After almost two weeks of waiting, the banks in Cyprus finally opened today. Last night the banks were filled with cash and policemen were called in as they pre-mediated a chaotic day. With good news comes bad, and in this case the bad means a capital controls that will restrict the customer’s transactions, reported Finextra.
Customers are only allowed to withdraw 300 euros a day and cashing of checks are not permitted at this time. Financial authorities have also placed regulations on abroad activity, only allowing people to leave the country with 1000 euros and transfer via card are limited to 5000 euro per month. Cyprus is the first Eurozone country to enforce a capital control, reported Finextra.
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