Mon, 28 July
37.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

Cyprus’ banks to remain closed until Thursday, the associated press reported

YEREVAN, March 26. /ARKA/. Cyprus ordered banks to remain closed for two more days over fears of a run by customers trying to get their money out, after striking a pre-dawn bailout deal Monday that averted the country’s imminent bankruptcy.

The sudden midnight postponement of the much-anticipated Tuesday bank opening by all but the country’s two largest lenders was sure to hammer businesses already reeling from more than a week of no access to their deposits.

ATMs have been dispensing cash but often run out, and an increasing number of stores and other businesses have stopped accepting credit or debit cards. The two largest lenders, the struggling Laiki and Bank of Cyprus, have imposed a daily withdrawal limit of $130.

Cyprus clinched an 11th-hour deal with the 17-nation eurozone and the International Monetary Fund early Monday for a $13 billion bailout. Without it, the country’s banks would have collapsed, dragging down the economy and potentially pushing it out of the eurozone.
Under the deal, the country agreed to slash its oversized banking sector and inflict hefty losses on large depositors in troubled banks.

The country’s banks have been closed since March 16 to avert a run on deposits as the country’s politicians struggled to come up with a way to raise enough money to qualify for the bailout. An initial plan that would have raised 5.8 billion euros by seizing up to 10 percent of people’s bank accounts enraged depositors and was soundly rejected by lawmakers early last week. –0–

spot_img

POPULAR

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Armenian Market: Acceleration of Economic Activity is Positive for the Market

In the period from June 16 to June 30, 2025, the Armenian stock market demonstrated mixed dynamics.

 Law on Cryptoassets enters into force in Armenia

The Law on Cryptoassets entered into force on July 4, 2025, the press service of the Central Bank of Armenia reports.

LATEST NEWS

spot_imgspot_imgspot_img