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Exclusive-U.N. warns of ‘colossal’ collapse of Afghan banking system

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Reuters

By Michelle Nichols UNITED NATIONS (Reuters) – 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 U.N. Development Programme (UNDP) said the economic cost of a banking system collapse – and consequent negative social impact – “would be colossal.” An abrupt withdrawal of most foreign development support after the Tali…

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