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Cyprus’ central bank lifts limits on debit, credit transactions
Cyprus central bank tried to kickstart spending in the country’s stagnant economy Friday by telling Cypriots that there were no limits on debit and credit card transactions made inside the country. The central bank made the announcement to clarify the capital control rules it introduced this week to prevent a run on the country’s banks. The bank said that while there is a 5,000 euro ($6,402.50 U.S.) limit on credit and debit card purchases abroad, there were no such limits on domestic transactions and money transfers. Cyprus’s banks had been shut since March 16 to prevent people from draining their accounts as ... (full story)