Cyprus Softens Control on Stricken Banks

Cyprus has eased the unprecedented eurozone capital controls it imposed to prevent a run on its stricken banking sector.

The island nation has ended restrictions on all transactions under EUR 300 000.

However, the daily withdrawal limit from cash machines in Cyprus is to remain capped at EUR 300 at least the next seven days, the Finance Ministry has announced.

In March, Cyprus became the first eurozone country to impose capital controls to prevent a collapse of its banking sector as it sought to secure a EUR 10 B bailout from its eurozone peers and the International Monetary Fund.

The capital controls were imposed following a nearly two-week-long emergency bank holiday on the island while the negotiations were taking place.

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