Market Updates
Calmness Prevails as Cyprus Banks Reopen with Capital Contorls
Nigel Thomas
28 Mar, 2013
New York City
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Cyprus banks reopened nearly after two weeks with stringent capital controls that are likely to be in place for months to come. There was no evidence of panic or bank run on the first day. Central bank estimated 18% deposit withdrawal so far from the euro zone savers.
[R]6:00 PM Frankfurt – Cyprus banks reopened nearly after two weeks with stringent capital controls that are likely to be in place for months to come. There was no evidence of panic or bank run on the first day. Central bank estimated 18% deposit withdrawal so far from the euro zone savers.[/R]
Banks in Cyprus reopened amid calm among depositors after the government placed stringent capital controls.
The banks reopened after almost two weeks of closure as the government negotiated 10 billion euros bailout with European lenders.
Central Bank of Cyprus said in a note released on Thursday that depositors from other euro zone countries withdrew 18% of their deposits.
Overall, private sector bank deposits declined 2.2% to 46.4 billion euros at the end of February.
The ruling from finance ministry prevented withdrawals more than 300 euros a day and banned cashing of all checks.
Central bank will also review all commercial transaction above 5,000 euros and look closely at all transaction above 200,000 euros.
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