Cyprus might ease capital controls shortly

FXstreet.com (Barcelona) - According to Reuters, the Cypriot government is already considering relaxing some of the capital controls, introduced last week to prevent bank runs. It is expected that the limit on financial transactions will be raised from the current 5.000 euros to 25.000 euros. Additionally, Bank of Cyprus large savers are to be given access to 10% out of the frozen 40% of their deposits.

Meanwhile, the Cyprus stock exchange opened on Tuesday after remaining closed for two weeks. Shares fell 0.5% on opening and continued dropping, reaching -2.35% an hour later. The trading in Bank of Cyprus and Laiki Bank has been suspended.