Cyprus: Banks in Cyprus re-open

Banks in Cyprus are to open after being closed for around 10 days

17:05 28 March 2013

Following the recent bailout surrounding Cyprus, its banks are now to re-opento the public after having their doors closed for almost two weeks.

 

The closure of the banks was put in place while the country’s bailout plans were discussed.

 

Now, citizens will be able to withdraw their money – although there are certain restrictions in place with regards to this. This is believed to be the case because of Cyprus’ financial situation.

 

Based on reports the banks will open on Thursday afternoon, 28^th March (between the hours of 10am and 4pm GMT). Individuals will be able to take out around £250 per day only, as part of the condition of the banks re-opening.

 

It is believed that security measures will be stepped up surrounding banking institutions, including having police present. This is also the case in order to assist with money arriving at the establishments.

 

The move will have been eagerly anticipated by many of the country’s residents, including expats from the UK, such as those people who may have moved to Cyprus to enjoy their retirement.

 

The news comes following plans for a tax on savings. Those people in possession of at least 100,000 euros savings face the tax. Whereas those with a lesser amount will not be hit by the levy.

 

This was agreed following a vote in which ministers went against the idea to tax savings smaller than 100,000.