Cyprus bank controls said to limit outflows
Nicosia, March 27, 2013
Capital controls to be imposed in Cyprus will limit foreign transactions and capital outflows but not movements of money within the country itself, the head of the Cyprus chamber of commerce said on Wednesday after meeting government officials.
"We have been assured that limitations will not affect transactions within Cyprus at all," Phidias Pelides told reporters. "Where there will be limitations is on what we spend abroad and also on capital outflows," he said.
The central bank is readying restrictions on bank transactions when lenders reopen on Thursday to avert a flood of money out of Cyprus. – Reuters
More INTERNATIONAL NEWS Stories
- Co-pilot said 'all right, good night'
- US, EU impose sanctions on Russians, Ukrainians
- Lost plane 'may have been flown to Taliban territory'
- Lost plane search expands; focus on crew
- US navy seizes Libya rebel oil tanker
- Malaysia police probe flight engineer
- Moscow wins overwhelming Crimea vote
- Syria rebel bastion near Lebanon falls
- Russia 'can turn US to radioactive ash'
- Malaysia formally asks for international help
- MASSACRE: Gunmen kill 100 in central Nigeria
- Tense Crimea votes on Russia referendum
- Libyan port rebels say ready for talks
- India puts on hold search for missing plane
- Alibaba plans US listing in third-quarter
- Lost airliner was diverted deliberately: Malaysian PM
- Saudi demands Qatar shut down Al Jazeera
- Labour stalwart Benn dies aged 88
- Bahrain boat show postponed over development work
- Korean steel maker Posco set for revamp
- Harsh winter hits US consumer sentiment
- Sanctions set as Russia presses on with Crimea takeover
- India inflation at nine-month low
- Missing plane: It's deliberate act says Malaysia PM
- Lost plane 'flown deliberately toward Andamans'
- Gold hits fresh six-month highs
- Iran not open for business, affirms Kerry
- Barclays 'to cut thousands of jobs'
- Jet sent 'pings' after going missing
- China premier warns on economic slowdown