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Iranian bank work permit annulled

AT News Report

KABUL: The Central Bank on Sunday confirmed it had revoked the work permit of Arian Bank, the only Iranian financial institution in Afghanistan.

Central Bank officials rejected any political reasons behind the cancelation, saying that Arian Bank failed to meet banking rules and did not play role in Afghanistan’s economic growth.

“Arian Bank has been registered as an Afghan bank, but its shareholders were Iranian nationals. It did not pay loan to any traders or investors inside Afghanistan, thus the Central Bank high council decided to cancel its permit,” AimalAshoor, a spokesman for the central bank said.

He added that any foreign bank who disobeys Afghan banking laws, would lose permit.

Ashoor said that Arian Bank would have no chance to resume activities in Afghanistan. “The bank aimed to play role to resolve economic problems between the two countries, but it didn’t do.”

Arian Bank started activities with an initial investment of 10 million dollars in Afghanistan in 2004, with two branches in Kabul and Herat province.

The Central Bank had earlier revoked work permits of three domestic banks and the Pakistani Habib Bank.

Taj Mohammad Akbar, an economic analyst said that foreign banks need to observe Afghanistan banking laws and help the country’s financial growth.

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