Business World

Saturday 25 November 2017

Banks reopen in Cyprus amid tight controls on withdrawals

BANKS in Cyprus opened their doors this morning for the first time in almost two weeks, with tight controls on transactions to prevent a run on deposits after the island was forced to accept a stringent EU rescue package to avert bankruptcy.

In central Nicosia, queues of at least a dozen people had formed outside branches of the country's two biggest lenders, Bank of Cyprus and Cyprus Popular Bank, also known as Laiki.

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