(MENAFN) The single Iranian financial institution operative in Afghanistan will no longer be running with its work permit cancelled by Iran's Central Bank.
Arian Bank was not able to fulfill banking regulations, and failed to have any part in the economic growth of Afghanistan, officials at the Iranian central bank explained.
Spokesman for the central bank Aimal Ashoor stated: "Arian Bank has been registered as an Afghan bank, but its shareholders were Iranian nationals."
"It did not pay loan to any traders or investors inside Afghanistan, thus the Central Bank high council decided to cancel its permit," the spokesman noted.
Ashoor further added that work permits will be revoked for any foreign bank that does not stick with banking rules.