Cyprus banks reopen with capital controls

  • Banks in Cyprus are set to reopen today, ten days after they were closed in a bid to curb a bank run while a controversial bailout was negotiated.

    Banks will open their doors between noon and 6pm local time, according to the Cypriot central bank.

    Customers will be limited to withdrawing $383 a day and will not be able to cash in cheques.

    The capital controls are to be imposed as Cyprus seeks to raise $7.5 billion required in order to qualify for a $13 billion bailout offered by the European Union, the European Central Bank and the International Monetary Fund.

    Other controls include preventing people from taking more than $1,200 in cash outside the island.

    Money transfers outside Cyprus are also prohibited and there will be a limit of $6,300 a month in credit or debit card purchases while abroad.

    Cyprus is the first eurozone nation to impose such measures, the absence of which forms the foundation of the monetary union of the 17 members of the euro bloc.

    Explore the geography of Cyprus through Cyprus Map

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