Cyprus capital controls expected to last a month
March 29 , 2013
Restrictions on cash withdrawals, transfers and the movement of money in and out of Cyprus are set to remain in place for a month, the foreign minister said on Thursday.
According to Ioannis Kasoulides, capital controls will be removed gradually.
The capital controls are to be imposed as Cyprus seeks to raise $7.5 billion required to qualify for a $13 billion bailout offered by the European Union, the European Central Bank and the International Monetary Fund.
Customers will be limited to withdrawing $383 a day and will not be able cash in cheques.
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 geographical locations of Cyprus, visit Cyprus Map
Know more about the economic conditions of Cyprus, visit Economy of Cyprus