NICOSIA – Cypriot banks reopen with tight controls imposed on transactions to prevent a run on deposits after the government was forced to accept a stringent EU rescue package to prevent the country from going bankrupt.
Following are the main measures in the capital controls decree issued by the Cypriot Finance Ministry, which says the regime will initially stay in force for seven days:
Non-cash payments or money transfers are prohibited unless:
The capital controls do not apply to:
(Reporting by Karolina Tagaris; Editing by Will Waterman)