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ECB SENDS 5 BILLION EUROS IN CASH TO CYPRUS
YEREVAN, March 28. /ARKA/. The European Central Bank (ECB) has
reportedly flown in some 5 billion euros (6.4 billion dollars) in
emergency funding to Cyprus' central bank, EuropeOnline magazine
reported.
The money was being driven in a heavily guarded convey in the
evening from Larnaca Airport to the central bank in Nicosia, the
daily Kathimerini newspaper reported, as quoted by EuropeOnline.
The Cypriot government on Wednesday announced severe restrictions on
access to funds held in the country's banks, hoping to control a rush
to withdraw money when the banks open Thursday for the first time in
nearly two weeks, the new York Times reports.
The measures, which are supposed to be in effect for only a week
but are widely expected to be extended in some form well into the
future, will prohibit electronic transfer of funds from Cyprus to
other countries. In addition, individuals will not be allowed to take
more than 3,000 euros (about $3,860) in cash outside the country,
well below the current ceiling of 10,000 euros. -0-
YEREVAN, March 28. /ARKA/. The European Central Bank (ECB) has
reportedly flown in some 5 billion euros (6.4 billion dollars) in
emergency funding to Cyprus' central bank, EuropeOnline magazine
reported.
The money was being driven in a heavily guarded convey in the
evening from Larnaca Airport to the central bank in Nicosia, the
daily Kathimerini newspaper reported, as quoted by EuropeOnline.
The Cypriot government on Wednesday announced severe restrictions on
access to funds held in the country's banks, hoping to control a rush
to withdraw money when the banks open Thursday for the first time in
nearly two weeks, the new York Times reports.
The measures, which are supposed to be in effect for only a week
but are widely expected to be extended in some form well into the
future, will prohibit electronic transfer of funds from Cyprus to
other countries. In addition, individuals will not be allowed to take
more than 3,000 euros (about $3,860) in cash outside the country,
well below the current ceiling of 10,000 euros. -0-