Cyprus Softens Control on Stricken Banks

World | April 12, 2013, Friday // 11:39
Bulgaria: Cyprus Softens Control on Stricken Banks Photo by EPA/BGNES

Cyprus has eased the unprecedented eurozone capital controls it imposed to prevent a run on its stricken banking sector.

The island nation has ended restrictions on all transactions under EUR 300 000.

However, the daily withdrawal limit from cash machines in Cyprus is to remain capped at EUR 300 at least the next seven days, the Finance Ministry has announced.

In March, Cyprus became the first eurozone country to impose capital controls to prevent a collapse of its banking sector as it sought to secure a EUR 10 B bailout from its eurozone peers and the International Monetary Fund.

The capital controls were imposed following a nearly two-week-long emergency bank holiday on the island while the negotiations were taking place.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

World » Be a reporter: Write and send your article
Tags: Cyprus, control, banks, bailout, transactions

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria