ECB sends 5 billion euros in cash to Cyprus

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Economy

28.03.2013, 13:24

The European Central Bank (ECB) has reportedly flown in some 5 billion euros (6.4 billion dollars) in emergency funding to Cyprus‘ central bank, EuropeOnline magazine reported.

ECB sends 5 billion euros in cash to Cyprus

YEREVAN, March 28. /ARKA/. The European Central Bank (ECB) has reportedly flown in some 5 billion euros (6.4 billion dollars) in emergency funding to Cyprus‘ central bank, EuropeOnline magazine reported.

The money was being driven in a heavily guarded convey in the evening from Larnaca Airport to the central bank in Nicosia, the daily Kathimerini newspaper reported, as quoted by EuropeOnline.

The Cypriot government on Wednesday announced severe restrictions on access to funds held in the country’s banks, hoping to control a rush to withdraw money when the banks open Thursday for the first time in nearly two weeks, the new York Times reports.

The measures, which are supposed to be in effect for only a week but are widely expected to be extended in some form well into the future, will prohibit electronic transfer of funds from Cyprus to other countries. In addition, individuals will not be allowed to take more than 3,000 euros (about $3,860) in cash outside the country, well below the current ceiling of 10,000 euros. -0-

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