Afghanistan’s banking system is close to collapse and the country’s financial industry is in the grip of an existential crisis as customers panic, as informed by Syed Moosa Kaleem Al-Falahi, the Chief Executive of the Islamic Bank of Afghanistan.
According to a BBC report, Syed Moosa Kaleem Al-Falahi stated that there is a huge withdrawal happening at the moment. He speaks from Dubai, as he is temporarily based because of the chaos in Kabul. He informed that only withdrawals are happening and most of the banks are not functioning and not providing full services.
Afghanistan’s economy was already in a bad phase and after the Taliban takeover, the West has frozen international funds, including assets Afghanistan could have accessed with the World Bank and International Monetary Fund (IMF).
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