Cyprus eases some restrictions on banks: Report

Last Updated: Saturday, March 30, 2013 - 12:14

Zeebiz Bureau

New Delhi: The Central Bank of Cyprus has eased some of the restrictions imposed on banks that reopened on Thursday following an international bailout deal, reports said Saturday.

The BBC has reported that debit and credit cards can be used normally for domestic payments following the ease on transaction.

"Each day, we will measure and look to refine or relax these controls with the overriding goal of safeguarding and stabilising the Cypriot financial system," the BBC quoting central bank statement said.

The banks opened on Thursday with temporary measures that on transactions to prevent people from draining their accounts.

Among the capital controls, cash withdrawals were limited to 300 euros (USD 383) per person each day. No checks was allowed to 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: Saturday, March 30, 2013 - 12:14

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