Ban on bank transfers

Cyprus's Central Bank bans money transfers and payments home and abroad - report

RT,

17 March, 2013

The Central Bank of Cyprus has banned all of its banks from performing money transfers and payments both domestically and abroad, the Cyprian web site 24h reported on Sunday with reference to a document it obtained. The Central Bank published the letter marked as ‘confidential’ which says that making payments and money transfers via any system, either clearing or card, is temporary prohibited. Some financial experts are predicting the move will do more harm than good. The Bank has yet to comment on the situation.