Accessibility links

Breaking News

Afghan Central Bank Takes Control Of Kabul Bank


People walk past Kabul Bank branch in Kabul
Afghanistan's central bank has reportedly stepped in to take control of the troubled Kabul Bank.

Reuters quotes Central Bank Governor Abdul Qadir Fitrat as saying that the move comes after suspected irregularities raised concerns over the bank, which is Afghanistan's largest private-owned financial institution.

Fitrat said that investigations had also been started into the dealings of the bank's top two directors and shareholders, who were told to resign, and a brother of Afghanistan's First Vice President, Mohammad Qasim Fahim.

Kabul Bank had more than 1 million customers and handled salary payments for many state-sector jobs before reports emerged recently of financial malfeasance.

compiled from Reuters and RFE/RL reports