Banks in Cyprus have reopened, but under tight controls over how much money can be withdrawn. There was certainly no bank run and I even found some people queuing to pay money in.
On Thursday, the Cyprus Central Bank announced that during February savers from other eurozone states had withdrawn 18 per cent of the cash they held in Cyprus.
For Cypriots, who have been struggling to cope with the bank closures that have seen cash rationed at ATMs, the reopening of bank branches was an orderly, welcome development, despite the stringent new controls on the use of cheques and the export of cash.
Here's my impression of how this morning unfolded via my tweets:
Not much happening so far in Nicosia. ATMs filled up in early hours. G4S guards outside. Cypriots on social media urging calm/ helping old— Faisal Islam (@faisalislam) March 28, 2013
So far, it would be wrong to call this a bank run, even though it looks like one. It's transactional demand for cash after two week closure— Faisal Islam (@faisalislam) March 28, 2013
Also a small number of people are queuing to make DEPOSITS, even into Laiki, to get direct debits paid. Strange I know— Faisal Islam (@faisalislam) March 28, 2013
Calm, dignified, and not a bank run. But impossible for it to be so, because of capital controls. Cypriots making best of bad situation— Faisal Islam (@faisalislam) March 28, 2013
27 March 2013
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22 March 2013