The Cyprus government pleaded with people to stay away from banks. It looks like they have listened. With such strict limits, it's not surprising really.
Banks in Cyprus are preparing to reopen after being closed for almost two weeks, amid the country's financial crisis. Customers will be subject to restrictions about the amount of cash that can be withdrawn.
Cash is being delivered to Cypriot banks by G4S security teams. The firm is also guarding branches as banks prepare to reopen after being closed for almost two weeks, amid the country's financial crisis.
John Arghyrou, managing director of G4S Cyprus, says he doesn't believe there will be a run on the banks in the country today as they reopen after being closed for nearly two weeks.
Security has been tightened around the country's banks as they get to set to re-open at 10am UK time. The banks were closed as a controversial international financial bailout was agreed and implemented.
The Cyprus stock exchange is to remain closed today, according to Reuters. Today banks in the country will reopen after being closed for nearly two weeks.
People in Cyprus will be able to visit their banks on Thursday for the first time in two weeks but restrictions have been introduced on what they are able to do.
These are reported to be:
- Cash withdrawals from banks will be limited to €300 a day
- Cashing of cheques have been banned
- Businesses are barred from transferring money abroad unless they can show it is for imports
- People leaving the island can take no more than €3,000 in notes
- Limit of €5,000 per month on use of credit cards abroad
- Families with members studying abroad cannot send more than €10,000 a term to relatives
Undoubtedly there will be queues tomorrow, but I suspect that they will be pretty orderly.
It is a measure of the way the people of Cyprus have responded to this crisis that a demonstration began at the European Commission building and when they moved on there was not a bit of graffiti anywhere there and that is quite telling.
The police and the government however are taking absolutely no chances. They have hired in private security officials to stand at the busiest branches for the six hours that they will be open tomorrow.
In terms of the capital controls and the restrictions on the movement of money - we were told initially that they would be in place for between four and seven days, we are now told that they will be in place indefinitely but they will be assessed after each day of trading.
As well as confirming that banks will open tomorrow the Bank of Cyprus has also announced new final capital controls.
This includes €1,000 cap on cash allowed for trips abroad per person per trip. The maximum amount of cash withdrawn may not exceed € 300 per day per person in each institution or its equivalent in foreign currency.
No cheques will be cashed and no specific date has yet been set for lifting of controls.
Cyprus' central bank says the country's banks will reopen on Thursday between 10am and 4pm UK time.