Cypriot banks operate Friday in normal mode

29.03.2013 13:48
Cypriot banks operate Friday in normal mode

YEREVAN, March 29. /ARKA/. Banks of Cyprus opened Friday and operate in a normal mode, no agiotage is noted among the customers.

All the 26 banks of the island, including currently closing Cyprus Popular Bank, serve the clients within the schedule, Russia-run RIA Novosti reports today.

Cyprus authorities refused from “taxing” deposits and agreed with the EU and IMF over loans in exchange for restricting its financial sector. Up to 100,000-euro deposits will not suffer, however, those who deposited to Cypriot banks over 100,000 euros will face losses.

Residents of the island will only be able to withdraw a maximum of €300 in cash per day from each bank where they hold an account, and local businesses will only have a chance to limit transactions to a maximum of €5,000 a day.

The restrictions trouble liquidity of the island’s economy as many companies fail to pay for deliveries. A number of foreign companies which use accounts in Cyprus try to transfer them to some other entities. However, no panic is reported at the banking retail due to a broad spread of non-cash transactions.—0-

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