Capital controls in Cyprus to affect international transactions

FXstreet.com (Barcelona) - The Cypriot government has revealed the details of the capital controls it intends to impose on transfers before banks reopen on Thursday. The restrictions are aimed at preventing an outflow of money and are supposed to last seven days.

The capital controls, which will affect all accounts regardless of their currency, will involve a ban on taking out sums of money in cash greater than 3000 euros on one trip out of the country and a monthly 5000 euro limit on credit and debit card transactions abroad. Additionally, cashing cheques will be prohibited and savings accounts frozen until their expiry date.

Restrictions on ATM withdrawals have not been listed among the capital control measures, even though they currently exist.