The Central Bank of Afghanistan has cancelled the operating license of the only Iranian Bank which was operating in Afghanistan.

The Arian Bank started its operations under a joint venture between Bank Melli of Afghanistan Iran’s Sedarat Bank in 2004.

However, officials in Central Bank of Afghanistan have said that the operating license of Arian Bank was cancelled since the bank was not respecting the laws and regulations of the government.

The Central Bank officials are saying that Arian Bank was operating in defiance to the orders and instructions of the Central Bank of Afghanistan besides having no contribution to the economic development of the country.

This comes as the Central Bank of Afghanistan cancelled the operating license of Pakistan’s Habib Bank Limited late in the month of March.

The Central Bank officials described violations committed by Habib Bank Limited and lack of contribution to economic development of the country as main factors which led to the cancellation of the operating license of the bank.