Cyprus Banks: Customers Face Transaction Limits

Cyprus Banks: Customers Face Transaction Limits

Nicos Anastasiades said the island will introduce some limits on transactions to prevent an outflow of money when its banks reopen – due on Thursday – but the measures will be “very temporary”.

Banks have been closed since March 16 to avert a run on deposits as the country’s politicians struggled to come up with a plan that would raise enough funds to qualify for an international bailout.

In a televised address to the country, the president said: “The central bank will implement capital controls on transactions. I want to assure you that this will be a very temporary measure that will gradually be relaxed”.

He did not specify what limitations would be imposed on transactions.

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