Cyprus imposes €300 cap on cash

Cypriots will only be allowed to withdraw €300 euros in cash each day when the country’s banks open for the first time in more than a week tomorrow, the state news agency has said.

Credit or debit card payments abroad will be capped at €5,000 a day, while no cheques will be cashed, although they can be deposited in bank accounts, the agency said.

Meanwhile, armed police officers guarded several trucks carrying containers arriving at the country’s Central Bank in Nicosia. A helicopter hovered overhead.

Banks have been shut across the country since March 16th to prevent a run on deposits while politicians worked out a new plan to secure an international bailout.