28 Mar 2013

Cyprus: no bank run as branches reopen

Banks in Cyprus have reopened, but under tight controls over how much money can be withdrawn.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.

Cypriots queue as banks re-open (Getty)

On Thursday, the Cyprus Central Bank announced that during February savers from other eurozone states had withdrawn 18 per cent of the cash they held in Cyprus.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: