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Banks reopen cautiously in Cyprus

March 28, 2013 at 7:29 AM   |   Comments

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NICOSIA, Cyprus, March 28 (UPI) -- Authorities in Cyprus said they would maintain tight control on money transfers as the banks reopened on Thursday after nearly two weeks.

Banks were shut down for a routine holiday, but officials kept banks closed for 12 days through the ups and downs of securing a $13 billion bailout from the European Commission, the International Monetary Fund and the European Central Bank.

Officials imposed caps on withdrawals from bank accounts at $383 for individuals and at $3,900 for anyone leaving the country, Voice of America reported.

The New York Times said credit account withdrawals are capped at $6,400 per month.

Officials are trying to prevent a run on Cypriot banks, as larger accounts in the country's troubled banks could be taxed 40 percent or more to help pay for the bailout.

Security at banks, which opened at noon, was tight and bank employees appeared grim as they prepared to deal with irate account holders, who lined up 50-deep outside of some bank entrances, the Times said.

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