Kabul Bank, which accounted for more than a third of Afghanistan's banking assets before it was seized by the authorities two years ago, was a billion-dollar fraud for the benefit of a few well-connected Afghans, says a report "Its failure and subsequent bailout represents approximately 5-6 per cent of Afghanistan's gross domestic product, making Kabul Bank one of the largest banking failures in the world," stated Wednesday's report, funded by foreign donors, from the Independent Joint Anti-Corruption Monitoring and Evaluation Committee. "Every citizen in Afghanistan will bear the cost of the hundreds of millions of dollars required to secure deposits and the tens of millions of dollars required to deal with the aftermath," it said.
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