Thursday, March 28, 2013

Cyprus Banks Reopen Thursday after Ten Days of Closure

After a closure of ten days, banks in Cyprus are to reopen on Thursday at 10:00 GMT. The banks were closed to prevent a bank run as a controversial bailout was negotiated.

The announcement comes after several false announcements of when bank customers would be able to access their funds. But now it seems to be real as it comes from Cypriot central bank's Aliki Stylianou who said Wednesday:
"I am telling you that all banks are definitely going to open tomorrow."

Banks will open their doors between noon and 18:00 local time (10:00-16:00 GMT), the Cypriot central bank said. The announcement comes after Bank of Cyprus head was sacked.

Customers will also be limited to withdrawing 300 euros ($383 / £253) a day, to prevent everyone fleeing with their savings.

via BBC Business
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