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Important Information

Cyprus bailout: Banks to stay closed until Thursday


26/03/2013

All Cypriot banks will remain closed until Thursday, the central bank now says, and temporary measures will be placed on transactions when they reopen despite an EU/IMF bailout deal.

Earlier, the authorities said all but the biggest two would open on Tuesday.

The central bank now says all will remain closed to ensure the whole banking system functions "smoothly".

The bailout deal will see larger depositors in the two biggest banks, Bank of Cyprus and Laiki, lose money.

President Nicos Anastasiades said "very temporary restrictions" would be put on capital flows, but gave no details.

Controls to prevent money leaving the country are already in place.

Certain limits on the size of cash withdrawals are expected to continue.

www.bbc.co.uk

 


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