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UN warns of 'colossal' collapse of Afghan banking system
November 22, 2021

(File Photo)

The United Nations has called for urgent action to prop up Afghanistan's banks and avert the country's financial collapse.

A report on Afghanistan's banking and financial system by the UN Development Programme has warned that a spike in people unable to repay loans, lower deposits and a cash liquidity crunch will not only have a colossal economic cost but also dire social impacts.           

The report proposed that coordination with the International Financial Institutions, with their extensive experience of the Afghan financial system, would be critical to this effect.