Cyprus to Up Money to Withdraw at Bank to EUR 300 per Day - Report

Hundreds of people gathered at the EU headquarters in Nicosia this afternoon, before marching towards the presidential palace to protest against the bailout deal agreed last weekend. Photo by the Guardian

Cypriot authorities are looking to increase the amount that people can withdraw at a bank to EUR 300 per day, from EUR 100, as part of the capital controls, according to media reports.

A banking official, speaking on condition of anonymity, told the Associated Press on Wednesday that new controls will include restrictions on large-scale transfers from the country's two largest and most troubled lenders, Bank of Cyprus and Laiki, when they reopen Thursday.

Both are being restructured and big depositors face losses of as much as 40 percent.

Authorities are looking to increase the daily withdrawal limit from 100 euros to 300 euros (from 0 to 6), while payroll payments will be allowed in order to help businesses, which have taken a huge hit as people cut down on their spending amid the uncertainty swirling about the banks.

The restrictions will be kept for at least a week until the situation stabilizes, said the official.

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