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 This material may not be published, broadcast, rewritten or redistributed.
Twelve Seattle police officers will begin using new body-worn cameras next week
Week in Photos
Penguins, cheetahs and Santa make it in this week's photos
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.