Cyprus ends cash withdrawal limits from banksMarch 28, 2014 @ 9:29 am
NICOSIA, Cyprus (AP) -- Cyprus has scrapped all limits on daily cash withdrawals from banks in a significant loosening of capital controls that were imposed following the country's financial rescue deal a year ago.
A new Financial Ministry decree also increased the amount of money that a person can move within Cyprus to 50,000 euros ($68,800) from 20,000 euros. The amount for companies doubled to 200,000 euros ($275,180).
Friday's decree also allows people to open new accounts in any bank as long as they're a fixed term deposit of 5,000 euros or more.
Cypriot authorities imposed the controls to head off a run because a key clause of its rescue involved the seizure of almost half of uninsured deposits in the country's largest bank and closure of its second largest lender.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The mother of an alleged high school rape victim speaks out
Recent crimes have Dori worried about the state of one of his favorite Seattle parks
Some of the most beautiful animals in the world are disappearing from Washington
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.