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Kabul Bank Faces Receivership After Imf Visit

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http://www.bbc.co.uk/news/business-12482380

An International Money Fund (IMF) report says Afghanistan's largest private bank, Kabul Bank, should be placed in receivership.

Doing so would help the government's plan to stabilise the country's financial system, the IMF said.

It came at the end of an 11-day visit to Kabul to examine the Afghan economy.

Corruption, bad loans and mismanagement cost Kabul Bank hundreds of millions of dollars. When the scandal broke last year, Afghans sped to withdraw savings.

The IMF team said receivership was "the most appropriate mechanism for successful resolution of the bank".

It also said the government must explain what was being done to deal with the bank and to protect the banking system.

Finally, any illegal behaviour or fraud linked to the bank should be prosecuted, it said.

"This will be followed by a process where the bank will be rapidly sold or wound down and the central bank is recapitalised with government resources as needed," the IMF statement added.

Strange that the IMF isn't calling for similar prosecution of the Western bankers involved in the near collapse of the global financial system. Perhaps the Afghan bankers lack the correct political connections?

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"This will be followed by a process where the bank will be rapidly sold or wound down and the central bank is recapitalised with government resources as needed," the IMF statement added.

So they think they can bail out the system without having to make (all) the crooks whole?

So why could we not have done that in the west?

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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