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IMF Confirms ACB Progress In Financial Stability

Afghanistan Central Bank’s (ACB) officials on Sunday said the International Monetary Fund (IMF), in its recent assessment, was satisfied with ACB efforts to ensure the integrity of the country’s financial systems.

This includes preserving financial stability, implementing reforms in financial sector, improving banking system, fighting corruption and money laundering and creating employment opportunities. 

ACB director Khalil Sediq said the IMF while assessing economic growth and the banking system, found the ACB activities to be beneficial to the country 

According to Sediq, over 100 people have been arrested on charges of money laundering and financing terrorism. The ACB will accelerate its efforts and monitor private banks to prevent money laundering. 

“We will increase pressure on banks to implement all the set standards to prevent money laundering. We also will hold accountable those involved in money transactions and ensure that no one can launder money through them,” said Sediq. 

Based on the information provided by the finance ministry, in the second phase of the evaluation conducted by the IMF executive board on the improvement of the banking system in Afghanistan, the board was satisfied with the efforts carried out by the Afghan government. 

According to the finance ministry, having IMF support is vital for improving banking systems and other financial plans in the country. 

“The IMF has assessed government activities in various parts especially in financial stability, fighting corruption, strengthening banking and employment and the result was positive,” Finance Ministry spokesman, Ajmal Abdul Rahimzai, said. 

Based on the commitments of the Afghan government to IMF, if the government brought significant reforms in the economic sector, the IMF will provide yearly aid packages of up to $200 million USD to the government until 2018 and do so under the framework of Afghanistan Reconstruction Trust Fund. 

IMF Confirms ACB Progress In Financial Stability

Central Bank officials say the IMF was satisfied with its efforts in improving financial systems and fighting money laundering in Afghanistan. 

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Afghanistan Central Bank’s (ACB) officials on Sunday said the International Monetary Fund (IMF), in its recent assessment, was satisfied with ACB efforts to ensure the integrity of the country’s financial systems.

This includes preserving financial stability, implementing reforms in financial sector, improving banking system, fighting corruption and money laundering and creating employment opportunities. 

ACB director Khalil Sediq said the IMF while assessing economic growth and the banking system, found the ACB activities to be beneficial to the country 

According to Sediq, over 100 people have been arrested on charges of money laundering and financing terrorism. The ACB will accelerate its efforts and monitor private banks to prevent money laundering. 

“We will increase pressure on banks to implement all the set standards to prevent money laundering. We also will hold accountable those involved in money transactions and ensure that no one can launder money through them,” said Sediq. 

Based on the information provided by the finance ministry, in the second phase of the evaluation conducted by the IMF executive board on the improvement of the banking system in Afghanistan, the board was satisfied with the efforts carried out by the Afghan government. 

According to the finance ministry, having IMF support is vital for improving banking systems and other financial plans in the country. 

“The IMF has assessed government activities in various parts especially in financial stability, fighting corruption, strengthening banking and employment and the result was positive,” Finance Ministry spokesman, Ajmal Abdul Rahimzai, said. 

Based on the commitments of the Afghan government to IMF, if the government brought significant reforms in the economic sector, the IMF will provide yearly aid packages of up to $200 million USD to the government until 2018 and do so under the framework of Afghanistan Reconstruction Trust Fund. 

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