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Executives blamed for banks' failure

Executives blamed for banks' failure

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On
Mar 15, 2011 - 18:44

KABULinfo-icon(PANinfo-icon): Problems in the country's banking system are the result of poor staffing and negligence on the part of executives, an official said on Tuesday.

Da Afghanistaninfo-icon Bank, the central bank, has been unable to address problems facing private banks, trade and industries minister, Anwarulhaq Ahadi, told reporters in Kabul.

“Low capacity and irresponsible bank executives put banks on the verge of bankruptcy,” he said, adding the central bank was also faced with the same situation and was unable to monitor affairs at private banks.

"New laws must be introduced so banks do not lose the people's trust,” the minister said. The central bank is responsible to ensure people's trust and monitor private banks, Ahadi said, adding Afghanistan's banking system was young and so reforms were possible.

Gul Maqsud Sabit, chief executive of the private Pashtany Bank linked failure of banks to misuse of assets by their executives. Banks and traders had a significant role in the development of the country‘s economy, he told reporters.

am/ma/cas

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