Afghan Central Bank doubles cap on weekly withdrawals

KABUL, Afghanistan (AP) — Afghanistan’s Central Bank has doubled the cap on weekly bank withdrawals to the equivalent of $400. Wednesday’s announcement came a day after the Taliban banned all foreign currency transactions. The back-to-back decisions appeared aimed at trying to slow the continued deterioration of the Afghan economy. The Taliban warned that violators of the foreign currency ban would be prosecuted. Some suggested the ban would be counterproductive. Much of Afghanistan’s economy revolves around foreign trade, foreign aid and remittances from abroad. The local currency, the afghani, has depreciated since the Taliban takeover of Afghanistan in August.