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Banks in Cyprus have reopened, but under tight controls over how much money can be withdrawn.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.
On Thursday, the Cyprus Central Bank announced that during February savers from other eurozone states had withdrawn 18 per cent of the cash they held in Cyprus.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:
Not much happening so far in Nicosia. ATMs filled up in early hours. G4S guards outside. Cypriots on social media urging calm/ helping old
— Faisal Islam (@faisalislam) March 28, 2013
36 in queue at Coop saving bank by coast. Calm, older. Some need cash. BUT some OPENING accounts to move from banks twitter.com/faisalislam/stâ?¦
— Faisal Islam (@faisalislam) March 28, 2013
I met Carmen from Yorkshire and her 88yo mum Stella in the queue. Stoic. been carefully preserving cash. No panic. twitter.com/faisalislam/stâ?¦
— Faisal Islam (@faisalislam) March 28, 2013
This man has done a list in arrival order of the 21 people outside this Bank of Cyprus branch. Very civilised. twitter.com/faisalislam/stâ?¦
— Faisal Islam (@faisalislam) March 28, 2013
Policeman tells queue, delay opening by five minutes: ” we’re not quite ready”. Queue up to about 30 twitter.com/faisalislam/stâ?¦
— Faisal Islam (@faisalislam) March 28, 2013
So far, it would be wrong to call this a bank run, even though it looks like one. It’s transactional demand for cash after two week closure
— Faisal Islam (@faisalislam) March 28, 2013
Also a small number of people are queuing to make DEPOSITS, even into Laiki, to get direct debits paid. Strange I know
— Faisal Islam (@faisalislam) March 28, 2013
Policeman hands out Capital Controls decree. Mood a little less stoic. Laiki still not open. technical difficulties twitter.com/faisalislam/stâ?¦
— Faisal Islam (@faisalislam) March 28, 2013
This guy knocking on the window saying he wanted to make a deposit… twitter.com/faisalislam/stâ?¦
— Faisal Islam (@faisalislam) March 28, 2013
Calm, dignified, and not a bank run. But impossible for it to be so, because of capital controls. Cypriots making best of bad situation
— Faisal Islam (@faisalislam) March 28, 2013
Sign at Larnaca airport limiting all currency exports to â?¬1000. Some searches happening. twitter.com/faisalislam/stâ?¦
— Faisal Islam (@faisalislam) March 28, 2013