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Cyprus Imposes Money-Transfer Limits When Banks Reopen


People withdraw money from an ATM in Nicosia. Cypriots will now only be allowed to take 3,000 euros with them when they leave the country.

People withdraw money from an ATM in Nicosia. Cypriots will now only be allowed to take 3,000 euros with them when they leave the country.

Cyprus is imposing limits on money transfers and the amount of cash citizens can take out of the country after the reopening of banks that have been closed for nearly two weeks.

Extra security guards also are being dispatched to prevent trouble on March 28 when the central bank says all Cypriot banks will reopen.

The new central-bank rules are aimed at preventing a run on Cypriot banks in the weeks ahead.

Media reports said cash withdrawals will be limited to 300 euros ($383) per day, and bank transfers and credit-card payments abroad to 5,000 euros ($6,380) per month.

Citizens will only be allowed to take 3,000 euros with them when they leave the country.

The restrictions come after Cyprus avoided a financial meltdown by sealing a 10 billion-euro ($13 billion) bailout from international lenders by taxing deposits over 100,000 euros.

Based on reporting by Reuters, AFP, and dpa
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