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Cyprus bank controls said to limit outflows – International | IOL Business | IOL.co.za.



People leave a Bank of Cyprus branch.

Nicosia – Capital controls to be imposed in Cyprus will limit foreign transactions and capital outflows but not movements of money within the country itself, the head of the Cyprus chamber of commerce said on Wednesday after meeting government officials.

“We have been assured that limitations will not affect transactions within Cyprus at all,” Phidias Pelides told reporters. “Where there will be limitations is on what we spend abroad and also on capital outflows,” he said.

The central bank is readying restrictions on bank transactions when lenders reopen on Thursday to avert a flood of money out of Cyprus. – Reuters