Daily Archives: March 28, 2013

Archives March 28, 2013 posted by

Central Bank of Cyprus Q&A on capital controls

The Central Bank of Cyprus has released a Q&A to address questions on the following:

Access to deposits; Use of credit and debit cards; Taking cash in and out of Cyprus; Access to deposits; Transfers between accounts; Cash withdrawals

Access to deposits

Can I take my money out?

Yes, up to a daily limit. The limit is €300 daily per account holder. In addition, you can make payments without a limit if the recipient has an account in the same bank. There are some limitations on payments outside the bank.

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Archives March 28, 2013 posted by

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Land for SALE (8 plots)Lakatameia – Nicosia

Residential green area. Easy access to the City Center Call Michael Messaritis: 0035799622929

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Archives March 28, 2013 posted by

LIVE: Banks reopen in Cyprus

14:42

President Nicos Anastasiades thanked the Cypriot people for displaying maturity and a high sense of responsibility at a critical time.

“With its stance, our people proves that not only we want but we also can succeed in getting our country out of the difficult position it is in. Our country’s banking sector will survive and grow,” the president said in a written statement.

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Our View: State needs to look at further wages cuts in the public sector

 

LABOUR Minister Haris Georgiades yesterday held a meeting with ministry officials to re-examine all the state’s welfare benefits, with a view to limiting the adverse social consequences of the deep recession we have entered. It is good to see the government is wasting no time in considering ways of facing the big social problems that would be created by the overnight shrinking of the economy. 

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Labour ministry braces for the worst

THE ISLAND’S economy will inevitably go into deeper recession, Labour Minister Haris Georgiades warned yesterday, as he announced that the government would be reviewing all allowance schemes to ensure that available assistance goes to those who need it.

“Consequently, we have an obligation to at least find ways to prioritise the real needs,” Georgiades said. “We are obliged to ensure that every euro spent on social support is directed where there is a real need or where there is a bigger need.”

The minister chaired a meeting yesterday aimed at coordinating and mobilising the various departments so as to tackle the emergency more effectively.

Georgiades said the situation was bound to worsen even more.

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Public looks to buying safes

COMPANIES selling safes have received an increase in calls asking for information, as people prepare to stash cash at home when the banks open.

They’re asking about the size of safes, the cost and the level of safety that each type of safe provides. 

“We have received about twice as many calls asking about our safes in the last few days. The callers want safety and ask about safes that cannot easily be broken into,” Thimios Asiotis said, the manager of sales at Total Guard Trading Ltd in Limassol. 

“Many Cypriots have lost their trust in banks and the banking system and I suspect they are looking for other ways to secure their money.”

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It’s not all about the Russians

MOST OF the focus of the banking crisis, at least in the foreign media, has centred on how much large Russian investors will lose, with little thought given to the millions of euros local authorities and educational institutions have tied up, or may lose in the banking fiasco, which will further impact the lives of the public.  

The University of Cyprus, which banks with Laiki (Popular) Bank, now have €5m remaining in their accounts as opposed to a planned €40m. According to university rector, Costas Christofides, the previous government failed to give the university its funding of €10m in December 2012. The university also stands to lose a total of €25m from the haircut on deposits at the bank which will leave it with a total of €5m.

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Limassol port at a standstill

THOUSANDS of shipping containers have been accumulating at Limassol port as their recipients are either reluctant or unable to pay shipping agents for the deliveries, the acting Limassol harbourmaster said yesterday. 

“About 2,500 containers are in storage, compared with the norm of between 1,000 and 1,200,” acting harbourmaster Giorgos Pouros said referring to the expected numbers of containers that are safeguarded in storage until they are picked up. 

“Movement has been stagnant in recent days, as people are waiting for the banks to open,” Pouros said. 

On an average day, some 200 to 250 containers of shipment get picked up by porters, Pouros said. 

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