The banking curbs have been placed on Cypriots for prevention of money from leaving the country. It was said that this limitation was set for a week, but now the government has warned that these would be placed for more than a week. It is said that these curbs would stay longer than what is expected. This attempt is made to revive the economy of the country. Moreover, a cash withdrawal limit was also set, and nobody was allowed to withdraw more than 253 pounds a week. This limit is known to be set for a month or so. A number of restrictions have been set, and they would be lifted in some time.
As the central bank estimates, the limitations would be lifted up soon. The government is known to have been reviewing the restrictions on a daily basis from the day the restrictions were set. This attempt is being taken to take steps to lift up the limitations and as the circumstances improve soon. Moreover, the economy of Cyprus is at a serious threat from the capital flights. All these curbs and controls for not letting anybody leave the country with his money along with settig a limit on withdrawal are done to prevent people from removing all their saving at once. Curbs are set that do not allow people to take more than the limited amount, abroad. They have set a limit of 1000 Euros for anybody leaving the country. Nobody can take more than this amount.
There are some Cypriots who believe that all this would be lifted soon. However, others say that whichever countries have set such limitations in the past have never done it temporarily. The people of Cyprus are showing concerns about the effects on their lives and businesses, though some are quiet, hoping for some better change.
The bailout scheme includes that the second largest bank of Cyprus would be troubled. The Laika bank, that is the second largest bank of Cyprus, holds many accounts. Since the bank would be wounded, people having their accounts in this bank would also suffer. News from the Cyprus government announced that 25% of the salary would be deducted. Even the people on higher positions, such as ministers, have agreed to get their salaries deducted by 20%. Thus, all these steps are being taken in Cyprus, with some good hopes. The ministers, lawyers and people on higher positions, that earn a great deal of money every month are ready to cut down their salaries a little bit.
The people of Cyprus have their fingers crossed. They are expecting the curbs and the limitations to be lifted up soon, so that they could get out of these limitations and live a free life without any conditions for the money that can be taken in a travel, or the amount of money to withdraw from the ATM. The people of Cyprus are waiting eagerly to be free.
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