Cyprus Banks to Reopen amid Tight Restrictions, Security Measures

World | March 28, 2013, Thursday // 10:55
Bulgaria: Cyprus Banks to Reopen amid Tight Restrictions, Security Measures Pedestrians walk past a Cyprus Popular Bank branch in Athens, Greece, 27 March 2013. Photo by EPA/BGNES

Banks in Cyprus will reopen Thursday noon for six hours, amid tight security measures, after being closed for 12 days to prevent a bank run during the negotiations on a bailout deal.

The banks will reopen amid stringent restrictions on transactions, with a maximum cash withdrawal limit of EUR 300 euros per day and a ban on cashing cheques.

Travelers leaving Cyprus can take only up to EUR 1000, or the equivalent in foreign currency, with them in cash.

Cyprus's central bank will review all commercial transactions between EUR 5000 - EUR 200 000.

Local correspondents of the BBC News said there were fears of stampedes at the reopening of banks.

Bank branches will be guarded by armed police and hundreds of security guards of G4S.

Cyprus is the first eurozone member country to bring in capital controls, the BBC News reports, adding that restrictions on the free movement of capital represent a profound breach of an EU principle.

Cyprus has to come up with EUR 5.8 B to qualify for a EUR 10 B bailout from the European Union, European Central Bank and the International Monetary Fund, the so-called troika.

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Tags: Cyprus, European Central Bank, International Monetary Fund, European Union, bailout

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