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Afghanistan central bank raises limit on bank withdrawals to $400 a week -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A man riding a bicycle in front of Bank of Afghanistan, Kabul (Afghanistan), October 8, 2021. REUTERS/Jorge Silva/File photo

KABUL, Reuters – Afghanistan’s central banking has relaxed restrictions on bank withdrawals. The maximum amount of $400 per week is now available from dollars-denominated accounts, or 30,000 afghanis per week, up from $200 and 20,000 respectively, according to the bank on Wednesday.

The new monthly withdrawal limits of $1,200 and 100,000 Afghani are being implemented amid economic turmoil that has seen millions of Afghans go without work or face hunger.

Due to the tight limits placed on withdrawals to avoid a bank run, even people with savings struggle to cover food and household expenses.

After the defeat of the Taliban against the Western-backed government, Afghanistan has had its foreign reserves reduced. The new administration is now restricted in their financial maneuverability.

The country’s central bank has a total of $9.5 billion remaining untapped. International support for the former government is now dwindling.

According to the Taliban government, foreign currency cannot be used for purchases like buying a vehicle or house.

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