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People crowd the entrance of a branch of the Bank of Cyprus in Nicosia, Cyprus, shortly after it opened its dors on 28 March 2013. Photo by EPA/BGNES
The unprecedented capital control measures, which crisis-hit Cyprus introduced, may not be as temporary as the ministry of finance claims, economists have warned.
Many economists predict the controls could be in place for months, according to BBC.
The unprecedented restrictions represent a profound breach of an important principle of the European Union, says the BBC's economics correspondent Andrew Walker.
That principle holds that capital, as well as people and trade, should able be to move freely across internal borders, he says.
It is not only big depositors, who are suffering. Those who put smaller sums aside for fixed terms are seeing their money frozen.
As well as the daily withdrawal limit of EUR 300, Cypriots may not cash cheques.
Payments and/or transfers outside Cyprus via debit and or credit cards are allowed up to EUR 5,000 per person per month.
Transactions of EUR 5,000-200,000 will be reviewed by a specially established committee, with applications for those over EUR 200,000 needing individual approval.
Travelers leaving the country will only be allowed to take EUR 1,000 with them.
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On the early morning of January 5th 2024, KISA, an anti-racist organization based in Cyprus, endured a violent and targeted attack in its offices
A new variant of the coronavirus has been discovered in Cyprus. It is called Deltacron because it is a combination of the existing Delta and Omicron variants, BNR reports.
From May 10 onwards, Cyprus would be open for tourists fully vaccinated against Covid without restrictions, Tourism Minister Savvas Perdios said Monday.
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The EU has extended sanctions against Turkey for its drilling operations in the exclusive economic zone of the Republic of Cyprus.
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Chinese President Xi Jinping is embarking on a six-day tour of Europe amidst escalating trade tensions with the European Union and concerns over China's support for Russia. The trip, Xi's first to the continent since 2019, includes visits to France, Serbi
During the World Economic Forum, United States Secretary of State Anthony Blinken raised concerns over Russia's unprecedented pace of weapon production, comparing it to historical records, including the Cold War era of the USSR.
A recent report by a group of Western insurers has shed light on Russia's ability to circumvent Western oil sanctions, revealing that measures aimed at capping Russian oil prices have proven ineffective and have inadvertently fueled a surge in gray zone a
The impending enforcement of the new mobilization law, slated to target all able-bodied men between the ages of 25 and 59, has instilled a sense of dread and desperation among Ukrainians
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