Queues and police at the reopening of banks in Cyprus

The credit institutions in Cyprus reopened today at 12 pm under special security measures and in order to conduct their banking operations.

Huge queues have formed outside branches of banks in Nicosia and priority is given to the elderly. The streets are crowded with police patrols, as police authorities are on alert to counter possible attacks from outraged citizens.

The managers of banks are trying to guide and inform the public that they will only accept deposits of checks. As they inform, checks are only deposited and not cashed, so as to not let the people queue unnecessarily.

According to what Central Bank spokeswoman Aliki Stylianou said, banks in Cyprus will remain open until 18.00. Βank employees have been at their desks from the start, while depositors can withdraw only up to 300 euros.

Meanwhile, Bank of Cyprus officials have reached a preliminary haircut rate of about 35%. The final rate will be determined in the coming weeks, as it will be indicated by the outflow level and how things will actually progress.