UN warns of 'colossal' collapse of Afghan banking system
Published: Nov 23, 2021 2:32 AM | Updated: Nov 23, 2021 2:38 AM
The United Nations on Monday pushed for urgent action to prop up Afghanistan's banks, warning that a spike in people unable to repay loans, lower deposits and a cash liquidity crunch could cause the financial system to collapse within months.
In a three-page report on Afghanistan's banking and financial system seen by Reuters, the UN Development Programme (UNDP) said the economic cost of a banking system collapse - and consequent negative social impact - "would be colossal."
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