough liquidity to meet demands. On Thursday, the Afghanistan Banks Association issued a statement of support for the bank, and Afghan Finance Minister Omar Zakhilwal sought to reassure customers that their deposits were safe.

"We are 100 percent sure that Kabul Bank is safe," Zakhilwal said. "I, as finance minister, am giving you my guarantee that your money is safe — if it's one Afghani, one dollar, one euro, up to millions. ... Kabul Bank is not in danger.

Splendid - great to see that all those lives and billions of dollars are having an effect and that the locals are now adopting Western norms.

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"Kabul Bank has no liquidity problems. Right now the Kabul Bank is functioning all over the country. Kabul Bank will never have liquidity problems in the future, inshallah (God willing),” said Abdul Qadir Fitrat, the head of the central bank. “The central bank, the government of Afghanistan, is standing behind Kabul Bank and will never allow it to collapse,” he added.

Printy printy.

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  • 415 Brexit, House prices and Summer 2020

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