Wednesday, March 27, 2013

Troika Go Home!!

Cypriot banks have been shut for more than a week. They will re-open tomorrow, however, withdrawals will be limited and capital controls will be instituted to prevent funds from leaving the country.

A central bank official said Cypriots would be allowed to withdraw no more than 300 euros ($380) a day.

Yiangos Demetriou, head of internal audit at the Central Bank, said on state television that the controls would allow unlimited use of credit cards within Cyprus, but set a limit of 5,000 euros per month abroad. He said the measures would last four days but could be reviewed, reports Reuters.

Other details of the controls had yet to be officially announced by late Wednesday. According to a draft of a government decree leaked to Greek newspaper Kathimerini, Cypriots would not be permitted to send money overseas without documentation showing they are paying for imports.

Those travelling abroad could take a maximum of 3,000 euros on each trip, according to the draft.

1 comment: