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Cyprus banks re-open; cash withdrawals capped at $383

Last Updated: Thursday, March 28, 2013 - 13:06

Zeebiz Bureau

New Delhi: Banks in Cyprus are likely to open for the first time in more than a week on Thursday, as per news reports.

However temporary measures that will be in place for four days will be placed on transactions to prevent people from draining their accounts.

Among the capital controls, cash withdrawals will be limited to 300 euros (USD 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 that was released late Thursday.

Restructuring the Cypriot banks has been one of the main demands of the EU, which regards the island's banking sector as "too big" compared to its economic output.

Cyprus' increasing significance as a tax haven and hub for money laundering also has been a concern for its EU partners.

With Agency Inputs

First Published: Thursday, March 28, 2013 - 09:01
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