Cyprus banks to re-open; limits on transactions

NICOSIA, Cyprus (AP) ? Bank employees and financial authorities in Cyprus are preparing banks to reopen after being shut for more than a week due to the country's acute financial crisis.

Strict restrictions have been set on financial transactions once the banks open for six hours at noon (1000 GMT). The maximum cash withdrawal limit has been set at 300 euros ($383) per day and no checks will be cashed. Travelers leaving the country can only take up to 1,000 euros, or the equivalent in foreign currency, with them in cash.

Banks have been closed since March 16 as politicians scrambled to come up with a plan to raise enough funds for Cyprus to qualify for 10 billion euros ($12.9 billion) in bailout loans for its stricken banking sector.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-03-28-EU-Cyprus-Financial-Crisis/id-cf116eb374b5417e897f3fb7c958d8e8

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