The new Legislation proposal for Cyprus

Cyprus conomic collapse

The Cyprus parliament is gathering to vote for a new legislation this afternoon which aims to provide means of control to prevent the bank run when the Cyprus banks open on Tuesday here are the main points

  1. Cash withdrawal limits
  2. Restriction to the breaking of fixed deposits
  3. Compulsory renewal of expired term (fixed) deposits
  4. Restriction or limitation of new account opening
  5. Compulsory conversion of current accounts to fixed deposit or term accounts
  6. Restriction or limitation to non-cash transactions
  7. Limitation in the usage of debit, credit or prepaid cards
  8. Restriction or limitation of payment of cheques
  9. Limitation on interbank transactions
  10. Limitation in bank to public transactions involving (guarantees or letters of credit) involving business transactions
  11. Restrictions in capital movements, payments and transfers
  12. Any other measure found appropriate by the Finance minister and the Central bank governor