Cyprus Stock Exchange to Remain Closed

World | March 28, 2013, Thursday // 11:14|  views

The Cypriot Stock Exchange (CSE) has extended its almost two-week shutdown after the country placed controls on currency transactions to prevent a run on deposits when banks reopen on Thursday.

The decision has been made "for the purpose of ensuring the proper functioning of the Stock Market and to protect investors," CSE has explained in a statement.

The bourse will remain shut during Easter, from March 29 to April 1, because the Target2 system of interbank payments throughout the European Union would not be working.

Banks in Cyprus will reopen Thursday noon for six hours, amid tight security measures, after being closed for 12 days to prevent a bank run during the negotiations on a bailout deal.

The banks will reopen amid stringent restrictions on transactions, with a maximum cash withdrawal limit of EUR 300 euros per day and a ban on cashing cheques.

Travelers leaving Cyprus can take only up to EUR 1000, or the equivalent in foreign currency, with them in cash.

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Tags: stock exchange, banks, Cyprus, bailout


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