NEW: Limits Now In Place For Re-Opening Of Cyprus Banks - text of decree included
AFTER ALMOST two weeks with no banking system and limited ATM withdrawals, banks across the country will once again open their doors to the public today, introducing temporary capital controls for the first time in the eurozone.
Finance Minister Michalis Sarris last night signed into law a temporary decree capping cash withdrawals per person per bank per day at €300, effectively banning cheques and controlling cash outflows from the country, allowing only €1,000 per person per journey abroad.
According to sources, the decree will apply across the banking system but allows a significant amount of discretion in its application.
The thinking behind this is to allow healthy banks to get on with business while ensuring the newly restructured Bank of Cyprus will enjoy adequate protection during the first moments of its operation, as well as to prevent outflows of cash abroad.
MORE with text of decree...
http://www.cyprus-mail.com/capital-controls/new-limits-now-place-re-opening-banks-text-decree-included/20130328
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