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The Boston Globe

Business

Cyprus limits size of bank withdrawals

NICOSIA, Cyprus — The government announced severe restrictions Wednesday on access to funds held in Cyprus’s banks, hoping to curb what is nonetheless likely to be a rush to withdraw money when the banks open Thursday for the first time in nearly two weeks.

The measures, which are supposed to be in effect for a week but could be extended, prohibit electronic transfers of money from Cyprus to other countries. In addition, individuals will not be allowed to take more than 3,000 euros in cash outside the country, well below the current ceiling of 10,000 euros, or $13,000.

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