TribLIVE

| USWorld


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Cypriot banks to reopen after more than week with restrictions on withdrawals

Daily Photo Galleries

By The Associated Press
Wednesday, March 27, 2013, 8:15 p.m.
 

NICOSIA, Cyprus — Banks in Cyprus are to open for the first time in more than a week on Thursday, operating for six hours from noon Cyprus time, but restrictions will be in place on financial transactions to prevent people from draining their accounts.

Among the capital controls, cash withdrawals will be limited to 300 euros ($383) per person each day. No checks will be cashed, although people will be able to deposit them in their accounts, according to a ministerial decree.

The controls will be in place for four days.

Cyprus's banks were closed on March 16 as politicians scrambled to come up with a plan to raise $7.5 billion so the country would qualify for $12.9 billion in much-need bailout loans for its collapsed banking sector. The deal was finally reached in Brussels early Monday and imposes severe losses on deposits of over 100,000 euros in the country's two largest banks, Laiki and Bank of Cyprus.

Since the deal, Cypriot authorities have been rushing to introduce measures to prevent a rush of euros out of the country's banks when they reopen.

Other capital controls include a cap of 5,000 euros on transactions with other countries, provided the customer presents supporting documents. Payments above that amount will need special approval.

Travelers leaving the country won't be able to take with them anything over 1,000 euros in cash — as well as the equivalent sum in foreign currency.

Tuition fees and living expenses of up to 5,000 euros for three months will be permitted for overseas students, but documentation must be provided proving the student's relationship to the dispatcher.

 

 
 


Show commenting policy

Most-Read World

  1. Islamic State got up to $45M in ransom payments
  2. Brits blame web services in soldier’s death
  3. Afghan forces may resume night raids
  4. 5 terror plots foiled, London police say
  5. Teen girls’ suicide bombs rip into Nigerian village marketplace
  6. ‘Hunger Games’ salute leads to arrests
  7. 100 terrorists killed in Kenya retaliation act
  8. Israeli Prime Minister Netanyahu agrees to delay ‘nationality’ bill
  9. Abduction in Mexico to spur police, judicial system changes
  10. Zambia’s interim president sub-Saharan Africa’s only white leader
  11. Smuggling dragnet snares Colombians visiting Venezuela
Subscribe today! Click here for our subscription offers.