Cyprus Banks Open Today With Strict Controls
Econintersect: For the first time since 15 March banks will be open today (28 March 2013) in Cyprus. There will be tight controls on withdrawals: €3,000 for foreign travel and €300 per day for domestic uses. According to the Financial Times this is the first time in the history of the Eurozone that such capital controls have been implemented. Use of credit cards issued by Cyprus banks will have restrictions overseas but none within the country. Interbank transfers over €5,000 would need special permission from the central bank.
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