Vladimír Urbánek (Kurzy.cz)
Markets  |  March 27, 2013 10:14:03, updated

Cyprus banks are open tomorrow, and discusses capital controls and limits on weekly options selections


According to recent agency reports Cypriot banks remain closed until tomorrow. Central Bank of Cyprus is now considering the possibility of introducing weekly limit for the selection and transfer of funds. The Cypriot government is considering the possibility of introducing capital controls. A similar step done in the past such as Argentina or Iceland, but they were at the time of its own currency. Cypriot capital controls would be in the euro area was a unique experiment.
Island control rules has canceled or 5 years after the collapse of its banking system in 2008.

The specific form of capital controls and restrictions on bank transactions Cyprus should imagine today, before tomorrow's reopening of banks that were closed from 16 March. In addition to the weekly limit on withdrawals and transfers could be pushed to the renewal of expiring term deposits.Limited could also be setting up new accounts and the use of debit or credit cards, is also considering limitations on the transfer of funds between branches of the same bank, and an overall reduction in non-cash payments. Experts point out that for effective control of capital flows should be established, precise rules for foreign trade, because otherwise there is just this outflow channel.

The biggest contributor is the Russians, whose property is stored in Cypriot banks is estimated at about 31 mld.EUR.

Argentina limited banking operations in 2001. Three months after the actual collapse of public finances and extensive banking crisis lifted navázanost fixed their currencies to the dollar, which lasted about 10 years. The government transferred the loss of deposits through forced conversion of dollar deposits in domestic currency.

Some experts says that Cyprus should leave the eurozone and go to your own currency, which would allow it to better cope with the ensuing crisis. Proper weakening their own currencies would save tourism, which is one of the two main pillars of the local economy. The second pillar was just collapsing banking system. If you leave the euro in Cyprus, he faces the collapse of income from tourism.

The total size of the Cypriot economy is estimated at about 18 mld.EUR, which places her as the third smallest in the euro area. Commission before adopting rescue guessed agreement this fall in GDP of 3.5%. Analysts warn that the real decline this year is likely to double digits. It is estimated that approximately two-fold increase unemployment somewhere to 30%.

In 2011, the three largest Cypriot banks suffered in connection with the Greek crisis, the total loss of 6.5 mld.EUR.

Related news:
Eurozone: Cyprus rescue plan is not a model ...
Was this article: 10 | 8 | 6 | 4 | 2 | 0


Last news from the section Markets:

St   6:18  Spotřebitelské standardy se po brexitu téměř nezmění Ekonomický deník (Ekonomický deník)
Út 22:04  Wall Street Closing Bell & výhled na 23. 8. 17 Grant Capital (Grant Capital)


Kyperské banky se otevřou až zítra, diskutuje se kontrola kapitálu a týdenní limit na možnosti výběrů

Diskuze a názory

Na dané téma nejsou žádné názory.


Zobrazit sloupec 
Moner | ISIN database | Weather forecast
Česká verze
Kurzy.cz - Akcie cz, kurzy měn, forex, zlato.
Favorite: Prague Stock Exchange Czech crown Czech economy Commodities Gold Trademarks Prague Weather

Copyright © 2000 - 2017

Kurzy.cz, spol. s r.o., AliaWeb, spol. s r.o.,

ISSN 1801-8688